You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Vedanta wins Zambian appeal in Konkola Copper Mines case

A Zambian court on Friday ordered a stay on liquidation proceedings.
Image: Shutterstock

A Zambian court on Friday ordered a stay on 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.

The ruling by the Court of Appeal represents a significant win for Vedanta, which is seeking the removal of the liquidator appointed by state mining investment firm ZCCM-IH – which owns 20% of KCM on the government’s behalf – to run the company.

The India-based group has been locked in a dispute with the Zambian government since May last year, when Lusaka appointed the liquidator. Legal arguments over the case have been heard in both Zambia and South Africa.

Provisional liquidator Milingo Lungu said the court has not discharged him, and that he would continue to run the company.

A spokesman for Vedanta did not immediately reply to a request for comment on the ruling.

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

SEARCH COMPANIES
Enter company name or share code:

ECONOMIC DATA  

  CPIThe Consumer Price Index (CPI) measures monthly changes in prices for a range of consumer products May 2021 4.40%
  CPI ex OERThe Consumer Price Index excluding Owners’ Equivalent Rent (CPI ex OER) measures monthly changes in prices for a range of consumer products excluding Owners’ equivalent rent that measures changes in the cost of owner-occupied housing May 2021 5.00%
  RepoThe rate at which the Reserve Bank lends money to the country’s commercial banks and set by the Reserve Bank’s Monetary Policy Committee. Jun 2021 3.50%
  Prime lendingThe Prime Lending Rate is the rate of interest that commercial banks will charge their clients when issuing a loan (home loan or vehicle finance) Jun 2021 7.00%
INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles: Advanced Search
Click a Company: