SMM7, May 5-Vedanta (Vedanta Resources) sought arbitration Wednesday in South Africa's High Court, which allowed Vedanta to apply for an emergency temporary injunction against ZCCM Investments Holdings.
The move comes after the Zambian government filed a lawsuit in June demanding the bankruptcy of KCM, a subsidiary of Vedanta.
Vedanta and ZCCM, the Zambian state-owned company, own 80 per cent and 20 per cent of Konkola Copper Mines (KCM), respectively.
In the application for an interim injunction, Vedanta said ZCCM had liquidated KCM in Zambia in violation of its shareholder agreement on KCM, so it demanded the withdrawal of the provisional liquidator.
Vedanta had previously said that he would take urgent measures to protect its assets in Zambia and reserve the right to seek international arbitration if necessary while opening up dialogue with the government.
KCM is Zambia's largest copper miner, creating about 13000 jobs.
Click to sign up for this summit
Scan QR code and apply to join SMM metal exchange group, please indicate company + name + main business