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Zambia : Vedanta Advocates for Forfeited $24 Million to Be Reinvested in KCM
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Zambia court halts liquidation proceedings over Vedanta Resources mines
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Zambia denies report it shuttered Konkola Copper Mines
‘Konkola is currently operating and there are no plans to put it on care and maintenance now or in the future,’ Provisional Liquidator Milingo Lungu.
By Chris Mfula and Helen Reid, Reuters
6 May 2021 11:18
Image: Bloomberg
Zambia’s Konkola Copper Mines (KCM) has not been temporarily or permanently shuttered, the state-appointed provisional liquidator of the copper mine previously owned by Vedanta Resources said on Wednesday, denying a Bloomberg report.
Bloomberg reported on Tuesday, citing mines ministry permanent secretary Barnaby Mulenga, that Zambia halted production at Konkola Deep and other KCM operations because of a lack of funds to develop new mining areas.
Bob Sichinga speaks during a Chapter One Foundation-organised public discussion
FORMER commerce minister Bob Sichinga says Zambia is poised to lose out from the shareholding misunderstandings between Vedanta Resources Limited and government.
And Sichinga has warned that Zambia risks denting its image as an investment destination to the international community if the ongoing wrangles between Konkola Copper Mines’ (KCM’s) provisional liquidation team and Vedanta were not properly handled.
Last week, Vedanta Resources dragged KCM Provisional Liquidator Milingo Lungu to the Lusaka High Court over the move to restructure and reorganise KCM into two separate subsidiary companies.
Commenting on the development, Sichinga observed that President Edgar Lungu’s direct involvement in the wrangles between Vedanta and Milingo’s team would mean Zambia would eventually lose out in terms of tax payers’ money being spent in compensation similar the Lap GreenN fiasco after government w