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Zambia High Court appoints administrator for KCM
2019-05-22 14:21:00 【Print】
On May 21, Zambia's High Court appointed a provisional administrator for the country's largest copper mining firm, Konkola Copper Mines (KCM).
State-owned Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH), which is a minority shareholder in KCM, has sought the liquidation of KCM's assets according to court papers. Vedanta Resources is the major shareholder in Konkola Copper Mines with a 79.4-per cent stake.
A day after President Edgar Lungu announced a plan to strip KCM of its mining license and bring in new investors, a high court document named Zambian law firm Lungu Simwanza & Company to oversee KCM. The firm is appointed to act as provisional liquidator until the conclusion of the hearing of a petition, brought by Zambia's mining investment arm ZCCM-IH under Zambia's corporate insolvency act, or a further order.
Vedanta and KCM issued a joint statement reiterating a request first made on Monday for an immediate and urgent meeting with President Lungu.
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State-owned Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH), which is a minority shareholder in KCM, has sought the liquidation of KCM's assets according to court papers. Vedanta Resources is the major shareholder in Konkola Copper Mines with a 79.4-per cent stake.
A day after President Edgar Lungu announced a plan to strip KCM of its mining license and bring in new investors, a high court document named Zambian law firm Lungu Simwanza & Company to oversee KCM. The firm is appointed to act as provisional liquidator until the conclusion of the hearing of a petition, brought by Zambia's mining investment arm ZCCM-IH under Zambia's corporate insolvency act, or a further order.
Vedanta and KCM issued a joint statement reiterating a request first made on Monday for an immediate and urgent meeting with President Lungu.
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