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VEDL - Vedanta News Story

₹127.15 -1.8  -1.4%

Last Trade - 11:21am

Sector
Basic Materials
Size
Large Cap
Market Cap £4.99bn
Enterprise Value £8.96bn
Revenue £8.96bn
Position in Universe 61st / 3010

UPDATE 1-Zambia's Konkola mines case a 'warning' to foreign investors

Thu 30th May, 2019 5:30pm
(Adds quote, background)
    LUSAKA, May 30 (Reuters) - Zambia says its decision to
punish miner Vedanta's local operation for breaching
environmental and financial regulations is a signal to other
firms to follow the law, mines minister Richard Musukwa said on
Thursday.
    Vedanta  VDAN.NS  is fighting Zambia's decision this month
to name a provisional liquidator to run Vedanta Resources'
90,000 tonnes Konkola Copper Mines (KCM) business. urn:newsml:reuters.com:*:nL5N2301RK
    Legal proceedings have been adjourned until June 4.
    Musukwa said KCM was an isolated case triggered by failure
to comply with the law and issues surrounding KCM should not be
used to dent Zambia's image.
    "The case should instead be used as a signal to other mining
companies not complying with the law to put their houses in
order," Musukwa said in a statement issued by the country's
ministry of mines.
    Vedanta Chairman Anil Agarwal said on Wednesday "the current
position" of the Zambian government would harm the country's
"investor-friendly status." urn:newsml:reuters.com:*:nL8N2354W7

 (Reporting by Chris Mfula; Editing by Jane Merriman)
 ((mfuneko.toyana@thomsonreuters.com; +27117753153; Reuters
Messaging: mfuneko.toyana.thomsonreuters.com@reuters.net))
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