Konkola Copper Mines (KCM) said the debt it owes to the Copperbelt Energy Corporation (CEC) is a result of a lack of investment from its parent company, Vedanta Resources, and that the best solution is for it to be sold to another investor.
The Zambian copper producer, which Zambia's High Court ordered into liquidation last year, is 79.4% owned by London-listed Vedanta."A company is only placed in provisional liquidation if it is unable to pay debts as and when they fall due. The placing of KCM in provisional liquidation is a step...