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Vedanta's meeting with Zambia's president fails to prevent Konkola liquidation

Zambia's President Edgar Lungu will still push through with the liquidation of Konkola Copper Mines PLC, even after a meeting with Vedanta Resources Ltd. Chairman Anil Agarwal, Reuters reported Aug. 15, citing a statement issued by the Zambian State House.

Agarwal, who pushed for the meeting with Lungu, expressed the Indian diversified miner's desire to reinvest in the unit, particularly towards paying debts and restructuring its shareholding, among others.

Zambia said that, while Lungu agreed to listen to Agarwal, the arguments failed to change his stance on the issue.

"The president stated that the position the government has taken has the support of the people of Zambia, and the meeting will not affect the ongoing liquidation process," the statement said.

Earlier this month, the Lusaka High Court in Zambia threw out an appeal by Vedanta Resources to halt the liquidation process.

Vedanta Resources, 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.