Zambia seeks new investor for Konkola Copper Mines, notice to seize Vedanta copper assets

Zambia has commenced looking for a new investor in Vedanta-controlled Konkola Copper Mines. This is recently being announced by the country's President, Edgar Lungu.

"We are not shaken in our resolve to divorce, starting with Konkola Copper Mines, and we have filed that notification," Edgar Lungu said on Zambia National Broadcasting Corporation radio, adding that he would brief the cabinet on the decision later on Monday.

London-listed Vedanta stated in a statement that it was seeking an urgent meeting with Zambia's Head of State, Edgar Lungu over the future of Konkola Copper Mines and that it had not received formal communication from the government on Konkola Copper Mines.

Lungu has also threatened to 'divorce' the domestic copper units of Vedanta Resources Plc and Glencore Plc after the companies said they would curb operations in the Zambia. The threat marks an escalation in tensions between the mining industry in Africa's second-biggest copper producer and the state, after an augmentation in royalties and plans to introduce new taxes.

Last week, Mines Minister Richard Musukwa said the government directed Glencore's Mopani Copper Mines to hand over two shafts to local contractors rather than close them, as reported by Bloomberg.

A few days back, the government of Zambia also notification of plans to take over Vedanta Resources Ltd.'s domestic copper assets. It also marked

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tension between the government and mine owners.