MINES and Minerals Development Minister Richard Musukwa says at the moment, the proposed date for the arbitration process between ZCCM-IH and Vedanta to begin is in November 2021.
GREEN Party president Peter Sinkamba says government and ZCCM-IH should allow the arbitration of Konkola Copper Mine KCM to proceed without disturbances.
LUSAKA (Reuters) - A Zambian court on Friday ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta and ZCCM-IH to proceed to arbitration, the provisional liquidator said in a statement.
Zambia’s plan to sell the copper mines it seized last year from billionaire Anil Agarwal’s Vedanta Resources Ltd. is bogged down in legal challenges that are discouraging buyers.
STAKEHOLDERS have reiterated calls that government removes the non-deductibility of Mineral Royalty Tax (MRT) payments, which result in double-taxation on mining companies to help encourage investment in the sector and revive Zambia’s economic growth.
FORMER State House chief policy analyst, Jack Kalala has prodded President Edgar Lungu to immediately revoke the appointment of Milingo Lungu as Konkola Copper Mines Liquidator following revelations that he abused his authority by paying US$1.6 million to a company in which he has personal interest.
Konkola Copper Mines (KCM) Provisional Liquidator Milingo Lungu says not all debt owed KCM to the stakeholders has been paid off.
“I feel your pain,” said Edgar Lungu in a televised address on April 24th. The president of Zambia claimed that covid-19 had “thrown into disarray” the country’s finances. He mused about whether the government could afford to pay for pensions, civil-service salaries and medicine. “Where will the money come from?”
Zambia’s position in the latest Fraser Index has plummeted. The country’s placing in the index, which measures how a country is seen as a mining investment destination, has fallen from 30 to 58 – a very big drop.