Vedanta seeks Zambians talks to save KCM from liquidation

vedanta

Global mining giant, Vedanta Resources Plc., said it looking to engage in talks to prevent the liquidation of its Konkola Copper Mines.

Vedanta’s global CEO, Srinivasan Venkatakrishnan, said in a statement tracked by Reuters that:

“While Vedanta intends to fully defend its legal rights, we remain open to dialogue,”

“We hope to meet with the Zambian government in the near future to discuss a mutually agreeable solution to the current situation as well as the broader challenges faced by KCM.”

KCM ran into trouble after a lawsuit was instituted in a Zambian court to liquidate the company over allegations that KCM polluted the land of nearly 2,000 Zambian villagers.

KCM’s Zambian business consists of three mines and a refinery and produced 195,300 tonnes of

Vedanta said it is seeking to be part of the KCM liquidation proceedings from which it has been excluded.