Oil and Gas

Zambia's Glencore's unit agrees to pay new higher electricity tariffs

LUSAKA, Sept 11 (Reuters) - Glencore’s Zambian unit Mopani Copper Mines (MCM) will pay increased electricity prices caused by the removal of state energy subsidies, the mines minister said Monday, following a dispute with its electricity supplier.

Copperbelt Energy Corp. (CEC) CECZ.LZ, which buys power from the state-owned electricity company and sells to mines, slashed supply to Mopani due to a dispute over new, higher tariffs.

“They (Glencore) signed the agreement with Copperbelt Energy Corporation. The agreement is just acknowledgement of the new tariffs,” Mines Minister Christopher Yaluma told a media briefing. (Reporting by Chris Mfula; Editing by James Macharia)