Investrust Plc Extract from 2019 Annual Report

Investrust Bank Plc (“Investrust”) recorded a 40.4% decrease in interest income to ZMW88.33 million during the year ended 31st December 2018 (2017: ZMW148.1 million). Total operating
expenses increased by 5.2% on a year-on-year basis to ZMW157.40 million (2017: ZMW149.65 million). During the year under review, the bank recorded a loss of ZMW109.19 million (2017: ZMW38.00 million net loss).

For the period under review, ZCCM-IH successfully increased its shareholding from 45.4% to 71.4%. As a strategic investor, ZCCM-IH is currently driving a strategy to restructure and recapitalize the Bank.

The Bank’s share price on the LuSE closed the period under review at ZMW12.0 (2017: ZMW13.50).

There were no dividends declared during the financial year ended 31st December 2018 (2017: Nil).

Download Full Report

METS Extract from 2019 Annual Report

Misenge Environmental and Technical Services Limited (METS) earned a total of ZMW8.8 million (audited) as revenue for the year ended 31 March 2019 (2018: ZMW5.48 million). Of
the revenue, ZMW6.4 million was realised from recurring services to ZCCM-IH (2018: ZMW4.6 million) and ZMW2.4 million was from non ZCCM-IH sources (2018: ZMW0.88 million). METS recorded a net loss of ZMW2.5 million (2018: ZMW1.9 million loss).

METS continued its drive towards increasing third party business by taking part in several bids throughout the year.

There were no dividends declared during the year under review (2018: Nil).

Download Full Report

Maamba Colliers LTD Extract from 2019 Annual Report

MCL reported total revenue of ZMW2,486.60 million (US$ 222.10 million) for the financial year ended 31 March 2019 [(2018: ZMW1,172.00 (US$122.73 million)] and had profit after tax of
ZMW554.21 million (US$49.50 million) [(2018: ZMW148.87 million (US$15.59 million). The increase in revenue was due to increased demand for high grade coal from customers and steady production from the thermal power plant, while profit was driven by increased revenue and a deferred tax liability.

During the period under review, Maamba experienced liquidity challenges as a result of late receipt of payments from off takers. Efforts were made to restructure the payments of
outstanding receivables indicating commitment from both parties to rectify the situation. Management of Maamba were committed to cost efficiency measures and remains positive as the company looks forward to the restructuring of tariffs that would remedy systemic mismatches in the sector.

There were no dividends declared during the year under review (2018: Nil).

Download Full Report

Ndola Lime Company Ltd Extract from 2019 Annual Report

During the year, two former employees of NLC made an application to initiate Business Rescue Plan proceedings against the Company. An Interim Business Rescue Administrator
was appointed to run the affairs of NLC.

ZCCM-IH made an application in court challenging whether NLC qualifies to be put under Business Rescue Operations. The matter is still undergoing a court process.

Ndola Lime Company Limited (NLC) reported total revenues for the financial year ended 31st March 2019 of ZMW74.3 million (2018: ZMW60.1 million) and a loss after tax of ZMW234 million (2018: ZMW 187 million loss).

There were no dividends declared during the year under review (2018: Nil)

Download Full Report

 

CEC Extract from 2019 Annual Report

During the financial year ending 31st December 2017, revenue of K 3,724 million (US$390 million) (2016:
K3,503 million (US$355 million) was recorded driven mostly by the increase to the end-user mining tariff. Adjusted Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) was K964 million (US$101 million) [(2016: K923.54 million (US$90 million)].

As at 31 March 2018, the Company had cash and cash equivalents of K645 million (US$68 million) compared to total borrowings of K835 million (US$88 million) out of which K133 million (US$14 million) is payable in 2018. The Company’s net current assets as at that date was K664 million (US$70 million). Based on the financial forecast, it is expected that the working capital of the business over the next 12 months will be positive and that the Company will be profit-making during the same period.

The telecoms subsidiaries (CEC Liquid Telecom and Hai Telecoms) has been expanding its market share in the wholesale and retail segments and have been profitable two years consecutively; exhibiting potential for further growth prospects. The CEC board further recognises that the Company is primarily a power business and that there is need to continuously review its strategy around its continued investment in the telecoms operations going forward.

On 23 January 2018, the Company received a firm intention by Zambian Transmission LLP to buy all the shares in the capital of CEC. The board considered the offer and appointed an Independent Committee of the Board to consider the offer. The offer was sent, through an offer document to all shareholders, with an offer period commencing 20 February 2018.

Total Dividend paid for 2017 was K209 million (US$21 million) [(2016: K161.8 (US$16.4 million)].

Download Full Report

First Quantum Minerals deliveres 5,000 stoves to communities in a new initiative to minimise deforestation and pollution

First Quantum Minerals has delivered 5,000 stoves to communities in a new initiative to minimise deforestation and pollution.

The Village Stoves programme involves FQM, in line with its environmental policy, teaming up with Zambia-based carbon credit and environmental company, The African Stove Company, and local small-scale manufacturers to develop a low-cost stove that is about 60% more efficient than conventional open-fire stoves used in Zambia’s remote areas.
TASC has over 20 years’ experience in international energy innovation and environmental projects.

The pilot programme, which was launched last year, involves installation of 5,000 United Nations-accredited twig-burning stoves in the communities surrounding the company’s Kansanshi mine in Solwezi.

On average, the new stoves have a UN-tested water boiling efficiency of 40% as opposed to 10% on an open fire; by comparison a kettle is 80% efficient – and is estimated to save 2.5 tonnes of carbon emissions per stove each year.

This means that over the seven-year lifetime of the project each stove – provided it is being used daily as a replacement for traditional fires – will save 17.5 tonnes of carbon.

The pilot phase therefore has a potential carbon saving of 87 500 tonnes of carbon, equivalent to about 3,000, 30-tonne trucks of firewood.

Kansanshi Foundation co-ordinator Guy Hammond said the nature of the fuel used by the stove lends itself to normal tree mortality rates and sustainable twig harvesting of forests, which naturally shed dead branches.

“This project has been over two years in the pipeline, but we are delighted that FQM is leading the way in doing our part to combat climate change and deforestation in North-Western Province,” he said.

“The exponential growth of Solwezi and Kalumbila towns due to our mining operations has seen an explosion of charcoal production to feed an ever-growing market, exacerbated now by the power crisis we are facing as a country. With the Village Stove programme, FQM has taken a proactive approach to saving our forests.”

What’s more, the upgraded traditional cooking stoves also make use of cutting-edge technology. Each stove is tagged by GPS transmitter and its fixed location is uploaded onto the UN carbon credit platform database. Annual random inspections by UN-accredited officers ensure the stoves are being used and are where they are supposed to be, and then carbon credits are awarded for sale on the open market.

Kansanshi Foundation Manager Bruce Lewis says: “Aside from the improved efficiency that dramatically reduces the amount of charcoal and wood needed to cook; the stove’s design also helps significantly reduce the risk of excessive smoke inhalation for the user by diverting the minimal amount of smoke the stove may produce safely away from the cooking area.”

Smoke inhalation is one of the leading causes of respiratory problems among village dwellers especially women who do most of the cooking.
He added that lower smoke levels not only mean lower risk of smoke-related illnesses among members of the local communities but also lower carbon emissions, thereby helping Zambia combat climate change.

The Village Stove makes use of unique thermofluidic flows created by a specially designed metal frame to minimise energy loss and ensure the highest possible amount of heat energy is directed to the base of the cooking pot.

The frame is bricked in to the kitchen wall for maximum safety and convenience.

Some 50 local manufacturers have been engaged to manufacture the frames.

The mine will lead the distribution exercise and train officers to carry out installation, maintenance and community training on their use.

And TASC founder Alick MacIntosh said he was happy to be working with FQM and was looking forward to seeing more stoves installed at the end of the pilot phase.

Source: Lusaka Times

Maamba moves power plant pumps to keep Zambia powered

ambia’s Maamba Collieries has relocated water pumps to a new location in the Kariba lake, to provide water for the boilers of its 300 MW coal-fired power plant.

The company said in a release on Friday that this was necessitated by falling water levels in the Kariba lake.

Maamba operates two 150 MW power generating units, each consuming  9 000 m3/d of water when running at full capacity.

The company attributed the low water levels in the area to low rainfall during the last wet season in the country.

“Installing the pumps at a deeper location was not easy in crocodile- and hippo-infested waters, as these had to be kept at bay as men worked in knee-deep waters. We often had to seek the assistance of wildlife wardens to ensure safety,” said mining manager Scott Phiri.

The pump relocation was done within three weeks, with temporary power lines and substations having been set up, as well as a road created to transfer the two 132 kW pumps.

Maamba supplies 10% of Zambia’s current installed electricity generation capacity.

Source: Mining Weekly 

Continued Falling Water Levels At Kariba Dam Forces Maamba Collieries To Relocate Its Pumps

By Patricia Mbewe

Maamba Collieries ltd has relocated its pumps to a new location in the Kariba Lake to provide water essential for the boilers of its 300-megawatt power plant following falling water levels in Kariba.

Maamba Collieries runs two power generating units, with a capacity of 150 megawatts, each of which consumes about 9,000 cubic meters of water a day when running at full capacity.

Low rainfall during the last wet season caused water levels at the primary location of the pump station in Lake Kariba to drop dramatically from the usual 9-metre depths to zero levels leading to the water at the pumps running dry.

Maamba Development Trust Manager Jethro Sikalunda has said in a statement that mindful of the power crisis in the country and the need to generate essential power, the company redeployed its pumps to a new location in order to keep the thermal plant of the country’s largest independent power producer operating at full capacity and avoid further load-shedding.

Mr. Sikalinda however said the water at the temporary pump station set up about 400 meters from the original suction point, also dried up last year, despite dredging efforts to sustain water depths.

He explained that despite dredging, the temporary pumping site also ran dry, forcing yet another relocation of the pumps further up the lake in deeper waters.
PHOENIX NEWS

Source: Zambia Observer

Zambia’s largest IPP is transforming the face of Maamba

Contributing around 10% of the nation’s electricity generation capacity has a huge impact on the nation’s energy security and the economy in general, but for Maamba Collieries Limited (MCL), its endeavours do not stop there.

The sponsors and management of MCL understand that no business can be successful, unless the community around it shares in that success. Towards this vision, the company has set up the Maamba Development Trust (MDT), whose motto is, “Making a Difference…”.

The objective is to spearhead social and economic development in Maamba, Sinazongwe District, and in other areas where Maamba Collieries operates. MCL’s Corporate Social Responsibility initiatives are part of the company’s social investment policy, centered on community development and improving the living conditions of the people.

The initiative is built on four pillars – education, health, infrastructure development and sports, apart from conserving the environment as well as assisting with other needs of the community.

On the education front, MCL runs the Maamba Private School with over 500 local students and a Nursey for around 160 toddlers, while also providing regular support to the GRZ-run school for differently abled children.

Towards improving health facilities, MCL partnering with the Ministry of Health, is setting up a state of the art eye care unit in Maamba General Hospital to provide eye care to the needy in the district and beyond.  

MCL is also in the final stages of building a clinic near Lake Kariba which will provide access to medical facilities for around 10 remote villages and fishing camps.

The cornerstone of MCL’s CSR interventions has been laying new roads in the Maamba Township – roads which had not seen any work for over four decades – thereby providing dust free and safe roads to travel.

On the sports and fitness front, the company sponsors the First Division Maamba Energy Stars F.C., and provides access to the sporting facilities including golf, tennis, squash and badminton to the local community of Maamba Township.

Meanwhile, the Company has been contributing to the development of the youth and less privileged by running TEVETA approved welding & metal fabrication & power electric courses in its modern, well-equipped Training Centre.

Towards sustaining the livelihood needs of the people, the Company runs tailoring and carpentry classes for the local women and menfolk, skills which they can use for supplementing their meagre income.

“In order for us to mitigate the impact of mining and thermal power generation operations, environmental conservation remains a key focus area. We endeavor to plant over 30,000 trees every year and continuously undertake rehabilitation of waste dumps in order for us to preserve our environment,” said Head Corporate Affairs PJ Sudhir.

Meanwhile, MDT Manager, Jethro Sikalunda highlights that, “MCL also provides much needed access to water for the people of Sinazongwe, by pumping water through a 28-km pipeline from Lake Kariba to SWASCO – to meet the community needs for potable water”.

He added that, “The company also provides support to the three chiefs in its area of operations”.

With the support of all stakeholders, MCL has been   transforming the face of Maamba, bringing much-needed social and economic empowerment, and essentially, MAKING A DIFFERENCE by improving the lives of the community in Maamba and the district of Sinazongwe.

Source: Mining Review Africa

Zambia’s Largest Independent Power Producer Transforming Face Of Maamba

Zambia’s Largest Independent Power Producer Transforming Face Of Maamba.

Contributing around 10% of the nation’s electricity generation capacity has a huge impact on the nation’s energy security and the economy in general, but for Maamba Collieries Limited (MCL), its endeavours do not stop there.

The sponsors and management of MCL understand that no business can be successful, unless the community around it shares in that success. Towards this vision, the company has set up the Maamba Development Trust (MDT), whose motto is, “Making a Difference…”

The objective is to spearhead social and economic development in Maamba, Sinazongwe District, and in other areas where Maamba Collieries operates. MCL’s Corporate Social Responsibility (CSR) initiatives are part of the company’s social investment policy, centered on community development and improving the living conditions of the people. The initiative is built on four pillars – education, health, infrastructure development and sports, apart from conserving the environment as well as assisting with other needs of the community.

On the education front, MCL runs the Maamba Private School with over 500 local students and a Nursery for around 160 toddlers, while also providing regular support to the GRZ-run school for differently abled children.

Towards improving health facilities, MCL partnering with the Ministry of Health, is setting up a state of the art eye care unit in Maamba General Hospital to provide eye care to the needy in the district and beyond.  MCL is also in the final stages of building a clinic near Lake Kariba which will provide access to medical facilities for around 10 remote villages and fishing camps.

The cornerstone of MCL’s CSR interventions has been laying new roads in the Maamba Township – roads which had not seen any work for over four decades – thereby providing dust free and safe roads to travel.

On the sports and fitness front, the company sponsors the First Division Maamba Energy Stars F.C., and provides access to the sporting facilities including golf, tennis, squash and badminton to the local community of Maamba Township.

Meanwhile, the Company has been contributing to the development of the youth and less privileged by running TEVETA approved welding & metal fabrication & power electric courses in its modern, well-equipped Training Centre. Towards sustaining the livelihood needs of the people, the Company runs tailoring and carpentry classes for local women and menfolk, skills which they can use for supplementing their meagre income.

“In order for us to mitigate the impact of mining and thermal power generation operations, environmental conservation remains a key focus area. We endeavor to plant over 30,000 trees every year and continuously undertake rehabilitation of waste dumps in order for us to preserve our environment,” said Head Corporate Affairs PJ Sudhir.

Meanwhile, MDT Manager, Mr. Jethro Sikalunda highlights that, “MCL also provides much needed access to water for the people of Sinazongwe, by pumping water through a 28-km pipeline from Lake Kariba to SWASCO – to meet the community needs for potable water”.

He added that, “The company also provides support to the three chiefs in its area of operations”.

With the support of all stakeholders, MCL has been transforming the face of Maamba, bringing much-needed social and economic empowerment, and essentially, MAKING A DIFFERENCE by improving the lives of the community in Maamba and the district of Sinazongwe.