Vedanta: firmly opposes the sale of the Konkola copper mine in Zambia

Published: Dec 14, 2020 08:29

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[Vedanta: firmly opposes the sale of Konkola copper mine in Zambia] in response to rumors that the interim liquidator appointed by the Zambian government will split KCM into two units for sale, Vedanta said that he would take "all necessary measures" to protect his interests in KCM and would oppose any attempt by the Zambian government to sell its Konkola copper (KCM) business to a third party.

SMM12, March 14: (Vedanta Resources), an Indian-based metals and mining group, said last Thursday that it would oppose any attempt by the Zambian government to sell its Konkola copper (KCM) business to a third party.

Last year, Zambia acquired the KCM copper mine from Vedanta Resources Co., Ltd. The Zambian government has accused Vedanta of lying about expansion plans and suspected of tax evasion.

In May 2019, Zambia appointed the liquidator of KCM, which is jointly owned by Vedanta and the Zambian state-owned mining company ZCCM-IH.

In response to rumors that the interim liquidator appointed by the Zambian government would split KCM into two units for sale, Vedanta said he would take "all necessary measures" to protect his interests in KCM.

Mr Vedanta said any potential buyer of KCM assets would be part of the illegal act. ZCCM-IH plans to appeal the decision after a Zambian court ordered the liquidation proceedings to be suspended last month.

ZCCM-IH has yet to comment.

Original website: https://www.miningweekly.com/article/vedanta-says-it-will-fight-any-attempt-by-zambia-to-sell-konkola-copper-mines-2020-12-11

Mining copper Vedanta

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