CEC focus on closing off  historic issues with other firms as it progresses on growth agenda

By SANFROSSA MBERI

AS we progress on our growth agenda, we are focused on ensuring that we close off all historic issues with other firms, Copperbelt  Energy Corporation (CEC) Chief  Executive Officer Owen Silavwe has said.

Mr Silavwe said, in this regard CEC and Konkola Copper Mines (KCM) agreed a solution to address the long outstanding KCM payment default. 

He said a partial reversal of the previously impaired amount of USD171.6 million was therefore made to the books of accounts.

He said an impairment of USD 35.4 million was taken on the investment in the Kabompo Hydropower Project.

” Most importantly, a one off payment was made as part of the settlement relating to the two year period CEC and ZESCO operated without an agreement. 

“|This exceptional payment resulted in a drop in cash generation from operations, which when adjusted for was comparable to the prior year,” he said.

Mr Silavwe further said that these solutions significantly de-risk the business and restored its balance sheet.

He explained that the firm continued to make significant progress in the integration of clean energy in its generation portfolio, while diligently pursuing other key strategic infrastructure investments.

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