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LUSAKA: Zambia’s state mining arm ZCCM-IH plans to enchantment a courtroom ruling in favour of Vedanta, which has sought arbitration in a dispute over its collectively owned copper mine that’s going through liquidation, the mining minister stated.
India-based Vedanta has been locked in a protracted dispute with the Zambian authorities since May 2019, when Lusaka appointed a liquidator for the mine.
“ZCCM-IH has already indicated that they are appealing because they are not happy with the court judgment,” Mining Minister Richard Musukwa instructed parliament on Thursday.
Last week, a Zambian courtroom ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to permit Vedanta and ZCCM-IH, which owns 20% of the operation, to proceed to arbitration.
Potential patrons of KCM have been awaiting a decision to the dispute, Musukwa stated, including that steps taken by the federal government shouldn’t be “considered as nationalism”.
“It is still the government’s wish to find a new equity investor with technical and financial capacity to recapitalise the mine and operate it effectively,” he stated.
Vedanta was not instantly out there for remark.
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