Vedanta Resources takes control of Konkola Copper Mines

Lusaka High Court Judge, Charles Kafunda granted an Ex-parte order for the withdrawal of the winding up petition of Konkola Copper Mines (KCM) by ZCCM Investment Holdings (ZCCM-IH)

A winding up petition is part of the process of compulsory liquidation, where a company is forced to cease its operations and liquidate to pay off its debts.

However, the High Court’s lifting of this petition has allowed KCM’s Board of Directors to return to their positions, and has enforced the removal of the provisional liquidator, Ms Celine Mena Nair.

Judge Kafunda ruled that neither ZCCM-IH, nor Vedanta Resources, would be burdened with the extensive legal costs of the proceedings.

After a prolonged period of uncertainty for the future of KCM, this ruling has offered a new lifeline for the mine’s operational potential.

After confirming that Vedanta had fulfilled its commitment under the scheme of arrangement by paying $245.75 million, the CEO of Vedanta Base Metals, Chris Griffith said:

“Vedanta remains deeply committed to Zambia and its people. With strong support from the government and key stakeholders, we are confident that KCM will soon achieve its full potential. The site is well-equipped…positioning it as a premier copper and cobalt asset and a significant driver for Zambia’s socio-economic development.”