Vedanta Resources is open to dialogue with the Zambian government but will defend its legal rights and oppose the appointment of an interim liquidator in its Konkola Copper Mines business, the company's CEO said on Monday.
Court hearings involving Vedanta and Zambia over the control of KSM on Friday were suspended until June 4.
The Zambian government is pushing for the liquidation of KCM, accusing the company of violating the operating license.
While Vedanta is committed to fully defending its legal rights, we remain open to dialogue, said CEO Srinivasan Venkatakrishnan.
“We look forward to meeting with the Zambian government in the near future to discuss a mutually acceptable solution to the current situation as well as the broader challenges facing KCM.
Vedanta Resources, a partial owner of the Vedanta group of companies, listed in Mumbai, is the majority shareholder of KCM.
The statement says Zambia is abusing corporate law by calling for the liquidation of the KSM on the basis of some equity rather than insolvency.
A temporary liquidator is currently in charge of the day-to-day work of KCM, who claims that KCM is operating normally.
