Court Asked To Order Vedanta To Pay Security For Costs Pegged At US$1,000,000

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Vedanta Resources Holdings Limited has stated that the US$1 million being claimed by Rephidim Mining and Technical Supplies Limited and two other companies as security for costs at the current exchange rate is an over estimation of the likely costs in the matter. Vedanta stated in an affidavit filed on Monday that the demand by the defendants is at the very least illusory, offensive and intended to stifle its action in court. In this matter, KCM and Vedanta Resources Holdings Limited have sued Milingo Lungu in his capacity as provisional liquidator of
KCM, Rephidim Mining and Technical Suppliers Limited, Mimbula Minerals Limited and Moxico Resources Zambia PLC, seeking, among other claims, an injunction restraining Lungu whether by himself or his agents from taking any action to effect or perfect the sale of Lot 694/M to the other defendants.

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