GOVT TO FACILITATE DEBT RESTRUCTURING AT ZESCO

Energy Minister, PETER KAPALA says government will facilitate a debt restructuring system to enable Zesco dismantle over 400 million dollars it owes Maamba Collieries Limited.

Mr. KAPALA has told journalists in Maamba today after touring Maamba Collieries Limited that Zesco has continued accruing the debt because it is currently only paying about forty percent of the dues to Maamba Collieries Limited.

The Energy Minister explained that Maamba Collieries Limited is looking at a guarantee that Zesco will settle the debt once the power utility company has raised enough money.

He stated that Zesco is in debt of about three-billion dollars.

And Maamba Collieries Limited Chief Executive Officer, VENKAT SHANKAR said the thermal power company is happy that government is looking for a solution which will be sustaining to both companies.

He said the company believes in co-existence to best offer services to the Zambians.

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