Vedanta's offices in Mumbai, India. Picture: REUTERS/DANISH SADDIQUI
Vedanta said on Friday its executives were unable to visit its KCM operation and engage with local management, in a setback to efforts to ease tensions amid a legal battle with Africa’s second-biggest copper producer. The Zambian government has accused KCM of breaching its operating licence. Legal proceedings have been adjourned until June 4.
Demonstrators marched in Chingola in May to welcome the state’s efforts to bring in another investor. Many natural resource-rich African countries are trying to secure greater benefits from natural resources being managed by foreign companies. Zambia said on Thursday its decision to punish Vedanta’s local operation for what it said were breaches of environmental and financial regulations was a signal to other firms to follow the country’s laws.
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