Lubambe Copper Mine Limited (Lubambe) reported total revenues of ZMW1.24 billion (US$110.79 million) for the year ending 31 March 2019 (2018: ZMW517.37 million (US$54.18
million), falling below the budget of US$155 million but increasing from US$98.72 million in 2017. Operating costs were US$129 million, nearly at par with the budget of just below
US$130 million. Costs in 2017 were US$107.01 million. The year on year rise in costs was due to increased production volumes as well as mine redesign activities.
The loss for the year was ZMW 556.92million (US$49.74 million) (2018: loss ZMW 350.34 million (US$36.7 million))
In 2018 Lubambe had made substantial leaps in changing its mining and processing systems in a bid to raise production. Total copper ore mined was 1,316,109 tonnes, up from 840, 376 tonnes in 2017. Total contained copper produced was 23,689 tonnes, below the targeted 25,941 tonnes but significantly higher than the 14,891 tonnes produced in 2017.
Lubambe has continued to implement changes to the existing mine that should translate into the mine becoming profitable for the first time in 2020. In 2019, works on completing the Concept Study on the Extension Project will be accelerated so as to increase the certainty of the resource and prepare it for a Pre-Feasibility Study
There were no dividends declared during the year under review (2018: Nil)