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ZCCM-IH, ZCCM-IH News

Refined copper exports soar

ZAMBIA’S exports of refined copper in the first quarter increased to 464,800 metric tonnes from 463,700 metric tonnes in the same period last year. Copper is the country’s major foreign exchange earner and is currently trading at US$9,759 a tonne on the London Metal Exchange (LME). Zambia Statistics Agency (ZamStats) interim statistician general Mulenga Musepa said export earnings from refined copper in March increased by 3.8 percent to K13.9 billion from K13.4 billion in February this year.

“The cumulative volume of refined copper exported for March was 230,500 metric tonnes while that of 2021 for the same period was 228,000 metric tonnes, representing a 1.1 percent increase,” Mr Musepa said on Wednesday during a media briefing. He said copper prices on LME market for the corresponding months increased by 3.4 percent to US$10,237.6 a tonne in March from US$9,941.4 a tonne in February. Mr Musepa also said Zambia’s major export products in March were from the intermediate goods category mainly comprising copper anodes and electro-refined copper cathodes (high purity) accounting for 90.9 percent. During the period under review, Mr Musepa said the major export destination was Switzerland, which accounted for 41.7 percent. The main export product to Switzerland was copper anodes for electrolytic refining accounting for 75.5 percent of total export earnings. Mr Musepa said China was

Read more: http://www.daily-mail.co.zm/refined-copper-exports-soar/
Investee Companies, Investee Company News

Zambia’s ZCCM-IH to appoint adviser to restructure Mopani Copper Mines

Zambia’s state mining investment firm ZCCM-IH is in the process of appointing a financial adviser to restructure Mopani Copper Mines and help find an investor for the copper mine, board chair Dolika Banda said on Friday.

The appointment is “imminent”, Banda said, adding that ZCCM should find a new equity partner within the next six months to a year.

Zambia’s President Hakainde Hichilema on Monday said the government is “very close” to finding an investor for Mopani.

Zambia took on $1.5 billion in debt to buy Mopani from Glencore in January 2021 and has been looking for a new investor for the mine since as it needs significant investment to increase output.

“To own this mine requires billions of dollars and we can’t continue to be asking the Zambian treasury to be financing exploration, productivity and technology upgrades,” Banda told Reuters in an interview in Lusaka.

ZCCM-IH will continue helping the company service its loans and working capital, paying salaries and buying inputs, while it works on “long-term solutions”, Banda said.

 

Source: https://www.mining.com/web/zambias-zccm-ih-to-appoint-adviser-to-restructure-mopani-copper-mines/
Press Releases

ZCCM-IH Hosts Successful Shareholder Open Day

The ZCCM Investments Holdings Plc Shareholder Open Day took place on Wednesday 27th April 2022. Our Board Chairperson, Ms. Dolika Banda was the keynote speaker. This is the recorded session of the event.

The objective of the event was to provide strategic updates as well as interact with our shareholders.

The video can be accessed via the following link: https://youtu.be/JIK6hcaLw_I

Download the full Shareholder Open Day – Strategic Plan 2020-2026 and the Shareholder Open Day – Shareholder Queries documents below:

2022 Shareholder Open Day – Strategic Plan 2020-2026 Presentation
2022 Shareholder Open Day – Shareholder Questions and Answers
ZCCM-IH News

Kwacha to trade steady, copper price rises

THE Kwacha is anticipated to trade steady in the near term supported by improved supply from corporates converting for their month-end tax obligations while copper prices on the London Metal exchange (LME) rose to US$9,903 a tonne. On Monday, the local unit traded in a tight band as United States (US) dollar demand from corporate importers and other market players gradually built up outweighing foreign currency inflows. According to Absa Bank Zambia Plc market update, the local unit was quoted at K16.95 and K17.00 and traded at these levels for most of the morning. “By mid-day the local unit took a turn and was down five Ngwee at K17.00 and K17.05 on the bid and offer, respectively, where it closed off,” Absa Bank stated. Similarly, Zanaco Plc said the Kwacha is anticipated to be stable with

Read more: http://www.daily-mail.co.zm/kwacha-to-trade-steady-copper-price-rises/
Annual Report Summaries, Investee Companies

Mopani Copper Mines Plc Extract from 2022 Annual Report

For the year ended 31st December 2022, Mopani Copper Mines (MCM) recorded cumulative net revenue of ZMW11.85 billion (US$695.26 million), (2021:ZMW14.16 billion (US$877.38 million)). The net loss for the year under review was ZMW5.05 billion (US$296.36 million), (2021:ZMW76.82 billion profit (US$3.90 billion)).  

During the year under review, MCM produced a total of 72,694 tonnes of finished copper (2021: 87,618 tonnes). The smelter underwent a 45-day shutdown from August 2022 to September 2022 for maintenance, refurbishment of critical components and replacement of refractory bricks. The maintenance works set up the smelter to operate for another two-year campaign.  

ZCCM-IH engaged Rothschild & Co, a globally renowned investment bank, in June 2022 to assist with the strategic review of Mopani for the purposes of sustainability, expansion and growth. Rothschild & Co undertaking the assessment in two phases. Under Phase 1, Rothschild & Co. will undertake the restructuring of Mopani in a phased approach with assistance from appropriate legal and technical advisors to maintain Mopani as a going concern and build resilience. Under Phase 2, Rothschild & Co will assist ZCCM-IH in finding a Strategic Equity Partner.  

During the year under review, ZCCM-IH continued to support MCM by providing Corporate Guarantee of up to US$45 million to various banks for the provision of Mopani’s working capital facilities from various banks.  

There were no dividends declared during the period under review (December 2021: Nil).  
Annual Report Summaries, Investee Companies

Zambia Gold Company Limited (ZGC) Extract from 2022 Annual Report

Zambia Gold Company Limited (ZGC) reported revenue of ZMW 0.03 million (2021: ZMW 68.29 million) for the year ended 31 December 2022. During the period under review, no Gold sales were made during the year (2021: 62.02 Kg) due to the suspension of mining activities at Kasenseli Gold Mine by the Mines Safety Department (MSD). Net loss recorded for the period was ZMW 51.57 million (2021: net loss of ZMW 0.59 million).  

For the year under review, ZGC did not produce any gold due to the suspension of mining activities at Kasenseli which is the main source of gold production against a budget of 339.3 kg. ZGC has formulated an action plan to address the issues raised by MSD which were conditions set for lifting the suspension. ZGC has also engaged key stakeholders to facilitate and accelerate the opening of the Mine. The action plan has since been completed and submitted to key stakeholders.  

ZGC shall continue conducting exploration activities on its other licences and partnership with third party licence holders. ZGC launched the value addition business model in line with its strategic mandate of developing the gold sub-sector.  

There were no dividends declared during the period under review (December 2021: Nil).
Annual Report Summaries, Investee Companies

Rembrandt Properties Limited Extract from 2022 Annual Report

Rembrandt Properties Limited (Rembrandt) is a Special Purpose Vehicle between ZCCM-IH (49%), Urban Brands Asset Management (25.5%) and Sims Capital Ltd (25.5%). Rembrandt was specifically formed to develop the Leopards Square Hotel, a 74-key (room) hotel. In addition to ZCCM-IH equity contribution, the Company raised about US$2.2million in equity contribution from the other Shareholders and debt finance from ZANACO.  

The project faced several setbacks to completion among them, Covid-19 pandemic, delayed disbursement of loan proceeds and property redesign after the initial anchor tenant Food Lovers left the building. The building is about 95% complete; awaiting completion of the four (4) ground floor rooms, nine (9) upper deck rooms and a sky bar and circa US$200k to take the building to 100% completion. The project, nevertheless, went on soft opening to the general public on 1 June 2022 with conferences and the restaurant all kicking off at the same time as the hotel commenced operations. Since September 2022, the Tenant (Urban Hotel Lusaka) has been grossing an average of ZMW2.5 million per month from operating the property.  

There were no dividends paid during the year under review (2021: Nil).  
Annual Report Summaries, Investee Companies

Chibuluma Mines Plc Extract from 2022 Annual Report 

Chibuluma remains on lease to LC & Y with no operations of its own as the life of mine has been depleted. The company received a total of US$ 0.26 million in royalty revenue against a budget of US$ 0.23 Million. The company is currently exploring potential areas that would be deemed viable for renewed mining and has engaged Kobold Metals of the USA to apply their advanced Artificial Intelligence technology to enhance chances of discovery.  
ZCCM-IH, ZCCM-IH News

MINISTER INVITES INVESTORS TO MINING, AGRO SECTORS

MINISTER of Small and Medium Enterprises Development Elias Mubanga has called on delegates at the ongoing Global Entrepreneurship Congress (GEC) to explore investment opportunities in Zambia’s mining and agriculture sectors.

The GEC, being held in Saudi Arabia, has brought together policy-makers, cooperating partners and entrepreneurs from over 200 countries.

During the meeting, government ministers responsible for advancing entrepreneurship in their respective countries interact with experts and learn how they can foster growth of enterprises.

The theme is ‘Reboot, rethink and regenerate’.

Speaking during a ministerial meeting, Mr Mubanga encouraged investors to visit Zambia and sample the investments opportunities in the mining and agriculture sectors.

He urged investors to take advantage of opportunities in the agriculture sector by investing in

Read more: http://www.daily-mail.co.zm/minister-invites-investors-to-mining-agro-sectors/