By GRACE CHAILE LESOETSACOPPERBELT Energy Corporation (CEC) PLC has sought leave of the Lusaka High Court to commence arbitration proceedings against Konkola Copper Mines Plc (in liquidation) for alleged failure to settle a debt amounting to over US$150 million.CEC stated that as at June 3, 2021, the total debt (inclusive of interest) owed to it by KCM stood at US$151,892,261.37.“Is made up as follows: US$ 328,086.14 being the amount owed by KCM resulting from the Supply and Purchase Agreement (PSA ) before the Provisional Liquidator’s appointment by order dated 21st May 2019; and the sum of US$151,564,175.23 being the amount owed by KCM to CEC resulting from the Supplemental Agreement executed by CEC,KCM and the Provisional Liquidator,” it stated. According to an affidavit in support of originating summons for leave to commence arbitration proceedings against KCM, CEC chief financial Mutale Mukuka stated that the company entered into power supply agreement with the giant mining firm […]
CEC goes after KCM over $150m debt
