CEC to invest $140m in Kabompo power project
THE Copperbelt Energy Corporation Plc (CEC) is to invest US$ 140 million (K718.6 billion ) in a power generation project in Kabompo in preparation for the impending increase in the demand for electricity.
This is arising from the expansion programmes embarked on by mines on the Copperbelt and North-Western provinces.
CEC commercial director Owen Silavwe said when Zambia Daily Mail deputy managing director Anthony Mukwita paid a courtesy call on him in Kitwe on Wednesday that the project will be undertaken by the CEC Kabompo Hydro-power Limited, a subsidiary of CEC.
“We are now dealing with the financing process which should come to a close some time next year. The project will be completed between 2015 and 2016. That is the time Zambia will need more power because most of the expansion programmes will finish that time, we need all the power we can get,” Mr Silavwe said.
He said CEC has opened tenders for the project and a number of companies have been shortlisted.
“Local participation is important that is part of the criteria for selection that they have to bring some portion of local participation.
There is an aspect of the project which will be done by local contractors,” Mr Silavwe said.
He said demand for electricity is expected to increase in the next three years because of the expansion projects embarked on by some mines on the Copperbelt.
Mr Silavwe named some of the mines that have embarked on expansion programmes as Konkola North Copper Mines Zambia Limited (KONNOCO),
China Non-Ferrous Metal Mining Corporation (CNMC) Muliashi mine.
Others are the Mopani Copper Mines (MCM), which has embarked on a synclinorium project and the Non-Ferrous Corporation Africa (NFCA), which is developing its south-east ore body.
“Load shedding is not good for the economy but it is not at the scale of what is happening in other countries. Zesco has attributed it to low water levels. But the consoling part is that Zambia tends to receive rains in December and January and one would think this issue should be resolved. The current problem is more temporary than permanent it gives us comfort,” Mr Silavwe said.
