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VEDL - Vedanta News Story

₹302 -7.1  -2.3%

Last Trade - 11:29am

Sector
Basic Materials
Size
Large Cap
Market Cap £11.27bn
Enterprise Value £13.18bn
Revenue £9.89bn
Position in Universe 44th / 3148

UPDATE 1-Zambian court rejects Vedanta bid to join liquidation case

Thu 20th June, 2019 1:25pm
* Court grants Vedanta Resources leave to appeal
    * Dispute has rattled wider mining community

 (Adds detail, background)
    LUSAKA, June 20 (Reuters) - A Lusaka court on Thursday ruled
Vedanta Resources  VDAN.NS  could not be included in proceedings
to wind up its Konkola Copper Mines (KCM) business in Zambia.
    Zambia's dispute with Vedanta began in May when the
government of Africa's second biggest copper producer appointed
a liquidator to run KCM, saying it had breached its licence.
    The row has intensified concerns among international miners
about resource nationalism in Africa.  urn:newsml:reuters.com:*:nL8N23715G
    Zambian firm ZCCM-IH  ZCCM.LZ  holds around 20 percent of
KCM, while Vedanta Resources, part-owner of the Mumbai-listed
Vedanta group of companies, holds a majority stake.
    Vedanta has said it will seek international arbitration and
has been fighting to be represented at the court proceedings,
which so far have only included ZCCM-IH and KCM.
    High Court judge Annes Banda-Bobo said the court was unable
to "order a joinder of the intended second respondent to the
proceedings" but granted Vedanta leave to appeal.
    She said Vedanta had not filed a "notice of intention"
required by the court.   

 (Reporting by Chris Mfula in Lusaka
Writing by Barbara Lewis
Editing by Alexander Smith)
 ((nqobile.dludla@thomsonreuters.com; +27117753126; Reuters
Messaging: nqobile.dludla.thomsonreuters.com@reuters.net))
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