Vedanta Seeks Urgent Meeting Over its Besieged Zambian Unit
- State investment company wants Konkola Copper Mines liquidated
- Government action ‘lawful, orderly and under due process’
A miner walks along rail tracks in an underground tunnel at the Nchanga copper mine, operated by Konkola Copper Mines Plc, in Chingola, Zambia.
Photographer: Waldo SwiegersThis article is for subscribers only.
Vedanta Resources Ltd. is seeking an urgent meeting with Zambian President Edgar Lungu over the threat to its local assets after a state-owned investment company asked the Lusaka High Court to liquidate them.
Lungu at the weekend accused Konkola Copper Mines of lying and cheating and said Africa’s second-biggest copper producer would find other investors to take over the assets. On Tuesday, Zambia’s ZCCM Investments Holdings Plc applied for the liquidation of KCM, in which it holds a 20.6% stake.