South African court blocks Zambia's plans to sell Vedanta copper mines

Vedanta had approached the South African court due to an agreement that selected Johannesburg as the seat of arbitration

A South African court ordered Zambia to halt plans to liquidate and sell copper mines controlled by Indian billionaire Anil Agarwal pending arbitration in a dispute that’s rattled investors in Africa’s second-largest copper producer.

The Zambian government must immediately cease efforts aimed at winding up Vedanta Resources Ltd.’s Konkola Copper Mines unit, Johannesburg High Court Judge Leicester Adams said while delivering his ruling. The court also ruled that the Zambian government breached its shareholder obligations, and continues to do so.

“Pending any further determination of the arbitration, the first respondent is interdicted and restrained from taking any further steps in the furtherance