In accordance with Section 3.4(a) of the Lusaka Securities Exchange Listings Requirements (“LuSE Listings Requirements”), the Board of Directors of Copperbelt Energy Corporation PLC (“CEC” or “the Company”) informs shareholders of the Company, and the market, that CEC has, jointly with the other parties, entered into a Consent Judgment in the matter where Lumwana Mining Company Limited and other mining companies contested, by way of judicial review, the ERB’s upward revision of electricity tariffs in 2014. The Consent Judgment, entered on 7th November 2022, effectively and amicably settles the dispute between the parties and the obligations related to the claims in the matter. The consequence of the Consent Judgement on the Parties is the discharge of their respective obligations to pay and be paid the ERB’s upwardly adjusted electricity tariff of 2014. Therefore, the Company’s contingent liability, estimated at USD228.0 million, potentially payable to ZESCO and the corresponding contingent asset amount receivable from CEC’s mining customers have effectively been eliminated.
As prescribed in the Consent Judgement, the parties will make the respective settlement obligations through issuance of appropriate credit notes reversing the previously issued invoices, within 30 days of the said Judgment.
By Order of the Board
Julia C Z Chaila
Issued in Lusaka, Zambia on Friday, 18 November 2022
The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.