Mining companies have expressed concern that April’s increase in electricity and fuel prices will not only hurt existing mining operations, but also make Africa’s second biggest copper producer less attractive as an investment destination. In April, the Energy Regulation Board (ERB) approved a 28.8% electricity price increase for mining companies and raised fuel prices by an average of 8.3% after the kwacha lost value against major convertible currencies. The ERB said the bulk supply agreement tariffs between state power company Zesco and Copperbelt Energy Corporation had been adjusted to 6.84 cents/kWh from 5.31 cents/kWh.
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