Nava Bharat Ventures update on Zambian Step Down Subsidiary, Maamba Collieries

Maamba Collieries to receive USD 46 mn in arrears from ZESCO

Nava Bharat Ventures announced that the company's Zambian Step Down Subsidiary, Maamba Collieries has been successfully operating an integrated 300 MW (2X150 MW) coal fired power plant and selling power under a long term Availability Based Power Purchase Agreement with ZESCO, the local Utility. ZESCO has, while making part payments monthly, delayed payments for power purchase resulting in accumulation of receivables. These receivables are fully secured against Sovereign Guarantee of the Government of Zambia (GRZ) and both the GRZ and ZESCO have assured MCL to clear these arrears soon.

In line with this commitment, ZESCO has arranged bulk payment of US$ 46 Million to MCL by 26 September, 2018 and further GRZ/ZESCO have assured to address the balance outstanding receivables and regular payment plan soon.

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