- Write by:
-
Thursday, August 15, 2019 - 12:26:07 PM
-
1191 Visit
-
Print
Mining News Pro - Zambia’s President Edgar Lungu met with the chairman of Vedanta Resources to discuss the disputed liquidation of its Konkola CopperMines, a statement issued by the Zambian State House said on Wednesday.
Vedanta has been locked in a dispute with the Zambian government since May when Lusaka appointed a liquidator to run KCM, which is 20% owned by Zambia’s state mining company ZCCM and the rest by Vedanta. Zambia accused KCM of breaching the terms of its licence, which Vedanta denies.
The statement said that at the request of Vedanta, the president had met with Chairman Anil Argawal who expressed the company’s desire to continue running the asset and, among other things, pay debts owed to suppliers and contractors, reinvest in the mine and restructure its shareholding.
However, the statement said while the president agreed to listen to Argawal’s position it did not change his mind.
“The president stated that the position the government has taken has the support of the people of Zambia, and the meeting will not affect the ongoing liquidation process,” the statement said.
A spokeswoman for Vedanta could not immediately provide a comment as she had not seen the statement.
The dispute in Africa’s second-largest copper producer has intensified concerns among international miners about resource nationalism in Africa.
Mumbai-listed Vedanta has taken the matter to arbitration and tried to block KCM’s liquidation in the meantime via courts in both South Africa and Zambia. However, the government has continued with the process and said in July it expected numerous bids for KCM within weeks.
Short Link:
https://www.miningnews.ir/En/News/411360
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
No comments have been posted yet ...