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Lungu pledges to dissolve major copper producer

Publish date: 10 June 2019
Issue Number: 827
Diary: IBA Legalbrief Africa
Category: General

Zambian President Edgar Lungu yesterday vowed to dissolve KCM, the country's largest copper producer, in a deepening dispute with foreign mining companies over tax and employment. KCM is owned by London-based Vedanta Resources, with the state-owned ZCCM-IH as a minority shareholder. A report on the News24 site notes that Lungu has targeted the mining sector to generate tax revenue as Zambia struggles with growing debt, and has told international mining companies to leave the copper-rich country if they opposed the new tax regime. 'We are resolved and determined on the KCM liquidation process because all people in the Copperbelt (mining region) want Vedanta to go,' Lungu said. A Lusaka court hearing into the appointment of a provisional liquidator to run KCM, which employs 13 000, was adjourned.

Full report on the News24 site