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
Join our mailing list to receive top business news every weekday morning.

Zambia determined to find another investor for Konkola mine – mines minister

Zambia is just waiting for court processes to conclude.
Vedanta Resources is locked in a dispute with the Zambian government after it appointed a liquidator to run KCM, which it partly owns. Picture: Waldo Swiegers, Bloomberg

The Zambian government is determined to “urgently secure” an investor for Konkola Copper Mines (KCM) once the court processes over the disputed liquidation of the mine are concluded, the mines minister said on Thursday.

Vedanta Resources has been locked in a dispute with the Zambian government since May when Lusaka appointed a liquidator to run KCM, which is 20% owned by Zambia’s state mining company ZCCM-IH and the rest by Vedanta.

“I would like to categorically state that, much as the Konkola Copper Mines matter is in court, government is willing to listen to any progressive talks that will facilitate an amicable exit of the investor,” Minister of Mines and Minerals Development Richard Musukwa said in a statement.

“Government is determined, once the court processes are concluded to urgently secure a credible investor in an open and transparent manner.”

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   2

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in to comment.

SIGN IN SIGN UP

My dear Zambia – You milked the cow dry once too many for any other willing cows to come along !!!
Run it into the ground yourselves or approach the SA government for any help in destroying a vibrant mining economy!!!!

Agreed.

When a government believes it is duty bound to meddle in business activities maybe they need to use taxpayers money.

I take it Konkola does not pay tax now.

Yet there are enough cretinous goons in the world to make it go round.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: