KCM, VEDANTA ARBITRATION DATE SET

By Arnold Tutu:

An Arbitration hearing has been set for January 9, 2023 in a matter involving Vedanta Resources limited and ZCCM-IH over ownership of the Konkola Copper Mines – KCM.

Mines Minister PAUL KABUSWE has confirmed the development in a statement issued to ZNBC news in Lusaka today.

Mr. KABUSWE said this follows the Court of Appeal’s decision to stay proceedings and refer the matter back to arbitration – a decision supported by the Supreme Court.

And the Mines Minister has refuted the suggestion that a commitment was given to Vedanta Resources to have their licence restored.

Mr. KABUSWE said it is a widely held view within Government that Vedanta Resources sacrificed their social licence to operate in the Country through their past failings.

He said in the interim, efforts are continuing to find a solution that unlocks KCM’s potential and delivers maximum benefit to Zambians.

And on Mopani Copper Mine, Mr. KABUSWE disclosed that the Government is of the view that market-based capital raising solutions should be implemented rather than relying directly or indirectly on the limited public finances.

He said President HAKAINDE HICHILEMA has stated before that government is close to finding a suitable private Investor to further ramp up production at Mopani Copper Mines.

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