The Court of Appeal has ruled that the Liquidation proceedings of Konkola Copper Mines Plc be stayed to allow ZCCM- Investment Holdings and Vedanta Resources to proceed to arbitration.
The Court of Appeal which sat in Ndola yesterday has also ordered that the Provisional Liquidator Milingo Lungu retains full powers as granted by the High Court of Zambia on 21st May 2019.
In a statement, KCM Manager Public Relations and Communications Shapi Shachinda says operations of KCM remain on course with safe production ramp-up being the key focus as the company continues to engage with its business partners in a normal way.
Mr Shachinda explained that as provided for under the Corporate Insolvency Act, the Provisional Liquidator will continue to exercise the executive responsibility of running the Company and the KCM Executive Management Committee remains accountable to the Provisional Liquidator.
He has since urged all employees to continue working normally, safely and remain steadfast in the pursuit to make KCM a great organization.