- Saturday, April 20, 2024
By: Radhakrishna N S
INDIAN business tycoon Anil Agarwal controlled Vedanta Resources has moved international arbitration against Zambian government.
The latest move by Vedanta came after the government of Zambia seized its copper mines operating in its territory.
The mining giant said a shareholder deal with the Zambia “provides for disputes to be submitted to international arbitration in Johannesburg.”
Zambian president Edgar Lungu led government took control of Konkola Copper Mines (KCM), alleging the business had violated environmental and financial regulations.
KCM is a subsidiary of Vedanta Resources and is the second biggest copper producers in Africa.
Vedanta said on Friday (31) that it stalled copper production at 90,000-tonne capacity KCM business.
Zambian villagers have already moved British courts against Vedanta over environmental pollution.
The local residents allege that poisonous emissions from the copper mines have damaged their health and environment.
Government run Zambia Consolidated Copper Mines Investment Holdings is seeking liquidation of Vedanta’s subsidiary in which it owns 20 per cent
Vedanta acquired KCM in 2004 and owns 80 per cent of the company.
