SMM7, 24th March: the High Court of South Africa has ruled that the Zambian government has suspended the liquidation and sale of Konkola Copper Mines (KCM), a subsidiary of Vedanta, and awaits the outcome of the arbitration.
The court said the Zambian government had violated its shareholder agreement.
However, the Zambian government refused to recognize the ruling, and Zambian Mining Minister Richard Musukwa said the foreign ruling could not be enforced in Zambia.
And recently, Musukwa said it expected nine companies to submit documents for the acquisition of KCM within weeks, and the government hoped to complete the bid within a few weeks.
The Zambian government filed a lawsuit in June demanding the bankruptcy of KCM, a subsidiary of Vedanta.
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