Zambia to convert $425mn ZCCM-IH debt into equity

[Laf1986]

LUSAKA - Zambia plans to convert up to $425-million it is owed by Paris-listed Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) into equity, the deputy mines minister said on Monday.

The government has an 87.6 percent stake in ZCCM-IH, which represents the state in mining ventures via equity stakes. Private investors own the remaining 12.4%.

Deputy Minister of Mines Richard Musukwa said the loans had placed a significant burden on the company's balance sheet.

"The government has been in discussions with ZCCM-IH over these loans and recently accepted proposals to convert all or part of the loans to equity," he said.

"This company is our investment arm and we want to ensure that it is viable."

[phili675]

he government has been in discussions with ZCCM-IH over these loans and recently accepted proposals to convert all or part of the loans to equity," he said.

Tout est résumé là : to convert all or part of the loansto equity," he said.

[LesCrozes]

Zambia to convert $425mn ZCCM-IH debt into equity

By: Reuters
17th December 2012

LUSAKA - Zambia plans to convert up to $425-million it is owed by Paris-listed Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) into equity, the deputy mines minister said on Monday.

The government has an 87.6 percent stake in ZCCM-IH, which represents the state in mining ventures via equity stakes. Private investors own the remaining 12.4%.

Deputy Minister of Mines Richard Musukwa said the loans had placed a significant burden on the company's balance sheet.

"The government has been in discussions with ZCCM-IH over these loans and recently accepted proposals to convert all or part of the loans to equity," he said.

"This company is our investment arm and we want to ensure that it is viable."

Edited by: Reuters

http://www.miningweekly.com/article/zam ... 2012-12-17