Indian billionaire Anil Agarwal’s Vedanta Resources Ltd. and state-owned ZCCM Investments Holdings Plc have resolved their disputes over a Zambian copper mining complex, following a four-year legal battle over its ownership.
Former President Edgar Lungu’s administration placed Konkola Copper Mines under provisional liquidation in 2019, after accusing Vedanta of lying about expansion plans and paying too little tax. That sparked a series of court cases, culminating in his successor, President Hakainde Hichilema, seeking to resolve the dispute amicably.
The deal is a victory for Agarwal, who’s been fighting to regain control of Konkola. It could also be a win for the Zambian government if Vedanta makes good on its pledge to invest $1 billion over five years to complete an expansion. The world’s biggest miners are rushing to develop copper assets, as usage is projected to surge in electric vehicles and renewable energy.
Before the liquidation process began, Vedanta held a 79.4% stake in Konkola, with the state-owned company having the remainder. The transition period for Vedanta to assume operational control of Konkola will take about three months, ZCCM-IH Chairman Kakenenwa Muyangwa said in a speech in Lusaka, Zambia’s capital.
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