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Gold/Mining/Energy : first quantum minerals FM on TSE
FM 27.190.0%Jan 8 4:00 PM EST
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To: joseph schevenels who wrote ()2/17/2000 7:18:00 PM
From: Stephen O  Read Replies (1) of 385
 
Anglo mines deal on track
By Business Reporter
THE GRZ/ZCCM negotiating team and Zambia Copper Investment (ZCI) have tied up the remaining 70 heads of agreement (HoA) that stalled the final sale of the ZCCM.
This means that the final sale of the remaining major components of the ZCCM would take place anytime this month as earlier stated by Government.

Mines Minister Syamukayumbu Syamujaye confirmed in Lusaka yesterday the tying up of the HoA said the matter was now being handled by the lawyers for both parties and report will be produced at the close of this week.

The GRZ/ZCCM negotiating team and the ZCI a subsidiary of the Anglo American Corporation (AAC) were in London last week ironing out the complexities in the deal.

The final sale of the remaining major assets of ZCCM failed to take place on the scheduled deadline of January 31 because AAC said it had detected some complex issues in the deal.

However Dr Syamujaye yesterday said after they received the legally binding documents from the lawyers of the two parties at the close of this week, a fresh date for the final signing ceremony would be set within this month.

" Now I can confirm that negotiations over the 70 heads of agreement are over and what is remaining is the legally binding documents from the lawyers.

"The report will be produced at the close of this week and a fresh date for the final signing ceremony will be set," Dr Syamujaye explained.

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