KCM’s challenges continued during the year as the fundamental problems surrounding the underdevelopment of the Konkola Deep Mining Project (KDMP) remained unresolved, resulting in the Company reporting low production from own sources and therefore having to rely on third-party copper concentrates to feed its Smelter. As a result, finished copper production was also negatively impacted.  

The Provisional Liquidator continued to have full control over the operations at KCM and the Company continues to face financial challenges and is currently unable to produce sufficient output to support its operations. On 5th September 2023, the Government of the Republic of Zambia announced that it had reached an agreement with Vedanta Resources Limited to resolve all outstanding disputes and Vedanta committed to investing US$1.27 billion towards working capital and mine development at KCM.  

Following the announcement made by GRZ, ZCCM-IH and Vedanta have entered into various agreements which are intended to pave way for the settlement of outstanding creditors, vacation of the Provisional Liquidator and finally the reinstatement of the Board of Directors at KCM.  

There were no dividends declared during the year (2022: Nil).