Lun 16 Sep 2013 17:27
Maamba Collieries denies asking govt to forego dividends
Dismissing assertions that Maamba Collieries had proposed that government forego some dividends since ZCCM-IH's contribution to construction of the project had been insignificant, Lavu said both partners were committed to completing the project since it was important for the country and sustainability of the coal mines.
"We have had challenges just like any business partnership but the issue of dividends has not arisen at any point in our interactions. As far as we are concerned, ZCCM-IH and MCL have been funding the project in a timely manner," said Lavu. "ZCCM-IH has been extremely cooperative and supportive of the power plant project, actually we have an excellent relationship with government and many other government institutions and we want to have strong and lasting relationships with all stakeholders."
MCL is jointly owned by Nava Bharat of Singapore and government through ZCCM-IH, which has a 35 per cent stake. Currently, the coal mine is building a 300 mega watts coal-fired power station that is projected to be commissioned next year and its power will be sold to Zesco to boost national electricity supply.