Zambia presses on with liquidating Vedanta unit assets despite ruling

Vedanta’s Konkola Copper Mines. Image courtesy of Konkola Copper Mine Plc

Zambia said on Tuesday it was proceeding with the liquidation of Vedanta Resources’ Konkola Copper Mines (KCM) even after South Africa’s High Court granted the firm an urgent interdict halting the liquidation until a final decision is made through arbitration.

Mines Minister Richard Musukwa said foreign judgments are not enforceable in Zambia until they are registered in local courts.

“To that effect, it has no effect on the processes that are going on in Zambia,” he said, referring to the South African judgment.

(By Chris Mfula; Editing by Louise Heavens)

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