Lubambe Copper Mine Limited (Lubambe) reported total revenue of ZMW2.52 billion (US$ 122.59 million) (2022: ZMW2.38 billion (US$139.72 million)). Over the same period, the Company recorded a loss of ZMW3.06 billion (US$ 148.86 million (2022: loss of ZMW1.83 billion loss (US$107.12 million)). Lubambe’s road to recovery was challenging due to poor ground conditions, dewatering challenges, and high ore dilution. Management changed its mining methods and mine plan following completion of the SRK technical report. In the period under review, the company implemented its 420-pump station to improve flooding and ground conditions for mining. Lubambe produced 14,984 tonnes in payable copper against a budget of 22,979 tonnes.  

Lubambe completed the US$150 million investment by Kobold which was for debt restructuring and operations of the business. This also resulted in the separation of the highly promising Extension Project into Mingomba Mining Limited (Mingomba) with ZCCM-IH still retaining 20% in both Lubambe and Mingomba. US$35 million of the funding was committed for Mingomba explorations. This has been on-going throughout the period under review. Lubambe’s existing licence has a remaining life of the mine of less than 7 years and there is need to explore new business opportunities.  

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