LUSAKA, 27^TH AUGUST 2019: The High Court for Zambia today, 27^th August, 2019 heard two different applications from Vedanta. These are:

1. The application on behalf of Vedanta Resources Holdings Limited (“Vedanta”) to stay the proceedings in the High Court until the appeal Vedanta wants to make to the Court of Appeal of Zambia is decided following the High Court’s Ruling of 7^th August, 2019 refusing to refer the matter to arbitration; and
2. An application by Vedanta to curtail some of the powers given to the Provisional Liquidator by the Court on 21^st May, 2019.

The Honourable Judge Madam Justice A.M. B. Bobo reserved ruling on the second application i.e. the application to curtail some of the powers of the Provisional Liquidator and she will decide on a later date.

With respect to the first application Honourable Judge Banda decided that despite her not believing in the likelihood of Vedanta’s grounds of appeal, it was in the interest of justice to stay the hearing of the Petition. This has the following consequences:

1. The hearing of the Petition will be suspended until the Court of Appeal of Zambia renders a decision on Vedanta’s appeal;
2. The Provisional Liquidator, Mr. Milingo Lungu, continues to be in charge of all operations and management of Konkola Copper Mines Plc; to operate normally and as before and no unit should be affected by the latest Ruling;
3. All contractual and commercial obligations are valid and will continue to be honoured by KCM;

In view of the above, we urge all the employees and Business Partners to remain calm, and continue to work safely as we ramp up production. Our Legal team is actively working towards securing KCM interests and ensuring that the due process of the law is followed.

Milingo Lungu

PROVISIONAL LIQUIDATOR