The Zambian government said on Thursday that it could not do anything regarding its dispute with India’s Vedanta Resources over a mining asset which has been repossessed because it was a subject of a court process.
The mining firm has been locked in a dispute with the Zambian government since May this year when authorities appointed a liquidator to run Konkola Copper Mines (KCM), after accusing the Indian firm of breaching terms of its license.
The Indian mining firm has since dragged the government to court, challenging the liquidation.
But Zambia’s Mines and Minerals Development Minister Richard Musukwa said as a government of laws it was inclined to allow the due process of the law to take its course.
He however said the government was willing to listen to any progressive talks that structures a user friendly exit mode for the Indian firm, according to a release.
According to him, the decision to liquidate KCM was premised on securing the company from total collapse and protecting the jobs of the people, adding that the Indian firm had in principle walked away owing to the negligence as evidenced by its inability to exploit and develop its sources of its ore materials and payment of contractors and suppliers and other obligations. Enditem