Message Jeu 24 Sep 2009 00:04

Barclays, Albidon sign restructuring plan Written by Nchima

Barclays, Albidon sign restructuring plan
Written by Nchima Nchito Jr
BARCLAYS Bank Zambia Plc has announced the signing of a restructuring plan with Albidon Zambia Limited and its majority shareholder Jinchuan Group Limited of China.

In a joint statement, Barclays Bank regional managing director Zafar Masud and Albidon general manager Xin XiNing stated that the agreement between the parties was an important step in the process of providing for the resumption of mining activities at the Munali Nickel Mine in Mazabuka District.

Munali Nickel Mine was placed under care and maintenance in March this year when operations were suspended due to depressed global nickel prices which impacted on the viability of the business at the time.

“Barclays has yet again demonstrated its commitment to the growth of key economic sectors such as the mining industry. As a leading commercial bank in Zambia, Barclays remains committed to supporting various industries towards the country’s economic growth objectives,” stated Masud. “Barclays is particularly grateful to all the parties involved in finding a mutually beneficial solution to the issues of Munali.”

Under the agreement, Barclays will offer Albidon a re-financing package for underground mining equipment which will allow the mine to manage both its production capacity as well as to meet its financial obligations.

And Xin stated that the re-financing package was a welcome development for the mine.

“Albidon, together with Jinchuan, see this agreement as an important milestone in the proposed restart of Munali. Albidon is conscious of achieving a timely restart of operations at Munali to ensure all stakeholders benefit both in terms of economic development and employment,” stated Xin.

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