- Vedanta has notified state mining company of dispute
- Shareholder agreement provides for arbitration in Johannesburg
Vedanta Resources Ltd., owned by Indian billionaire Anil Agarwal, said it’s seeking international arbitration to resolve a dispute with the Zambian government about its copper assets in the country.
Zambia’s government has started liquidation proceedings against Vedanta’s Konkola Copper Mines, after accusing Vedanta of lying about expansion plans and paying too little tax. The company says it is a “loyal investor” that’s spent more than $3 billion in the country since 2004.
Vedanta notified state-owned ZCCM Investments Holdings, the minority shareholder in KCM, of a dispute under a shareholders agreement, it said in a statement on Friday.
“The shareholders’ agreement provides for disputes to be submitted to international arbitration in Johannesburg,” Vedanta said.