ZCCM Investments Holdings PLC said on Wednesday that it expects earnings per share for the year ended Dec. 31, 2020, to rise for both the company and group due to higher income and dollar-denominated assets.

The investment holding company said EPS for the full year is expected to be around 594% higher for the group and 273% higher for the company, compared with the nine-month financial period ended Dec. 31, 2019.

The rise in EPS for the group is primarily attributed to an increase of 1.07 billion kwacha ($60.7 million) in share of profit and exchange gains from its dollar-denominated assets, while the EPS increase for the company is due to higher investment and net finance income.

Since 2019, the company changed its financial year-end to Dec. 31 from March 31.

Source: https://www.marketwatch.com/story/zccm-investments-holdings-sees-2020-eps-higher-271645611182

In accordance with Section 3.4(b) Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of ZCCM Investments Holdings Plc (the “Company” or “ZCCM-IH”) hereby advises the Shareholders of the Company that the Earnings Per Share (“EPS”) for the Group and Company for the financial year ended 31 December 2020 is expected to be approximately 594% and 273% higher respectively, than the nine (9) months financial period ended 31 December 2019. ZCCM-IH with effect from 1st April 2019, changed its financial year end from 31st March to 31st December to comply with the provisions of section 71 of the Public Finance Management Act No. 1 of 2018.

The movement in EPS for the Group is primarily attributed to the increase of ZMW1.067 billion in share of profit of equity accounted investee companies coupled with exchange gains recorded from the Group’s United States Dollars (US$) denominated assets. The movement in EPS for the company is attributed to increase in investment and net finance income. Shareholders are advised that the information contained in this trading statement has not been reviewed or reported on by the external auditors of the Company. The Company expects its audited Abridged Financial Results for the year ended 31 December 2020 to be released on Securities Exchange News Services (“SENS”) and published in the local press on or about 23 February 2022. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results

Source: https://fizambia.com/press-release-zccm-ih-expects-higher-earnings-per-share/?utm_source=rss&utm_medium=rss&utm_campaign=press-release-zccm-ih-expects-higher-earnings-per-share

A MINING metallurgist says gold processing should be left to locals for the country to derive benefits from the high-value mineral.

ZCCM-Investments Holdings (ZCCM-IH) has been given the mandate to regulate the mining, processing and refining of gold, which is sold to the Bank of Zambia (BoZ).

In 2020, ZCCM-IH set up Zambia Gold Company Limited (ZGCL) to formalise and grow the gold sub-sector.

As at December 2021, ZGCL sold 283 kilogrammes of gold worth K345 million to BoZ.

Morrison Songwe, who is Zambia Environmental Management Agency (ZEMA) acting director general, said the country is capable of setting up its own refinery for gold processing

Read more: http://www.daily-mail.co.zm/lets-purify-gold/

Zambia is looking to position itself as Africa’s top copper producer in the next decade, reclaiming a ranking it lost to the Democratic Republic of Congo (DRC) in 2014.President Hakainde Hichilema’s government, which came to power in August, hopes to ramp up annual copper production from 800,000t to 3Mt — against the DRC’s 1.2Mt — to ride the commodity boom and boost investment in a sector that accounts for 80% of Zambia’s foreign exchange earnings and 11% of GDP.Copper prices at the London Metal Exchange hover at about $10,000/t, having climbed to a record $10,747.50 last year. And finance minister Situmbeko Musokotwane expects them to rise even further, given increased demand from industries such as the electric vehicle manufacturing sector.”Copper is expected to be as lucrative as oil was in the mid-1970s,” Musokotwane said in his national budget address in October. “The ‘new dawn’ administration will facilitate the increase in copper output from the current 800,000t to over 3Mt …

Read more: https://www.businesslive.co.za/fm/features/africa/2022-02-10-copper-gets-a-zambian-tax-boost/

GOVERNMENT’S intentions in the increase of copper production from 700 thousand metric tones to 3 million will boost investments in the mining sector, says Energy expert Johnstone Chikwanda.  

Mr Chikwanda said the mining sector gave the country more Forex compared to other sectors hence boosting the economy.

He said that the increased copper production would promote youth empowerment as the production of copper will be intensified 

Mr Chikwanda notes that the increase of copper production will also help the expansion and development of new mines 

 “The expansion in the mining industry will require to expand the supply of energy in order to support the mining sector,” he said. 

Source: https://dailynationzambia.com/2022/02/increase-in-copper-production-to-boost-investments-chikwanda/