Zambia Cons Copper - Re Acquisition
1999年1月22日 - 10:00PM
RNSを含む英国規制内ニュース (英語)
RNS No 5175r
ZAMBIA CONSOLIDATED COPPER MINES LIMITED
ZAMBIA COPPER INVESTMENTS LIMITED
22nd January 1999
ACQUISITION BY ZCI AND PARTNERS OF THE KONKOLA, NKANA AND NCHANGA
DIVISIONS OF ZCCM AND ITS NAMPUNDWE MINE
The Government of the Republic of Zambia (GRZ), Zambia Consolidated Copper
Mines Limited (ZCCM) and Zambia Copper Investments Limited (ZCI) (the
company through which Anglo American Corporation of South Africa Limited
(AAC) holds its interest in ZCCM) announce that they have concluded a
Memorandum of Understanding (MOU) regarding the acquisition by ZCI and
partners of an 80% interest in a new company which will acquire the assets
of the Konkola (including Konkola Deep), Nkana and Nchanga Divisions of
ZCCM and its Nampundwe mine.
The MOU specifies a number of pre-conditions that must be satisfied prior
to the signing of legally binding agreements. These include
* the formation by ZCI of a consortium of partners including a
substantial mining partner to join it in the investment;
* the raising of non-recourse third party finance;
* confirmation of ZCI's due diligence on the state of the assets;
* the conclusion of negotiations on all outstanding issues on a basis
acceptable to GRZ, ZCCM and ZCI; and
* funding of defined retrenchments by ZCCM using funds sourced by GRZ
from the multilateral donor community.
The agreed purchase consideration is US$90 million to be settled by way of
a cash payment. In addition, ZCCM will have a 5% free and a 15% repayable
carried interest in the new company. Subject to confirmation of
evaluations, the new company expects to commit capital expenditure of
US$300 million during the first three years and, subject to raising
further third party project finance on satisfactory terms, to implementing
as soon as possible the Konkola Deep project at a capital cost of
approximately US$800 million.
In a parallel transaction, GRZ has agreed to purchase ZCI's shareholding
in ZCCM.
GRZ, ZCCM and ZCI are committed to achieving satisfaction of the pre-
conditions and completing negotiation on all outstanding issues as quickly
as possible, with the object of achieving closure of the transaction not
later than 31 March 1999. Meanwhile ZCI, with assistance from AAC, will
immediately commence placing experienced personnel on the Copperbelt to
monitor operations, gather information and provide advice to mine
management when required in order to facilitate the smooth transfer of the
assets.
ZCI has, with immediate effect, relinquished its exclusive right, held
under a Memorandum of Understanding entered into in February 1997, to the
Mufulira smelter and refinery. This will facilitate the sale of Mufulira
as an integrated package.
These transactions are subject to obtaining all necessary regulatory and
shareholder approvals.
Mr Shalaulwa L Shimukowa, Chairman of ZCCM, said: "We welcome this
positive step towards the conclusion of the privatisation of ZCCM. The
transaction augurs well for the prosperity and economic development of the
country and especially the Copperbelt region. It ushers in the new role
of ZCCM as an Investment Holding Company."
Commenting on the agreement, the Chairman of the GRZ/ZCCM Privatisation
Negotiating Team, Mr Francis H Kaunda, said: "These assets represent the
remaining core assets of ZCCM's production capacity and, together with the
negotiations for the sale of ZCCM's Mufulira Division which are already
underway with another mining company, will complete the complex
privatisation of ZCCM."
"ZCI is looking forward to working with the Government, the management of
ZCCM, the Mineworkers Union of Zambia and with the World Bank to achieve
the successful conclusion of the privatisation process and to revitalise
the mining industry," said Jack Holmes, chairman of ZCI and a director of
Anglo American Corporation.
Enquiries:Mr Francis Kaunda
Chairman of the GRZ/ZCCM Privatisation Negotiating Team
+260 1 22 0450
Mrs Glen Finnegan
ZCI / Anglo American Corporation
+27 11 638 3217
END
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