2019

SIX months have passed since the Zambian government opened court proceedings to liquidate Konkola Copper Mines (KCM), but the firm’s majority shareholder, Vedanta Resources, is none the wiser as to the assets’ fate.


PROVISIONAL Liquidator of Konkola Copper Mines Milingo has been stopped from selling the company’s mining rights areas to Rephidim, Mimbula and Moxico Resources Zambia at a sum of US$20,000,000.


The Lusaka High Court granted the Board of Konkola Copper Mines (KCM) and Vedanta Resources Holdings Ltd (Vedanta) an injunction order preventing the sale of KCM Mining Right areas the KCM Provisional Liquidator – Mr Milingo Lungu – to the Defendants.


The Lusaka High Court has granted Vedanta Resources Holdings an injunction preventing KCM liquidator Milingo Lungu from selling mining right areas.


VEDANTA Resources Holdings has been granted an injunction preventing the Konkola Copper Mine provisional liquidator, Milingo Lungu from selling KCM mining rights areas. According to a statement by Vedanta, the Lusaka High Court granted the Board of Konkola Copper Mines (KCM) and Vedanta Resources Holdings Ltd (Vedanta) an injunction order on November 28, 2019.


VEDANTA’S legal odyssey with the Zambian courts took a positive turn on November 28 when an injunction was granted preventing the provisional liquidator of subsidiary, Konkola Copper Mines (KCM), from selling mineral rights to a London-listed company.


The Lusaka High Court has granted the board of Konkola Copper Mines (KCM) and Vedanta Resources an injunction order, preventing the sale of the KCM mining right areas by KCM provincial liquidator Milingo Lungu.


SIX months have passed since the Zambian government opened court proceedings to liquidate Konkola Copper Mines (KCM), but the firm’s majority shareholder, Vedanta Resources, is none the wiser as to the assets’ fate.


Vedanta Resources Limited says it has settled US $203 million of KCM’s debt since liquidation, adding that the company is committed to engaging with minority shareholder ZCCM-IH and government to find a solution which is in the best interest of the mine.


Green Party President Peter Sinkamba has called upon the Mines Safety Department (MSD) to enforce the mining laws and regulations by prohibiting provisional liquidator Mr. Milingo Lungu from continued management of Konkola Copper Mines (KCM) mining operations because he lacks minimum qualifications prescribed by mining regulations to do so.


In what seems a transparent asset grab by the state, mining company Vedanta is locked in a legal battle with the Zambian government to regain control of its KCM copper and cobalt asset. Vedanta is now raising alarm bells about safety after a sulphur leak hospitalised more than 270 people, most of whom were schoolchildren.


VEDANTA Resources crossed swords with Zambian authorities again disputing production numbers put out by the provisional liquidator managing Konkola Copper Mines (KCM), and expressing concern about safety standards at the company’s assets.


Vedanta is concerned at the way in which some of the points were presented by Lungu – and wishes to set the record straight.


Watch from 03:20 for Eunomix CEO Claude Baissac’s views on the impact of resource nationalism on Zambia, and other African countries


What is Zambia's proposed Sales Tax? How does it compare to other countries? And what will be its impact on the mining industry and the economy?


Zambia’s 2019 mining tax regime has significantly increased the tax burden on mining companies, making the sector unsustainable and uncompetitive, according to a report by two of the country’s leading economists.


There has been vigorous debate about Zambia’s proposed migration from the Value Added Tax (VAT) system to a Sales Tax since it was first announced in September 2018.


LUSAKA (Reuters) - Zambia should keep mineral royalties capped at 7.5% in the 2020 budget to safeguard the health of the mining sector and promote additional investment, the Chamber of Mines said on Tuesday.


There has been vigorous debate about Zambia’s proposed migration from the Value Added Tax (VAT) system to a Sales Tax since it was first announced in September 2018. The private sector has since voiced many serious concerns about the change. That the Sales Tax has been postponed several times since January 2019 suggests that the government must also have concerns of their own.


VEDANTA Resources was convinced a dispute between itself and ZCCM-IH, Zambia’s state-owned copper investment company, could only be resolved in terms of a shareholder agreement contained in Konkola Copper Mines (KCM), the company they share.


When an attorney general succumbs to political pressure too often, embarrassment and quandary is inevitable.


THE South Gauteng High Court in Johannesburg has thrown out an application by Zambia Consolidated Copper Mines Investments Holding (ZCCM-IH) to appeal against its judgment ordering it to withdraw the winding up proceedings of Konkola Copper Mines before the Lusaka High Court pending determination of the arbitration proceedings.


LONDON (Reuters) - A South African high court judge on Friday refused Zambia’s state mining company ZCCM leave to appeal a previous ruling halting the sale of Vedanta Resources’ majority-owned Konkola Copper Mines (KCM) pending arbitration.


The KCM saga has dominated headlines since a liquidator was appointed to run the Chingola-based mine in May, after ZCCM-IH (which owns approximately 20% of KCM) accused majority shareholders, Vedanta Resources, of breaching its licence.


The 2019 mining fiscal regime risks resulting in more job losses due to the shutdown of copper smelting and refining plants on the Copperbelt Province, says the Zambia Chamber of Mines.


Vedanta Resources Holdings Limited has appealed to the Court of Appeal, against the Lusaka High Court’s refusal to stay the winding-up proceedings that ZCCM Investments Holdings has instituted against Konkola Copper Mines (KCM) and refer parties to arbitration.


Lawyers, around the world, do not quite want the general public to scrutinise their work. It is only recently that Zambian lawyers were ever permitted by the Law Association of Zambia (LAZ) to make legal comments to the public. Even then it appears like permission must still be had.


Judge Bobo’s decision to dismiss Vedanta’s application on August 8, 2019 to halt the liquidation process of Konkola Copper Mines (KCM) and refer the matter to arbitration has declared the legal battle between the two stakeholders official.


The Court of Appeal has reversed a High Court judgement that had prohibited Konkola Copper Mines (KCM) from suing Moxico Resources, Rephdim Mining, and Mimbula Minerals Limited for allegedly trespassing on Nchanga Mine area.


Today, we would like to talk about the 2019 Article IV report that was recently released by the International Monetary Fund (IMF).


THE IMF says Zambia’s economic outlook is clouded by the ongoing drought and heightened debt vulnerabilities.


Zambia Chamber of Mines president Goodwell Mateyo has cautioned government against proceeding with the sale of Konkola Copper Mines (KCM) before the arbitration process in South Africa is completed.


It’s not wise for the Zambian government and ZCCM-IH to try and run away from arbitration obligations to Vedanta.


THE damage has been done already concerning the KCM liquidation process but the actual damage comes next, says Canada-based lawyer Elias Munshya.


The High Court in Johannesburg on Tuesday granted Vedanta Resources an urgent interim order blocking minority shareholder Zambia Consolidated Copper Mines (ZCCM) from liquidating Konkola Copper Mines (KCM).


South Africa’s High Court on Tuesday granted Vedanta Resources an urgent interdict halting the liquidation of its Konkola Copper Mines (KCM) unit in Zambia until a final decision is made through arbitration.


The High Court in Johannesburg this morning granted Vedanta Resources an urgent interim order blocking ZCCM from liquidating Konkola Copper Mines (KCM).


Patriots for Economic Progress (PeP) president Sean Tembo has warned that the manner in which President Edgar Lungu is handling Konkola Copper Mines' (KCM) Plc liquidation will cost Zambia tremendously similar to the 2012 repossession of Lybyan firm LapGreenN.


Richard Musukwa, the Minister of Mines, says the Zambian government will not fold its arms waiting for the court process on the bidding process for its sale of Konkola Copper Mines.


A SOUTH African newspaper, Business Live, has told that country’s government to ‘watch’ Zambia’s damage to mining industry.


National Restoration Party President Mr Elias Chipimo Jr has the process of selecting a buyer for the assets of KCM has begun in earnest and all the stops have been pulled to ensure that a new investor (probably Chinese) is found within the shortest possible time. However, the legitimacy of such action is not supported by law and will result in significant claims for damages by Vedanta after all the dust has settled.


Vedanta Resources has argued in the South Gauteng High Court for an urgent interim interdict against minority KCM shareholder ZCCM and the KCM Provisional Liquidator.


The last thing SA needs is an antagonistic relationship with a major mining company that spins out of control and beyond reason.


Canadian-based Zambian Lawyer Elias Munshya has questioned President Edgar Lungu's appointment of a team of members of parliament to be part of the negotiating team in the sale of KCM.


A strange battle is playing out in Zambia over the Konkola Copper Mine (KCM), and it has come to court in Johannesburg as India’s Vedanta and the Zambian government wrestle for control of the assets..



Zambia has stoked fears among businesses about the rule of law after the government oversaw the placement of a mining operation operated by India’s Vedanta into administration with plans to sell it.


LUSAKA (Reuters) - Vedanta Resources said on Thursday a Zambian court has issued an order halting any move by the provisional liquidator of its Konkola Copper Mines (KCM) business to dispose of KCM’s assets or make arrangements with its creditors.


Is Zambian President Edgar Lungu going to drag his country back to Kenneth Kaunda’s disastrous post-independence experiment with nationalisation of the copper mines, simply by default? This is the suspicion sparked by his aggressive moves to evict the giant London-based mining company Vedanta Resources from its 80% ownership of Zambia’s largest mining enterprise, Konkola Copper Mines (KCM).


Resource nationalism drives fear in mining corporations. But the concept is not inherently negative. Most agree that a country with a significant mineral endowment should reap widespread benefits from its resource. But throughout Africa that is where agreement ends.


KONKOLA Copper Mine (KCM) was not sold cheaply in 2004 as is being insinuated, former Special Assistant to President Levy Mwanawasa for policy and project implementation and monitoring Jack Kalala has said.


Former Special Assistant to the late President Patrick Mwanawasa, Mr Jack Kalala, has come to the defense of the late President over the price sale of KCM to Vendetta Resources of India.


Government must urgently review the 2019 mining fiscal regime to ensure that growth in the sector is sustained and tax revenue s to the Treasury are maintained, insists the Zambian Chamber of Mines.


KONKOLA COPPER MINES owner, Vedanta Resources, has asked the government and provisional liquidator Milingo Lungu to engage with it in the best interests of all stakeholders involved.


lNDlAN-owned Vedanta Resources yesterday denied reports currently making the rounds in the Zambian media about its alleged involvement in problems being experienced at Konkola Copper Mine (KCM) operations.


LUSAKA (Reuters) - Vedanta Resources on Tuesday plans to challenge the appointment of a provisional liquidator and the intended winding up of its Zambian business without the chance to be heard through lawyers of its choice, documents filed in court show.


Zambia, the world’s seventh-largest copper producer, is the latest leading African mining jurisdiction to succumb to the siren song of resource nationalism. In recent years this trend has seen international miners and their host governments in Tanzania and the Democratic Republic of Congo clash over swingeing tax changes and other regulatory imposts.


FINANCIAL TIMES - Zambia lured by the siren song of resource nationalism.


Zambia's largest copper mining operation, KCM, has been liquidated. Many are asking now if the country could repossess private mining operations in a bid to shore up financing amid rising debt levels.


LUSAKA (Reuters) - Zambia’s Konkola Copper Mines (KCM) is not producing copper, the chief executive of the mining firm’s owner Vedanta Resources said on Friday.


Government says mines breached environmental and financial regulations.


Indian miner Vedanta said on Friday company executives were unable to visit its Zambian Konkola Copper Mines (KCM) operation and engage with local management in a setback to efforts to ease tensions amid a legal battle with Zambia.


LONDON, May 29 (Reuters) - Relations between the Zambian government and its copper mining sector have just taken a turn for the worse.


VEDANTA took the unusual step of countering Zambian president Edgar Lungu’s populist statements earlier this month saying in an advertisement published in newspapers that the country risked losing its status as an investment friendly country.


Employees at the now liquidated Konkola Copper Mines (KCM) have had their salaries for the month of May delayed.


Last week, the Zambian government applied to place Konkola Copper Mines, the country’s largest private employer, into provisional liquidation. Is this a sign that an increasingly desperate government, starved of resources to pay the salaries of a burgeoning civil service and of cash to meet the international debt it has rung up in record time, is thinking of nationalising the mines? After all, Zambia has been here before — and with devastating consequences the last time around.


American-based Zambian law professor, Muna Ndulo says there will be no investor who will be eager to buy Konkola Copper Mine assets when its parent company, Vedanta, which owns majority shares in the embattled mining firm, disputes the liquidation.


Diversified miner Vedanta Resources says it remains open to dialogue with the Zambian government regarding the future of its Konkola Copper Mines (KCM) subsidiary.


VEDANTA Resources said it hadn’t abandoned hopes of resolving a legal dispute with the Zambian government out of court. Commenting in a statement today, Vedanta CEO, Srinivasan Venkatakrishnan said that whilst the group intended to defend its legal rights, it remained “open to dialogue”.


JOHANNESBURG (Reuters) - Vedanta Resources is open to dialogue with the Zambian government but will defend its legal rights and opposes the appointment of a provisional liquidator at its Konkola Copper Mines business, the company’s CEO said on Monday.


VEDANTA Resources says it is not being represented by Makebi Zulu in the matter of KCM’s liquidation in the Lusaka High Court. Vedanta also says while it intends to fully defend its legal rights, it called for the Zambian government to meet with it to come to a “mutually agreeable solution” to the current situation.


VEDANTA Resources says it is not being represented by Makebi Zulu in the matter of KCM’s liquidation in the Lusaka High Court. Vedanta also says while it intends to fully defend its legal rights, it called for the Zambian government to meet with it to come to a “mutually agreeable solution” to the current situation.


Vedanta confirms that it is seeking to formally challenge the decision of the Lusaka High Court to grant an ex parte order appointing a provisional liquidator for KCM. The liquidation application was brought against KCM by ZCCM-IH.



Credit rating agency Moody’s has downgraded Zambia’s credit rating with a negative outlook.


Vedanta charges Zambia with “misuse of legal process” in KCM winding up order


Vedanta Resources Ltd. is learning the hard way that when it comes to Zambia’s copper-mining industry, history tends to repeat itself.


Foreign mining firms say take-over of Indian-run mining firm may restrict all investors in Zambia


Edgar Lungu’s handling of Konkola Copper Mines’ problems is reckless and dangerous.


Vedanta Resources Holdings Limited has  applied to the Lusaka High Court to be joined to the proceedings in the matter in which ZCCM-Investments Holdings is seeking an order that Konkola Copper Mines (KCM) be  liquidated because it is insolvent.


Zambia has ramped up the pressure on Konkola Copper Mines, the copper company controlled by metals tycoon Anil Agarwal’s Vedanta Resources.


Vedanta will continue to press for a meeting with Zambia president Edgar Lungu ahead of a High Court hearing set down for Friday.


Vedanta would seek an urgent meeting with the Zambian government after it filed notice of plans to seize the Indian firm’s copper assets, held in Konkola Copper Mines (KCM).


Vedanta Resources is urgently seeking a meeting with the Zambian government over the future of its Konkola Copper Mines subsidiary, which President Edgar Lugu wants to nationalise.