..70% Receivables realized and Debt down by 25%..
The following perspective is in response to certain enquiries from the investors concerning our step down subsidiary, Maamba Collieries Limited, Zambia (MCL).
MCL has been operating an integrated 300 MW (2X150 MW) coal-fired power plant and selling power under a long term Availability Based Power Purchase Agreement (PPA) with ZESCO, the local Utility.
ZESCO has been effecting part payments on a monthly basis and bulk payments at different intervals, against power purchase from MCL and Investors will be pleased to know that as on March 31, 2019, MCL has already realized over 70% of the total amounts billed since synchronization of the power plant with the Grid.
We are also glad to inform you that MCL is up to date on all its debt service obligations and the long term debt is down by 25%.