Become a customer

EXCLUSIVE: Zambian government orders liquidation of Vedanta’s KCM; awaits legal approval [UPDATE]

The Zambian government has filed an official document to the High Court to liquidate the assets of Konkola Copper Mines (KCM), which is majority-owned by Vedanta Resources.

May 21, 2019
By Generic people page
Base metals Copper

The government has called for the appointment of Milingo Lungu to act as the provisional liquidator, according to the document dated Tuesday May 21 and seen by Fastmarkets.

It is ordered that the provisional liquidator may take over the business of KCM, the operator of a 310,000 tonne per year copper smelter and major mines including Nchanga and Konkola in Zambia.

It is unclear whether all of the company’s assets will be included in the liquidation.

“Vedanta Resources and Konkola Copper Mines (KCM) are aware of media reports that Zambian state-owned company ZCCM-IH has obtained an order against KCM,” Vedanta said in a media statement later on Tuesday afternoon.

“ZCCM-IH owns 20.6% of KCM and has its nominees on the company’s board. Vedanta and KCM reiterate their request for an immediate and urgent meeting with Mr Edgar Lungu, President of Zambia, to discuss the matter,” the company added.

Additional reporting by Archie Hunter.

[This article was first published at 12pm and was updated to include comments released in a media statement from Vedanta Resources.]

What to read next
Freeport shifts away from marketing copper concentrates as new smelter ramps up, CEO says: LME Week
Freeport-McMoRan is in the process of ramping up its new copper smelter in Gresik, Indonesia, in a move that has seen the company switch away from being a marketer of concentrates as it becomes a fully integrated producer in the country, the company's chief executive officer Kathleen Quirk told Fastmarkets in an interview during the London Metal Exchange (LME) Week 2024.
October 4, 2024
 · 
By Andrea Hotter
Secular demand trends may help reduce copper’s cyclicality, Freeport CEO says: LME Week
Long-term demand trends in the copper sector may reduce cyclical price moves driven by short term factors impacting sentiment, Freeport-McMoRan's chief executive officer Kathleen Quirk told Fastmarkets in an interview during the London Metal Exchange (LME) Week 2024.
October 4, 2024
 · 
By Andrea Hotter
Pricing Notice
Delayed publication of calcined alumina price assessments
The publication of Fastmarkets’ price assessments of calcined alumina on Thursday October 3 were delayed due to a reporter error. Fastmarkets’ pricing database has been updated.
October 3, 2024
 · 
By IM staff
Pricing Notice
Delayed publication of India import aluminium scrap prices
The publication of Fastmarkets’ India import aluminium scrap price assessments for Wednesday October 2 were delayed because of the Gandhi Jayanti public holiday in India. Fastmarkets’ pricing database has been updated.
October 3, 2024
 · 
By Ross Yeo
Cocoa, Dessert, Food
Codelco’s copper premium contract talks ongoing, chairman says: LME Week
Chilean copper producer Codelco has not yet concluded negotiations for its 2025 premium offer to European customers but remains optimistic that the recent stimulus in China will provide a further boost to demand, the company’s chairman told Fastmarkets.
October 3, 2024
 · 
By Andrea Hotter
Lighting, Stage, Texture
Copper concentrates dislocation likely to mean smelter cuts, Codelco chair says: LME Week
The copper concentrates market was suffering from a dislocation that would probably lead to smelting cuts, the chairman of Chilean state-owned producer Codelco has said.
October 3, 2024
 · 
By Andrea Hotter