Vedanta Resources Holding Limited has officially resumed control of Konkola Copper Mines (KCM) operations following a pivotal legal development. The Lusaka High Court has lifted the liquidation status of KCM after ZCCM-Investment Holdings (ZCCM-IH) withdrew its winding-up petition against the mine.
In a recent ruling, Lusaka High Court Judge Charles Kafunda granted an Ex-parte Order that allows for the withdrawal of the winding-up petition filed by ZCCM-IH. This decision marks a significant turning point in the legal and operational saga surrounding KCM.
The court’s ruling has led to the restoration of KCM’s Board of Directors and the removal of the provisional liquidator, Ms. Celine Mena Nair. The return of control to Vedanta Resources signifies a new phase for the mining operation, which has been under legal and financial scrutiny for an extended period.
Judge Kafunda also stated that neither Vedanta Resources nor ZCCM-IH will bear the legal costs associated with the proceedings.
This development is expected to bring renewed stability to KCM and potentially impact the broader Zambian mining sector positively.
Only time would tell…nothing to be excited of..vedanta is vedanta ain’t nothing changed..
Yes let’s wait and see.
Totally agree with you
Let’s hope they will build their name again
After Zambians lost confidence in them.
Twists and turns, and those telling the story do not forget that each twist they say we have arrived just as they say at each turn, but we never arrive, the sad reality of the KCM story since 2021
The KCM saga did not begin in 2021. What began in mid 2021 was the UPND approach to sorting out a mess that had taken hold well before that. Let’s be careful not to be revisionist in our approach to issues.
The only people that are excited about this news are those that received and hope to receive more financial benefits from Vedanta. It’s likely that the UPND will conduct a lavish campaign in 2026 because of funding from the likes of Vedanta. It’s very clear that the decision to handover KCM to Vedanta wasn’t in public interest, neither was that to allow the liquidator to continue to manage its assets.
That’s if Vedanta will still own KCM. My suspicions… just suspicions after clearing the issue with the courts of law Agarwal can do anything he wants with the mine or sell it at a very good price… just saying.
Since this matter was grid locked in court processes following PF action, hundreds of suppliers owed money, thousands out of employment, what was your better alternative to the path taken by UPND? While you are at it, kindly elucidate, what makes it clear that the decision wasn’t in public interest?
Vedanta still owes Zesco, ZRA and NAPSA more than $1.5bn and government is mute about it.
Am not surprised…this was expected and it looks brown envelopes did some wonders behind closed doors…quid pro quo kind of arrangement….and UPND now has enough money for campaigns…
THE PROBLEM WITH CORRUPTION IT AFFECTS COMPANIES THAT ARE DOING LEGITIMATE BUSINESS AND IT FAVORS CRIMINALS LIKE VEDANTA
That’s how this country has degenerated.
Everything done is said to have brown envelop attached to it. Is there anything you can think of apart from corruption. Probably that’s how you people are, corrupt. PF destroyed people’s minds to think that anything only goes with a brown envelop. I loathe this culture!! How do we develop when all we think of is brown envelop?
We sold these assets like KCM and Mopani for peanuts. We give the investors hefty tax incentives. The so called investors run down the mines and leave us with and we agree to a hyperinflated debt of 1.5bn usd with a stroke of a pen. Waiting to hear vendanta sale price for the asset they have spectacularly run down. Mwanawasa was told not to sale to this lot after the Binani fiasco, but power got to his head. Lungu also faltered because of his hatred for CEC. The debt owed to CEC was enough to send vendanta packing legally.
In Zambia if you operate a genuine business you will definitely go out of business…but if you’re involved in corrupt business practices you will definitely thrive especially if align yourself with the government in power….SO THE VEDANTA RULING WAS SPEAR-HEADED BY THE STATE HOUSE….OR COMMUNITY HOUSE SO TO SAY….it has nothing to do with the court system…..VEDANTA IS A CRIMINAL ENTERPRISE…
Since 2021 when UPND took over, it has been story after story on KCM. Even after this I know there will be another twist
That’s how this country has degenerated.
Everything done is said to have brown envelop attached to it. Is there anything you can think of apart from corruption. Probably that’s how you people are, corrupt. PF destroyed people’s minds to think that anything only goes with a brown envelop. I loathe this culture!! How do we develop when all we think of is brown envelop?
@Kachaka
I have friends who work at the Anti Corruption Commission and you will be shocked if you know what really happens at the ACC….thats the headquarters of corruption….and everyone employed by ACC is involved in corruption …directly or indirectly….
and yes with the Supreme leader Ayatollah Hakainde Hichilema the master of corruption as the President…forget about development in Zambia
KCM was given away for 40m usd whilst it had 60m usd in its current account. The infestor actually pays for the asset using our own/kcm money. I personally think that Mwanawasa legacy and figt against corruption is overrated becauseof this single act. The infestor ran the mine down. We hand it back to them because of legal blunders and the self hate amongst ourselves because of politics and facilitation of plunder Milingo Lungu’s 24m usd). IRH is interested but the infestor wants 2bn usd for 30%. What will he ask for to surrender 100% because he has no capacity to develop the mine. He will sell. Don’t get upset when the outside world calls us stupid people
Vedanta is already looking for a partner. They don’t want to put their money into a toxic asset.
I would like to see how much the ‘provisional liquidator’ has been paid as fees…lest in 2026 another charge of ‘suspected proceeds of crime’
@Kachaka please read FIC Report
@Kachaka
And now the Judge can finally finish roofing his house….its been on roof level for over 5 years….power of brown envelope
This vedanta issue does not help me, my issue is that ZESCO loadshedding schedule for PHI in Lusaka today Friday, power was supposed to be restored at 11hrs and it’s now after 20hrs there is still no power, no communication if there is a fault or not. ZESCO for you
ITS CALLED EMERGENCY LOAD MANAGEMENT NOW ????
They to scared to mention its now 14 hrs a day
Instead zesco sends out sms’s every day blaming El Nino
IS THIS NOT SOME SORT OF BRAIN WASHING >>>