For the year ended 31 December 2021, Mopani Copper Mines (MCM) recorded cumulative net revenue of ZMW17. 263 billion (US$877.38 million) [(2020: ZMW13.54 billion (US$726.61 billion)]. The net profit for the year under review was ZMW76.82 billion (US$3.9 billion) [(2020: ZMW27.57 billion net loss (US$1.48 billion net loss)]. 

During the year under review, MCM produced a total of 87,618 tonnes of copper (2020: 90,050 tonnes). On 30 March 2021, the ZCCM-IH Shareholders approved the ZCCM-IH’s acquisition of the remaining 90% interest in Mopani held by Carlisa Investments Corp (“Carlisa”) for a US$1 consideration and US$1.50 billion in Transaction Debt. 

Post the acquisition, production has increased from a monthly average of 3,412 tonnes during the first three months under Glencore to a monthly average of 8,598 tonnes from April 2021 to December 2021 under ZCCM-IH. MCM continued to meet its target performance in both total production and revenue. Key priority for MCM will be the completion of the expansion projects which are estimated at US$300 million for the Synclinorium shaft (US$100 million), Mindola shaft (US$110 million), Henderson shaft (US$40 million), the new Nkana Concentrator (US$5 million), and the Tailings Storage Facility (US$ 45 million). Mopani, with the help of ZCCM-IH is actively seeking funding options for the completion of the expansion projects. 

The future of the mine relies heavily on completion of the expansion projects, which is expected to increase copper cathode production to 225,000 tonnes by 2025. The Company will also have the capacity to hoist close to 9 million tonnes of copper ore in the long term. 

There were no dividends declared during the period under review (December 2020: Nil).