Log in

arbitration / adr news

Zambia to appeal court ruling backing Vedanta in KCM mine dispute

26 November 2020


LUSAKA (Reuters) - Zambia’s state mining arm ZCCM-IH plans to appeal a court ruling in favour of Vedanta, which has sought arbitration in a dispute over its jointly owned copper mine that is facing liquidation, the mining minister said.

India-based Vedanta has been locked in a protracted dispute with the Zambian government 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 told parliament on Thursday.

Last week, a Zambian court ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow Vedanta and ZCCM-IH, which owns 20% of the operation, to proceed to arbitration.

Potential buyers of KCM were awaiting a resolution to the dispute, Musukwa said, adding that steps taken by the government should not 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 said.

Vedanta was not immediately available for comment.

Source: Reuters








African Arbitration Association, P.O. Box 695, Nyarutarama, KG 9 Av. No. 66, Kigali, Rwanda

Contact us here

Privacy Policy  | Directory Terms of Use© 2018 African Arbitration Association


DISCLAIMER: No responsibility for loss occasioned to any person acting or refraining from action in reliance on or as a result of the information in or omitted from this website can be or is accepted by the AfAA, its officers, board members, employees or any other persons affiliated with the AfAA.