KCM Settles $50 Million CEC Debt Towards Electricity Bill Konkola Copper Mines (KCM) has paid $50 million to the Copperbelt Energy Corporation (CEC) as part of its outstanding balances to the power supplying firm. Copperbelt Energy Corporation (CEC) managing director Owen Silavwe confirmed the development at a media briefing in Kitwe yesterday saying KCM is the largest consumer of the power supplied by CEC. Silavwe said KCM paid the $50 million last month and are yet to complete the payment for the power supply. “I would like to confirm that KCM has paid a bigger chunk of what they owed CEC which is very good but there is an amount still outstanding and we are discussing it,” Silavwe said. He said KCM is still owing CEC $ 10 million adding that the two have had challenges in their business relations a move which led to CEC restricting power supply at the Konkola Copper Mines. Silavwe hoped that the squabbles sorrounding the two firms will be sorted out amicably to avoid the previous problems that left KCM in losses after power supply was restricted to the mining firm. “The two companies have agreed to discuss the business relations and we hope that discussions are done in good faith and find a lasting solution to the business relationship problems,” he said. KCM was owing the Copperbelt Energy Corporation CEC about $60 million and now have an outstanding of $10 million debt. Apparently, CEC who also owe Zesco where the company buys power have settled part of what they owe the power utility company. Last month, CEC restricted power supply to Konkola Mine a move that left the mining firm crying foul that the power cut had struck production leading to losses. zambiareports/2014/10/10/kcm-settles-50-million-cec-debt-towards-electricity-bill/
Posted on: Fri, 10 Oct 2014 08:07:34 +0000
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