Zambian government finally yields ownership of Konkola Mines to Vedanta Resources

Vedanta Resources and government have finally sealed an agreement that restores the firm’s ownership of Konkola Copper Mines (KCM).

This development puts to an end a protracted ownership battle that stifled investment as well speculations that the two parties could not come to agreed terms.

The signing of the agreement was witnessed by Mines and Mineral Development Minister, Paul Kabuswe and Chris Griffith, Vedanta’s Head of Base Metals, in Lusaka on Monday.

This means that government had officially handed the copper assets, which the state seized in 2019, back to Vedanta.

Read more: Vedanta Resources says no dispute with govt, parties waiting for Court of Arbitration to set date on agreed issues

“The agreement will lead to the re-appointment of the KCM board and withdrawal of all legal challenges that are in court, including removing a provisional liquidator who was in charge of the assets,” Kabuswe said.

Vedanta had filed numerous legal challenges, including suing Zambia at the arbitration court in London, to regain control of KCM after ex-President, Edgar Lungu’s government wrote the seizure of the copper assets by forcing the operations into liquidation in May 2019.

According to Kabuswe, all things that were announced earlier through verbal agreement had remained the same in the signed document.
He urged Vedanta to win back the trust of people.

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