Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
Zambia says its decision to punish miner Vedanta’s local operation for breaching environmental and financial regulations is a signal to other firms to follow the law, mines minister Richard Musukwa said on Thursday.
Vedanta is fighting Zambia’s decision this month to name a provisional liquidator to run Vedanta Resources’ 90,000 tonnes Konkola Copper Mines (KCM) business.
Legal proceedings have been adjourned until June 4.
Musukwa said KCM was an isolated case triggered by failure to comply with the law and issues surrounding KCM should not be used to dent Zambia’s image.
“The case should instead be used as a signal to other mining companies not complying with the law to put their houses in order,” Musukwa said in a statement issued by the country’s ministry of mines.
Vedanta Chairman Anil Agarwal said on Wednesday “the current position” of the Zambian government would harm the country’s “investor-friendly status.”
(By Chris Mfula; Editing by Jane Merriman)
