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CEC Cuts Power to Konkola Copper Mines

Metal News - Published on Wed, 03 Jun 2020

Image Source: Konkola Copper Mines
Copperbelt Energy Corp has confirmed that, effective June 1, it will no longer supply power to Konkola Copper Mines in Zambia after the two could not come to an agreement on extending their power supply agreement. While the PSA in place through March 31, 2020 was extended through May 31, talks for a further extension have broken down. CEC noted the companies could not agree on how to settle KCM's outstanding debt totalling USD132 million. Additionally, it was seeking a commitment from KCM for timely payment of further charges.

CEC has taken care to ensure the supply discontinuation process has focused on safety of personnel and equipment and also preserves the integrity of the mine.

In the time since the announcement was made, Zambia energy minister Mathew Nhkuwa told Reuters the miner will now receive its power directly from Zesco, a state-owned utility group.

KCM is a subsidiary of Vedanta Resources Plc.

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Posted By : Yogender Pancholi on Wed, 03 Jun 2020
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