By Joe Wallace
Zambia's High Court lifted the staying order it had imposed on the provisional liquidator of Konkola Copper Mines, parent company Vedanta Resources Ltd. (500295.BY) said Friday.
The court issued the staying order on Wednesday after an application by Vedanta Resources.
The High Court appointed the provisional liquidator in May after a winding-up petition by Zambian firm ZCCM Investment Holdings PLC, which owns 20% of KCM. Vedanta Resources owns the remaining 80%, after an investment made in 2004.
The decision to lift the staying order represents another twist in a case that has made international companies nervous about attempts by governments in southern and central Africa to take greater control of their countries' natural resources.
A hearing on the staying order, as well as Vedanta Resources's application to represent itself in the winding up, is scheduled for July 4, the company said.
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