• Saturday, March 02, 2024

HEADLINE STORY

Vedanta asks Zambia to halt search for new copper mine investor

(Photo: REUTERS/Danish Siddiqui).

By: Shubham Ghosh

ZAMBIA should stop the search for a fresh investor in Konkola Copper Mines (KCM) until litigation with Vedanta Resources is settled, the Indian mining firm on Tuesday (28) said.

According to a Reuters report, The African nation’s previous government put KCM in the hands of a liquidator in May 2019, triggering the ongoing legal dispute with Vedanta Resources, KCM’s parent company.

The government accused Vedanta of not being able to honour licence conditions, including promised investment. Vedanta has repeatedly said that it didn’t break the terms of its license.

KCM provisional liquidator Celine Nair said earlier this month that the company would appoint an adviser to help it find an equity investor to fund the mine’s expansion.

Vedanta Resources spokesperson Masuzyo Ndhlovu clarified to Reuters on Tuesday that no investor could buy the mine and smelter complex without Vedanta’s consent.

“Significant efforts to sell KCM to other companies were made previously, but these efforts failed,” Ndhlovu said in a written response to Reuters.

Zambia’s mines minister Paul Kabuswe refused to make a remark on the matter.

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