2021 was the first full calendar year of operations for Limestone Resources Limited (LRL), which only commenced operations on 1 September 2020 after transitioning from Ndola Lime Company Limited (NLC). NLC, remains under liquidation. 

As at December 2021, LRL was yet to be capitalised as ZCCM-IH was still running the process of engaging an equity partner with whom a long-term strategic plan for the Company would be developed. 

The lack of adequate capital posed a challenge and the Company underachieved across all performance metrics as production fell substantially below installed capacity due to reliability issues with the plant and equipment. Total sales revenue for the year was recorded at ZMW119.00 million (2020: ZMW34.76 million). The loss over the same period was ZMW39.78 million (2020: ZMW3.71 million). 

On 17 October 2021, LRL’s only functioning Kiln (VK1) experienced a collapse of its refractory bricks, leading to a halt in quicklime production. Since then, no production has been going on at LRL, pending financial resources for repair and maintenance works. 

ZCCM-IH has prioritized the selection and engagement process of an equity partner and is optimistic of completing the process within the first half of 2022 to ensure full recapitalisation of LRL that will substantially improve operational and financial performance. 

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