This archive report was first published on 15 August 2019.
On August 14, 2019, Zambia's President Edgar Lungu met with Vedanta Resources Chairman Anil Agarwal to discuss the disputed liquidation of Konkola Copper Mines (KCM), a key copper producer in Africa's second-largest copper producer.
According to a statement issued by the Zambian State House, Vedanta has been locked in a dispute with the Zambian government since May 2019, when Lusaka appointed a liquidator to run KCM. The company is 20% owned by Zambia's state mining company ZCCM and the rest by Vedanta.
At the meeting, Agarwal expressed Vedanta's desire to continue running the asset and pay debts owed to suppliers and contractors, reinvest in the mine, and restructure its shareholding. However, President Lungu stated that the position the government has taken has the support of the people of Zambia, and the meeting will not affect the ongoing liquidation process.
"The president stated that the position the government has taken has the support of the people of Zambia, and the meeting will not affect the ongoing liquidation process," the statement said.
Despite the meeting, Vedanta confirmed that it had requested the meeting and that Agarwal had traveled to Lusaka on August 14, 2019. The company also stated that the meeting was constructive and that it looks forward to further positive engagement.
