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Vedanta to Argue for Injunction over Zambian Copper Operations Winding Up

Metal News - Published on Tue, 16 Jul 2019

Image Source: iol.co.za
African News Agency reported Vedanta Resources will argue its application for an urgent interim interdict against Zambia Consolidated Copper Mines-Investment Holdings and provincial liquidator Milingo Lungu in the South Gauteng High Court. The company is challenging the government's decision to appoint a provisional liquidator, through ZCCM-IH, to wind up KCM on allegations that it breached the terms of its licence, failed to exploit the Nchanga underground mine and did not pay creditors on time.

Vedanta is seeking an interim court order declaring that ZCCM has breached the KCM shareholders' agreement by pursuing winding-up proceedings against KCM in Zambia, and directing ZCCM to withdraw those proceedings, thus removing the provisional liquidator.

Vedanta approached the South African High Court based both on the agreement to arbitrate contained in the KCM shareholders' agreement, and the selection of Johannesburg as the seat of arbitration. The application is brought in terms of the South African International Arbitration Act, 2017, which facilitates the conduct of disputes of this nature in South Africa. ZCCM is opposing Vedanta's application.

Source :

Posted By : Ratan Singh on Tue, 16 Jul 2019
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