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Zambia's CEC confirms reduced power supply to Glencore's copper miner

Stock MarketsAug 13, 2017 10:50
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© Reuters. Zambia's CEC confirms reduced power supply to Glencore's copper miner

LUSAKA, Aug 13 (Reuters) - Copperbelt Energy Corp (CEC) CECZ.LZ , Zambia's main supplier of power for its mines, confirmed on Sunday that it has restricted the amount of electricity it supplies to Glencore GLEN.L unit Mopani Copper Mines (MCM) because of a dispute over tariffs.

Mopani said on Saturday that it has suspended operations in certain areas after CEC restricted power supply to its mines in both Kitwe and Mufulira. government in April proposed introducing a flat tariff of 9.30 U.S. cents/kilowatt hour (kWh) backdated to January for mining companies, instead of individually negotiated rates that have averaged 6 U.S. cents/kWh, but mining companies opposed the plan. date, MCM has rejected the industry-wide tariff increment and sought to continue to pay for the electricity they consume at the old tariff," CEC spokeswoman Chama Nsabika-Kalima said.

Under the circumstances, CEC was left with no option but to restrict power supply to MCM to a level commensurate with the monthly payments that MCM continues to make to CEC, she said.

Mopani owns the Mufulira underground shaft, the Nkana underground shaft, South Ore Body shaft and the Mindola shaft in Kitwe.

Other mining companies in Zambia, Africa's second-biggest copper producer, include First Quantum Minerals FM.TO , Brazil's Vale VALE5.SA and London-listed Vedanta Resources VED.L .

Zambia's CEC confirms reduced power supply to Glencore's copper miner
 

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