Thu. Aug 22nd, 2019

Liquidation of KCM will continue ECL tells vedanta boss

President Edgar Lungu yesterday met Vedanta Resources chairman Anil Argawal.
In a statement Special Assistant to the President for Press and Public Relations Mr. Isaac Chipampe stated that the meeting was at the request of the investor following the government’s decision to liquidate Konkola Copper Mine in which Vedanta held majority shareholding.
He stated that during the meeting Vedanta Chief expressed the desire to continue running the mine and among other things pay the debt owed to suppliers and contractors, “and to reinvest in the mine and restructure the shareholding of KCM.”
President Lungu, however, made it clear that the meeting with Argawal will not affect the government’s decision to liquidate Konkola Copper Mine.
“The President stated that the position that the government has taken has the support of the people of Zambia and the meeting will not affect the ongoing liquidation process,” President Lungu said.
Vedanta is currently pushing for arbitration in the matter of KCM shareholding in the South African courts in line with the development agreement signed between the Indian mining giant and the Zambian government through ZCCM-IH.

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