- Thursday, April 25, 2024
By: Radhakrishna N S
A COURT hearing was adjourned for seven days following Zambian government’s move on Konkola Copper Mines (KCM) issue.
Earlier, the Zambian government decided to name a provisional liquidator to operate Vedanta controlled KCM business.
The court hearing was postponed without agreeing Vedanta’s demands to be involved, mining baron Anil Agarwal controlled company said.
Government run Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) was seeking liquidation of Vedanta’s subsidiary in which it owns 20 per cent.
Vedanta Resources acquired KCM in 2004 and owns 80 per cent of the company.
The mining giant added that the judge had noted preliminary issues brought by ZCCM and adjourned its ruling until June 11.
The court didn’t address Vedanta’s appeal for it to be involved in the liquidation process, Agarwal’s company said.
“Vedanta does not consider that there are just and equitable grounds to wind-up KCM and will defend all attempts to do so,” said a statement from Vedanta as quoted by Reuters.
International miners in Africa are concerned about the latest move by Zambia to name a provisional liquidator Vedanta Resources’ KCM business.
The mining firms are also worried about rising resource nationalism in African countries.
Earlier, Zambian president Edgar Lungu led government took control of KCM, alleging that the business had violated environmental and financial regulations.
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 Zambia’s second-biggest copper producer over environmental pollution.
The local residents allege that poisonous emissions from the copper mines have damaged their health and environment.
