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ZCCM extends deadline for bids to buy Maamba stake

Bloomberg reported that ZCCM Investment Holdings Plc, the state owned Zambian mining company, extended the deadline for the submission of bids to buy a stake in Maamba Collieries Ltd. Mr Joseph Chikolwa CEO of ZCCM said that the closing date was extended to March 28th 2008 from February 28th 2008 because of logistical problems caused by flooding in the southern African country. Zambia's government last year transferred its 100 stake in Maamba to ZCCM to enable it to secure funds to recapitalize the mine. Once the stake is sold, the government plans to retain a stake with the rights to appoint a director to sit on the company's board….(read more)