ICMEF CARLLESSFORLVINENSOV$AT1IV4E 4TAXMPIOLLLICIIOESN DEBT MATTER WITH KCM

emerging deve loping HmEarketsCospupcherbaeslt Zambia toEtnaekregya holiCsotircpaonrdation institution-based (CEC) approach has announced that focuses on leveraging conclusion core domestic of the negotiations tax policies. to settle According long-standing to the IMF, debt this would which assist the firm the was markets owed to by build the tax Konkola capacity. Copper Mine (KCM). The Fund, through its blog,

KCM reportedly owed proposed some measures

CEC a sum of US$144 million, which could be considered by representing the cost of the markets. power supplied to the mining It proposed to governments firm. to improve the design and administration

CEC Chairperson, London of core domestic Mwafulilwa, however taxes, Value-Added Taxes

announced in the company (VAT), excises, personal income

2023 Annual Report released last taxes, week and that corporate this matter income had taxes. been concluded.

“VAT Dr Mwafulilwa revenue in explained low-income that countries, the matter for had instance, finally could been be settled doubled by an by Award limiting by

risks from the long-standing commenced the implementation preferential Consent of treatments the parties, and enimdporrosveidngbycotmhepslioalnecaerwbithraotuotr.

debt owed to us by them. of 60MW Solar “The issue, as may be recalled

PV plant located at Itimpi in increHaesinegxsptarensdsaerd taoxprtaimtesis.m from the previous Kitwe.

t“hAantd tthhies wbiedtetespr repaodsiatidoonpe-d report, was protracted and He stated that all this was tiothne ocof mdpigaintayl totepcuhnrsouloegfiuesrther remained outstanding over in line with CEC’s green priority capital investments a long period, leading to an growth agenda and came and actualise its sustainable evocation of the arbitration alongside technological growth agenda. process by CEC, as provided improvements to the transmission

Dr Mwafulilwa noted that under the contractual arrangements,” network that it continued the resultant significant he said. to adopt as the firm impact of the settlement On the sustainability front, embed the energy transition of the risks associated with Dr Mwafulilwa said CEC process. the debt had been the restoration commissioned the 34 megawatts The combined capital investment of the Company’s (MW) Solar PV plant made in the period balance sheet. at its Riverside location in for both our Riverside “A key development for the Kitwe and commenced with and Itimpi Solar plants was

LUSAKA CITY COUNCIL year was the negotiated settlement the evacuation of power into US$75 million. that was concluded the grid. “Our green agenda remains

CITY OF LUSAKA PLANNING AUTHORITY with KCM to manage the In tandem, he noted, CEC much broader than