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Vedanta loses appeal to halt Zambia's liquidation of Konkola


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Vedanta loses appeal to halt Zambia's liquidation of Konkola

The Lusaka High Court in Zambia threw out Vedanta Resources Ltd.'s appeal to halt the liquidation of its Konkola Copper Mines PLC unit, Bloomberg News reported Aug. 7.

A hearing for a winding-up petition was scheduled on Aug. 27, with preliminary arguments to be heard Aug. 13, the report said.

In an emailed statement to Bloomberg News, Vedanta said it will decide on its next step after reviewing the ruling.

The court earlier withdrew a stay order on the liquidation, with lawyers for state-owned miner and 20% Konkola shareholder ZCCM arguing that it was against the rules.

Vedanta, which is accused of violating its investment agreement with Zambia, already launched international arbitration proceedings over the dispute. A South African court favored the company and granted an urgent interdict preventing the disposal of Konkola until a final decision is made through arbitration.

But Zambia's mine minister, Richard Musukwa, earlier told Reuters that the government will pursue its liquidation despite the ruling, noting that the country does not recognize foreign judgments until they are registered in local courts. He also previously said that he expects to quickly sell Konkola, which reportedly drew the interest of nine mining companies.