Zambia’s government expects to conclude talks with potential buyers of Vedanta Resources Ltd.’s local copper unit within a month, President Edgar Lungu told Bloomberg.His comments preempted a hearing by Zambia’s High Court on Thursday on the state’s bid to liquidate the asset after a dispute between the government and the Indian company. The stand-off has rattled investors, with yields on the Eurobonds of Africa’s second-biggest copper producer surging to new records last month.
Zambia’s government moved to liquidate Konkola after Lungu accused the company of cheating on its taxes and lying about its expansion plans. Vedanta, majority owned by Indian billionaire Anil Agarwal, says it’s a loyal investor that has spent $3 billion on the operations. The liquidation doesn’t amount to nationalization, and the government stepped in because the company had failed, said Lungu.
Mines Minister Richard Musukwa has sought to head off investor concerns that the government’s dispute with Vedanta threatens other foreign-owned businesses, describing the dispute as “an isolated case.”
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