July 31, 2019 / 2:07 PM / 4 months ago

Vedanta Resources launches arbitration in dispute with Zambia

JOHANNESBURG, July 31 (Reuters) - Vedanta Resources said on Wednesday it has notified its Zambian joint venture partner ZCCM-IH that it has launched arbitration proceedings related to an attempt by the Zambian government to liquidate Vedanta’s majority-owned Konkola Copper Mines (KCM).

Mumbai-listed Vedanta has been locked in a dispute with the Zambian government since May when Lusaka appointed a liquidator to run KCM, which is 20% owned by ZCCM, Zambia’s state mining company, and 80% owned by Vedanta. Zambia accused KCM of breaching the terms of its licence. (Reporting by Tanisha Heiberg; Editing by Susan Fenton)

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