Resource Nationalism in Zambia 1964-2020 and the Liquidation of Konkola Copper Mines

Industrial copper production is a major driving force of the Zambian economy. As such, it is seen by the Zambian people as a key vehicle for national development. Until the 1990s, the mining industry in Zambia was controlled by Zambia Consolidated Copper Mines (ZCCM). The mines were subsequently privatised, a process which was facilitated through a series of 'development agreements'. One of these mines was Konkola Copper Mines (KCM), purchased by Vedanta Resources Holdings. Vedanta also entered into a shareholders' agreement with the newly formed ZCCM Investment Holdings in November 2004. In 2019, ZCCM Investment Holdings (ZCCM-IH) applied to have KCM liquidated. Its application to the court alleged that Vedanta had operated KCM in a manner that was detrimental to ZCCM-IH's interests. Through an examination of KCM's privatisation and subsequent liquidation, this article maintains that Vedanta will have to be compensated for this liquidation under international investment law and that had the Zambian state wanted to avoid this, it should instead have pursued the matter using international environmental law.