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Ligoya apologises to Paradin

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Malawi's new High Commissioner to India

By Rex Chikoko

Reserve Bank of Malawi governor Perks Ligoya has swallowed his pride and apologised to Paradin Energy Ltd over the remarks he made on the Kayerekera mine, according to information posted on Paradin website.

Ligoya expressed regrets on the way Kayerekera mine agreement was handled saying Malawi government was not benefiting from the mine deal adding that government will renegotiate mine agreement.

“We made a mistake in Kayerekera and the president has authorized us to start renegotiating. The proceeds do not come to Malawi and there is no accountability,” said Ligoya.

Ligoya said government went into agreement ignorantly and made concessions which Paradin do not have in other counties where they are operating.

However, in a press release signed by Paradin Managing Director/CEO John Borshoff said that Ligoya has personally apologised for the comments.

“Paladin has raised this matter with the Government of Malawi and will hold further discussions with appropriate Ministries to reinforce the importance of adherence to the legally binding terms of theDevelopment Stability Agreement (DSA) in ensuring the continuing operations of the Kayelekera Mine,” reads the statement.

Paradin said the governor’s remarks caused the Global Investment Community some concern in relation to Paladin and its considerable investment in Malawi.

Paradin said the DSA established the fiscal and regulatory framework for the Company’s investment in Malawi and guarantees a period of stability in recognition of the Kayelekera Mine’s unique position as the first significant foreign investment in the country’s resource sector.

It also provided the Republic of Malawi with a 15 per cent equity stake in Paladin (Africa) Limited, the owner company of the Kayelekera Mine.

 

Paladin has raised this matter with the Government of Malawi and will hold further discussions with appropriate Ministries to reinforce the importance of adherence to the legally binding terms of the DSA in ensuring the continuing operations of the Kayelekera Mine.

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