Zambia has agreed to return control of Konkola Copper Mines (KCM) to Vedanta Resources, mines minister Paul Kabuswe said on Tuesday, ending a row over the ownership of the assets that erupted in 2019 when authorities seized the mines. The government, which owns a 20% stake in KCM through ZCCM-IH, will allow Vedanta to resume control and operate KCM's mines and smelter after the company renewed a pledge to invest more than $1.2 billion to increase output and repay outstanding debts, Kabuswe said.
Zambia has agreed to return control of Konkola Copper Mines to Vedanta Resources, mines ministersaid on Tuesday, ending a row over the ownership of the assets that erupted in 2019 when authorities seized the mines.
Ties between Zambia and Vedanta, owned by billionaire Anil Agarwal, soured after former President Edgar Lungu's government orchestrated the seizure of the KCM assets and forced liquidation in May 2019, accusing the Indian company of failing to meet plans to invest in increasing mining output. The agreement was reached amicably after both parties abandoned court challenges in favour of negotiations. The deal could signal that Zambia President Hakainde Hichilema is meeting some of his targets to scale down the state's involvement in the mining sector.
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