Vedanta logo

VEDL - Vedanta News Story

₹130.95 -3.4  -2.5%

Last Trade - 18/09/20

Sector
Basic Materials
Size
Large Cap
Market Cap £5.08bn
Enterprise Value £9.00bn
Revenue £8.85bn
Position in Universe 64th / 3004

Investors that don't pay taxes should be kicked out of Zambia - Lungu

Fri 14th June, 2019 6:07pm
LUSAKA, June 14 (Reuters) - Zambian President Edgar Lungu
said on Friday those investing in Africa to reap the benefits
without paying their dues were not welcome in Zambia, according
to a statement issued by the presidency's office. 
    Zambia is among many African countries trying to secure
greater benefits from rich natural resources being managed by
foreign companies. The government has riled miners with tax
changes they say will force them to withhold the investment
Zambia needs.
    Lungu had told a mining and energy conference in Lusaka on
Thursday that Zambia would place sanctions on and break ties
with mining firms that fail to operate within the confines of
the law.
    On Friday, the president cited the case of Indian-listed
miner Vedanta, currently battling with the government over its
Zambian copper business, as an example of where he had told an
investor to leave the country, according to a statement giving
an overview of his contributions to a panel at a conference in
Rwanda.  urn:newsml:reuters.com:*:nL5N2301RK
    "Investors that are in Africa to reap without paying their
dues are not right for Zambia and should not be allowed to
stay," the statement said.  urn:newsml:reuters.com:*:nL8N23K4JM
    Zambia's dispute with Vedanta, which erupted when the
government appointed a liquidator to run its Konkola Copper
Mines (KCM) business on the grounds it had breached its licence,
intensified concerns among international miners about resource
nationalism in Africa. Zambia is Africa's second-largest copper
producer.  urn:newsml:reuters.com:*:nL8N21F70M 
    Lungu said on Friday that other investors were already
showing interest in the 90,000 tonnes per annum KCM business.
    Other mining companies operating in Zambia, Africa
second-largest copper producer include First Quantum Minerals
 FM.TO , Glencore  GLEN.L  and Barrick Gold Corp.  ABX.TO .

 (Reporting by Chris Mfula; Editing by Emma Rumney and Elaine
Hardcastle)
 ((chris.mfula@thomsonreuters.com;))
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.