Administrateur du site
Messages: 4394
Inscription: Jeu 30 Juil 2009 16:48
Localisation: la seyne sur mer
Jeu 29 Oct 2009 12:40
The Times of Zambia (Ndola) Zambia: Lumwana Starts Loan Repa
Zambia: Lumwana Starts Loan Repayment
29 October 2009
* Email|
* Print|
* Comment
Share:
* on Twitter
* Digg
* Del.icio.us
* Muti
* StumbleUpon
EQUINOX Minerals Limited has started paying back more than US$600 million loan it obtained from international banks to finance its Lumwana project in Solwezi.
Lumwana Mining Company outgoing managing director, Harry Michael said in an interview in Solwezi yesterday that Lumwana had paid $129 million and now owed the banks $550 million plus interest.
"We paid U$129 million to the banks at the end of September. The next payment will be in March, we will be making payments every six months for the next nine years," Mr Michael said.
He was hopeful that the Government would honour the Development Agreement (DA) by letting Lumwana concentrate on servicing debts with the 12 international banking institutions.
Every dollar Lumwana made was going to lenders to the multi-million dollar Lumwana Mine, which started copper production last December, and the mine was committed to honouring its tax obligations, he said.
Mr Michael, who leaves Equinox next month after establishing Lumwana Mine from a Greenfield, said Lumwana books were being audited by its auditors and was open for inspection by the Government.
Equinox mobilised 12 international banking institutions from around the world to support the Lumwana project which, if all goes well, will take the company until 2017 to repay the loans.
The company expects production of approximately 110,000 tonnes of copper for full calendar year 2009.
In a related development, Commerce, Trade and Industry Minister Felix Mutati on Tuesday evening told Parliament that the construction of Lumwana town and various economic facilities would cost US$71 million.
Mr Mutati, who was contributing to the 2010 national Budget said the construction, whose works had started, was expected to be completed in two years and would also involve the construction of a shopping mall, heath centre, recreation and retail amenities.
Mr Mutati said about $23 million would be spent on leach plant by Maosheng Leaching, which would create a sustainable mineral mining and processing plants in Mumbwa.
The setting up of 250 megawatts thermal power plant at Maamba Collieries, which is a joint venture between ZCCM-IH and an equity partner, is on course.
The development would include the establishment of a special economic zone around Maamba area, centred on providing services to the power plant.