Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Indian-based metals and mining group Vedanta Resources said on Thursday it will fight any attempt by the Zambian government to sell its Konkola Copper Mines (KCM) business to third parties.
The protracted legal fight with Zambia began in May 2019, when Lusaka appointed a liquidator for KCM, which is jointly owned by Vedanta and Zambia’s state mining arm ZCCM-IH. Zambia, in taking that action, accused Vedanta of breaching its license.
In a statement responding to “rumours” that a Zambia government-appointed provisional liquidator is set to split KCM into two units and sell them, Vedanta said it would take “all necessary steps” to safeguard its interests in KCM.
Any potential buyer of the KCM assets would be party to an unlawful act, Vedanta said, because a Zambian court last month ordered a halt to liquidation proceedings. ZCCM-IH plans to appeal the ruling.
ZCCM-IH did not immediately reply to a request for comment.
Legal arguments over the case have been heard in both Zambia and South Africa.
(By Helen Reid and Zandi Shabalala; Editing by Bill Berkrot)
Comments
Haggai Simukonda
Vedanta declared that they were not making profits from the operations at konkola mines how come they are willing to come back and this time around, with plans to make profits and pay the debts which themselves created? ? I see Vedanta trying to come back out of pity to completely do their stinking business in Zambia? Not at all!!!!