Provisional liquidator of Zambia’s Konkola Copper Mines, Milingo Lungu resigns
The provisional liquidator of Zambia’s Konkola Copper Mines (KCM), a company over which Vedanta Resources and the government have been locked in a long dispute, Milingo Lungu has resigned.
Lungu has resigned from his position as Konkola Copper Mines Plc Provisional Liquidator with immediate effect. According to his resignation letter dated March 17, 2022 and addressed to KCM official receiver Natasha Kalimukwa, Lungu did not give any reasons for his decision. “This serves to inform you that I have with immediate effect resigned as Provisional Liquidator of Konkola Copper Mines Ple pursuant to Section 67(7) of the Corporate Insolvency Act No. 9 of 2017,” wrote Lungu.
Kalimukwa had moved on March 11 to suspend Lungu after receiving a complaint from ZCCM-IH relating to mismanagement. Lungu refused to go, however, saying Kalimukwa had no power to remove him as he had been appointed by a court.
Zambia’s government, which owns 20% of KCM through state mining investment firm ZCCM-IH, handed control of KCM to liquidator Milingo Lungu in 2019, triggering the dispute with Vedanta, which owns the other 80%.
It was not immediately clear what Lungu’s resignation would mean for KCM’s future.
Vedanta has said it is keen to resolve the dispute over KCM and has pledged to invest $1.5 billion into its operations.
