Mining Weekly report that the sale of ZCI's shares in Konkola Copper Mines (KCM) to Vedanta Resources has finally gone through. Vedanta have also issued a press release. So have ZCI.
The story is slightly strangely worded, "The Government of the Republic of Zambia had removed this transaction from the jurisdiction of the Zambian Competition Commission, ZCI said." Odd. The ZCI press release contains the same concept, "the Government of the Republic of Zambia invoked section 3f of the Zambian Competition and Fair Trading Act, which effectively removes this transaction from the jurisdiction of the ZCC." Does that mean the competition commission never completed its investigation and was politically interefered with?
Conspiracy theorisist (I don't necesarilly include myself, but there are plenty buzzing around this issue) will no doubt note the 'good news' of Vedanta's acceptance of the new tax regime in the last couple of days, and the Government's very welcoming response.
The story continues: "ZCI has, in turn, provided Vedanta with the requisite documentation to effect transfer of the remaining 28,4% of Konkola Copper Mines," it stated in a note to the Johannesburg bourse."As the transaction has now been completed, caution is no longer required to be exercised by shareholders when dealing in their securities," said ZCI. "The directors are currently examining the options for the future of the company and will shortly present shareholders with these proposals in order to involve all stakeholders in this process."
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