Zambian court withdraws order blocking disposal of Vedanta unit assets
A Zambian court on Friday lifted an order blocking a provisional liquidator at Vedanta’s Konkola Copper Mines (KCM) business from disposing of assets or making arrangements with creditor until a July 4 hearing.
The decision by the High Court is the latest twist in a dispute between Vedanta and the Zambian government, which says KCM breached the terms of its operating licence.
Vedanta has denied that claim, and has said it will protect its assets in Zambia, Africa’s second-biggest copper producer.
The case has intensified concerns among international miners about resource nationalism in Africa.
Vedanta confirmed that the order to stay the powers of the liquidator had been lifted until the July 4 hearing.
“Vedanta remains committed to resolving the current situation in the best interests of all parties involved. The company reiterates its appeal to the government of Zambia to discuss the matter face-to-face,” the company said.
State-owned Zambian radio reported that lawyers for Zambia’s mining investment arm, which owns a minority stake in KCM, had argued in court that the earlier order was irregular.
Zambia has also locked horns with international miners over tax changes which the miners say will deter investment.
The tax changes are part of a plan for Zambia to keep a greater share of mineral resource profits and tackle a mounting debt burden.
Zambian Finance Minister Margaret Mwanakatwe said on Friday that she was delaying the implementation of a new sales tax – one of the tax changes that will affect miners – from July 1 to Sept 1.
source: MINING.COM
Top News
Six last month
MinRes halts Bald Hill mine amid lithium price rout
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Swapping aluminum for copper will maintain China’s resources, group says
Gold loses some luster after Trump’s decisive win
Hedge funds slash bullish wagers on gold over Trump election win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Families gather at South African mine shaft where hundreds are feared stuck underground
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
