A Zambian court docket on Friday ordered a keep on liquidation proceedings for Konkola Copper Mines (KCM) to permit homeowners Vedanta and ZCCM-IH to proceed to arbitration, the provisional liquidator mentioned in a press release.
The ruling by the Court docket of Attraction represents a major win for Vedanta, which is in search of the removing of the liquidator appointed by state mining funding agency ZCCM-IH – which owns 20% of KCM on the federal government’s behalf – to run the corporate.
The India-based group has been locked in a dispute with the Zambian authorities since Could final yr, when Lusaka appointed the liquidator. Authorized arguments over the case have been heard in each Zambia and South Africa.
Provisional liquidator Milingo Lungu mentioned the court docket has not discharged him, and that he would proceed to run the corporate.
A spokesman for Vedanta didn’t instantly reply to a request for touch upon the ruling.