PROVISIONAL Liquidator of Konkola Copper Mines Milingo has been stopped from selling the company’s mining rights areas to Rephidim, Mimbula and Moxico Resources Zambia at a sum of US$20,000,000.
The Lusaka High Court has granted Vedanta Resources Holding Limited an injunction restraining Lungu from selling the mining right areas of KCM.
According to a statement issued by the majority shareholders of KCM, Vedanta insisted that the KCM Board would continue protecting the company’s assets through all available legal means.
Vedanta said it remains committed to engaging with ZCCM-IH and the Zambian government amicably in order to find a solution that was in the best interest of KCM and Zambia.
“Yesterday, the Lusaka High Court granted the Board of Konkola Copper Mines (KCM) and Vedanta Resources Holdings Ltd (Vedanta) an injunction order preventing the sale of KCM Mining Right areas by the KCM Provisional Liquidator Mr Milingo Lungu to the Defendants,” reads the statement.
“Recently, Vedanta and the KCM Board became aware that the KCM Provisional Liquidator had entered into a consent judgment in Zambia’s Court of Appeal which would result in KCM’s sale of Lot 649/M Chingola, part of KCM’s Mining Licence area for US$20,000,000 to three companies (Rephidim, Mimbula and Moxico Resources Zambia plc) with whom KCM had been in legal dispute over the area since 2016.”
Vedanta said that the court action was taken to demonstrate that the decision by Lungu was not in accordance with the law.
“Vedanta and the KCM Board will continue to protect KCM’s assets through all available legal remedies,” said the majority shareholder.