[2008-08-22]  CEC to spend USD55m in new investments
Copperbelt Energy Corporation (CEC) intends to spend in excess of USD55mn in new investments this year. Demand from the company customers was expected to increase over the next few years as mining projects currently under development are commissioned. Announcing the summary result for the period ended June 30, 2008, company secretary, Julia Chaila said the company would support Konkola Copper Mine new mining activities at Nchanga, Konkola and First Quantum’s Frontier mine. Ms Chaila said that a number of viable projects within the electricity system had been identified. And the company recorded USD 9.8mn in profit before interest and tax during the same period. Mrs Chaila said earnings per share were USD0.57 cents for the six month period compared to USD0.37 cents per share for the previous period. The firm proposed and paid an interim dividend of US$8 million representing a dividend of USD0.80 cents per share. The CEC board declared a further interim divided of USD8,200,000 representing USD0.82 cents per share in August 2008.
Source: Zambia Dailymail