THE Copperbelt Energy Corporation (CEC) Plc has approved over US$3 million dividends to the Government through Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) in its financial year ending this monthend.
CEC public relations officer, Muntanga Sibalwa said the board of directors had authorised the payment of $3.280 million to ZCCM-IH as dividends in the financial year ending March 31, 2016.
Ms Sibalwa said in response to a Press query that in the previous financial year, the company paid a total of $2.8million as an interim dividend to ZCCM-IH.
“The CEC board of directors has approved a payment of an interim dividend for 2016 to ZCCM-IH, being a shareholder in the company, amounting to $3.280million, representing 20 per cent of the dividend,” she explained.
Ms Sibalwa said to remain relevant, CEC was looking at Kabompo Gorge where it was currently conducting  feasibility studies.
There is also a possibility of developing the Luapula River hydro power project to increase electricity generation capacity by 740 megawatts.
The Kabompo Gorge hydro power station in North-Western Province has been designed to generate 40 megawatts, while the Luapula River project is expected to produce 700 megawatts.
The Luapula River project was initially expected to generate 800 megawatts but was reduced to 700 due to the huge expenditure involved in resettling displaced residents in the area.
CEC, a private power utility company in which ZCCM –IH has a 20 per cent stake, was listed in 2008 and is the first power company on the Lusaka Stock Exchange (LuSE).
The power company came into being in 1997 following the privatisation of Zambia Consolidated Copper Mines (ZCCM)’s power division and to date, remains one of the most successful privatised companies in the country.