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Zambia: Vedanta Acquires More KCM Shares
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The Times of Zambia (Ndola)
15 April 2008
Posted to the web 15 April 2008
Ndola
Vedanta Resources PLC has acquired a further 28.4 per cent shares in Konkola Copper Mines (KCM) and has pledged to offer part of its share holding in the mining company to the Zambian public.
Zambia Copper Investments held the shares in KCM.
Acting Finance and National Planning Minister, Felix Mutati announced the development in a statement yesterday. This brings Vedanta shareholding in KCM to 79.4 percent.
"Pursuant to the call option deed between Vedanta Resources plc and Zambia Copper Investments, Vedanta has exercised its option to acquire a further 28.4 per cent shares held by Zambia Copper Investments in KCM.
"To this effect, an agreemen t has been reached in principle for Vedanta to offer part of its Shareholding in KCM to the Zambian public, cognisant of the need for greater participation of Zambians in corporations operating in Zambia," Mr Mutati said.
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Mr Mutati said the Government was now in the process of constituting a negotiating team, which would soon be meeting with a team from Vedanta.
He expressed optimism that the negotiations would result into safeguarding the public interest in KCM.
" Government is desirous to ensure that it maximises the possible benefits to arise out of the transaction and therefore expects that the negotiations will result in the best possible resolution to safeguard public interest in KCM," he said.
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