Vedanta Resources said on Wednesday it had notified its Zambian joint venture partner ZCCM-IH that it had launched arbitration proceedings related to an attempt by the Zambian government to liquidate Vedanta's majority-owned Konkola Copper Mines (KCM)
Mumbai-listed Vedanta has been locked in a dispute with the Zambian government since May when Lusaka appointed a liquidator to run KCM, which is 20% owned by ZCCM, Zambia's state mining company, and 80% owned by Vedanta. Zambia accused KCM of breaching the terms of its licence.
Vedanta denies that KCM has broken the terms of its licence and says it will defend its assets in the southern African country.
Vedanta said the notice demands that arbitration should be in accordance with United Nations Commission on International Trade Law (UNCITRAL) arbitration rules.
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