Konkola Copper Mines (KCM), the copper-producing arm of global miner Vedanta Resources in Zambia, is under threat from the president of the African country of a possible takeover of its copper assets amid disputes arising from the country's new tax regime.
Zambian president Edgar Lungu said on Sunday May 19 that the government plans to disengage with KCM and invoke a legal process, according to local news provider Lusaka Times.On May 20, the president said that the government has already started to search for a new investor in the Vedanta subsidiary, according to Zambia National Broadcasting radio."KCM has yet to receive formal communication from the government of Zambia on this, although it has sought an urgent meeting with the president and the minister of mines," KCM spokesman Eugene Chungu said in a press release on Monday.Vedanta Resources holds 79.4% of KCM's shares, with the remainder held by state-owned ZCCM-IH, according to the company's website. Notably, the...