BUSINESS MAVERICK: In Zambia, a state asset grab and a hazardous leak raise many questions

Last week, according to reports in the Zambian media, 53 employees of Konkola Copper Mines and 232 schoolchildren were hospitalised after an apparent electrical surge caused a sulphur dioxide emission from KCM’s acid plant.

The provisional liquidator was appointed after KCM’s minority shareholder, a state-run investment company, applied for the winding up of KCM. Mining company Vedanta stands accused by the government of populist President Edgar Lungu of failing to pay creditors and dividends and of not investing in KCM – in effect, of breaching its operating licence.

It must be said that Vedanta’s own safety and environmental record has also been under scrutiny, with the company facing a lawsuit in English courts over allegations it polluted the land of 2,000 rural Zambians. Such allegations, and others about the treatment of its workforce, have perhaps made Vedanta an easy target for the populist move of shaking down or throwing out a foreign mining company.

Source: News Formal (newsformal.com)

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