Zambia’s Lungu seeks new investor in Vedanta-controlled copper miner

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LUSAKA (Reuters) – Zambia has started looking for a new investor in Vedanta-controlled Konkola Copper Mines (KCM), Zambia’s President Edgar Lungu said on state radio on Monday.

“We are not shaken in our resolve to divorce, starting with KCM, and we have filed that notification,” Lungu said on Zambia National Broadcasting Corporation radio, adding that he would brief the cabinet on the decision later on Monday.

London-listed Vedanta said in a statement that it was seeking an urgent meeting with Lungu over the future of KCM and that it had not received formal communication from the government on KCM.

Reporting by Chris Mfula and Barbara Lewis; Writing by Alexander Winning and Louise Heavens

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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