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LUSAKA: A Zambian court docket on Friday ordered a keep on liquidation proceedings for Konkola Copper Mines (KCM) to permit house owners Vedanta and ZCCM-IH to proceed to arbitration, the provisional liquidator mentioned in an announcement.
The ruling by the Court of Appeal represents a big win for Vedanta, which is in search of the removing of the liquidator appointed by state mining funding agency ZCCM-IH – which owns 20% of KCM on the federal government’s behalf – to run the corporate.
The India-based group has been locked in a dispute with the Zambian authorities since May final 12 months, when Lusaka appointed the liquidator. Legal arguments over the case have been heard in each Zambia and South Africa.
Provisional liquidator Milingo Lungu mentioned the court docket has not discharged him, and that he would proceed to run the corporate.
A spokesman for Vedanta didn’t instantly reply to a request for touch upon the ruling.
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