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Zambia in battle over copper royalties

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Christian Fernsby |
Glencore
Africa   President Edgar Lungu threatened to “divorce” Vedanta and Glencore Plc

Modern Ghana reported that Zambia placed one of the country's major copper mining companies Vedanta in liqudation in the wake of their continued refusal to pay a new value-added tax, in breach of the country's mines and minerals Act.


It has also threatened to do the same with Glencore.

The Zambian Observer claims that the public ZCCM Investment Holding petitioned the Lusaka High Court to place the giant Konkola Copper Mines Plc under its tutelage on Tuesday.

President Edgar Lungu threatened to “divorce” Vedanta and Glencore Plc during a week-end visit to the strategic Copperbelt province.

The president told cheering supporters as he visited the mining town of Ndola, around 300 kilometres north of the capital Lusaka at the week-end that "Enough is enough, people are tired, the sales tax is here to stay and those who don't want it, will leave.”

Lusaka Times says Vedanta and Glencore Plc made their situation untenable not only by skipping their fiscal obligations but by blackmailing the government with production cuts and massive retrenchments.

Meanwhile, Zambian Eye carried breaking news on its website that a high-powered delegation from the ZCCM had left Lusaka for the northern city of Chingola to take over the mine.

RFI sources in the Copperbelt province say the facility has been under police protection while liquidators finalize a case of insolvency against Vendanta Mining Plc

According to Lusaka Times,Zambia's Mine Union staged a solidarity demonstration in support of the government's move to take over the Konkola Copper Mines in Chingola and Chilibombwe on Monday.


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