ZESCO owes Maamba collieries $350M

ZESCO owes Maamba collieries $350M

 

Zesco limited owes Maamba Collieries US$350 million in power supply.

Maamba Collieries Limited Chief Executive Officer, Rear Shankar says Zesco has not been able to pay the debt, making it difficult for the company to settle about US$100 million it owes in terms of loans.

Mr. Shankar explained that Maamba Collieries pays US$500 million towards settling its loans every six months, but that it has failed to pay back this year due to the failure by Zesco to pay what it owes the company.

Meanwhile Maamba Collieries Limited Head of Corporate Affairs, Commodore Svduir has told journalists in Maamba that despite Zesco limited increasing electricity tariffs several times, it has not improved on its poor culture of paying the company.

Maamba Collieries Limited contributes about 15-20 percent of Zambia’s energy demands.
PHOENIX NEWS

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