Easing of COVID restrictions sees firm producing 1, 600 tonnes of amethyst
Kariba Minerals Limited (KML) produced 1, 600 tonnes of amethyst last year against a target of 1,200 tonnes following relaxation of coronavirus restrictions in China and India.
The company, which is a subsidiary of ZCCM- Investments Holdings (ZCCM-IH) has been operating for over 60 years, producing over 90% of amethyst in Mapatizya and Sinazongwe in Southern Province.
ZCCM-IH corporate affairs manager, Loisa Mbatha said in a statement of Friday that COVID-19 affected the company’s sales, which fell by 50% in 2020.
“However, by 2021, markets in Asia, in particular China and India, started opening up and the company started exporting in the fourth quarter of 2021 resulting in an increase of production last year,” Ms Mbatha said.
KML recently expanded its value-addition projects to include gemstone cutting and polishing such as cabochon, facets, carvings, beads and gemstone trading.
Ms Mbatha said plans are in the pipeline to open a jewellery retail store and firm has secured an outlet at Kenneth Kaunda International Airport in Lusaka.
KML is also manufacturing amethyst stone tops such as kitchen tops, tabletops, tiles, and tombstones, among others.
It has commenced local sales for low-grade amethyst which has created over 150 jobs.
Ms Mbatha said KML is also creating opportunities by partnering with local mine licence owners to increase production and supply to international markets.
THE Bank of Zambia (BoZ) has procured 282.79 kilogrammes (kg) of gold at a cost of K345.6 million from December 2020. Gold weighing 195.95 kg was bought from Kansanshi Copper Mines at the cost of K241.8 million, while 86.84 kg was purchased from Zambia Gold Company, a subsidiary of ZCCM-IH at the cost of K103.8 million.
This is according to the Ministry of Finance and National Planning in its response to online questions on gold purchasing released recently.
LUSAKA (Reuters) – Shareholders in Zambia’s ZCCM-IH have overwhelmingly supported its acquisition of a 90% stake in Mopani Copper Mines (MCM), the state-owned mining investment firm said on Wednesday.
Glencore agreed the sale of its majority stake in Mopani to ZCCM-IH in a $1.5 billion deal, the miner and trader said in January.
The extraordinary general meeting vote on the resolution was the last condition towards the completion of the transaction and ZCCM-IH now holds 100% ownership of Mopani, ZCCM-IH said in a statement.
The deal is funded by borrowings from Carlisa Investments Corp – a British Virgin Islands-based company through which Glencore holds its stake – and other members of the Glencore group.
With increased ownership, ZCCM-IH would now be an active participant in the global industry as copper becomes a critical metal, ZCCM-IH Chief Executive Mabvuto Chipata said.
“Mopani will repay the remaining debt of $1.5 billion from its own cashflows and the repayment is expected to happen well within the remaining life of mine,” Chipata said.
Glencore said in a separate statement it would continue to retain offtake rights in respect of Mopani’s production.
ZCCM-IH has said it expects to find a new investor for Mopani by the end of the year as it looks to boost copper output from a little more than 34,000 tonnes to 150,000 tonnes.
NEWLY appointed ZCCM- Investment Holding (ZCCM-IH) board chairperson Dolika Banda (left) says she will ensure that the institution’s agenda on investment remains top priority in creating and maximising economic transformation across the mining value chain.
She said this in her new year message to ZCCM-IH shareholders posted by the Lusaka Securities Exchange Commission(LuSE) yesterday.
Towards the end of Q4 2021, Zambia’s investment house announced the appointment of seasoned Banker and Investment Professional Dolika Banda as its new Board Chairperson, according to statement from ZCCM IH.
Lady Dolika Banda ZCCM IH’s First Woman Board Chair
In a statement issued by the Head of Corporate Affairs Loisa Mbatha on 15th December 2021, ZCCM-IH’s new Board Chair is an investment and financial with a wealth of over 36 years of experience from various local and international organisations across the globe.
“Over a 36-year career, she has held senior positions with Citibank Zambia, Barclays Bank Zambia, the World Bank Group’s International Finance Corporation (IFC), the UK government’s development finance institution (CDC Group Plc) and the African Union’s African Risk Capacity Insurance Company (ARC Ltd)”, read the issued statement. “With a focus on banking and finance, her international experience combines operational investments as well as policy advice. She has worked across the globe, including Africa, Latin America and the Caribbean, Europe, Central Asia and the United States of America”.
Lady Dolika ascends to one of the most influential boards whose impact extends over a mining sector in transition. With souring copper prices and a need for a firm position regarding the way forward on two mines in her company’s portfolio (Konkola Copper Mine and Mopani Copper Mine), Dolika’s board will be making the decisions that will shape the destiny of the mining competitive landscape in Zambia.
According to an article published by Bloomberg on 29th October 2021, “Mining royalties will be deductible from income taxes, Finance Minister Situmbeko Musokotwane told lawmakers Friday in his first budget speech since his party won power in August elections. However, the Minister didn’t announce changes to the royalty rates. In 2019, the nation implemented the 10th change to the tax regime in 16 years”.
Lady Dolika’s Board will have comfort in a fiscal regime that is on record and poised to bring stability in a sector desperate for predictability due the capital-intensive nature of the industry.
In a statement issued by Head of Corporate Affairs at ZCCM IH Loisa Mbatha issued on 15th December 2021, commenting on her appointment, Ms. Banda said “she was honoured to be awarded an opportunity to serve the country through this position. she did not underestimate the challenges that lie ahead – yet therein lies the opportunity. Working together for a common goal, as I know we will do, I see a ZCCM-IH that will fly high, just as the eagle on our flag soars against all odds”.
All the members of the Dolika led board has been fully constituted with eight-members including Directors representing NAPSA, the minority shareholders and the IDC. “Ms. Banda has assured ZCCM-IH shareholders that she will endeavour to lead the Board such that the decisions will always be in the best interest of the Company. She further states that despite the many challenges faced by the Company in the past “there is now a wave of a positive confluence of key influencing factors such as political goodwill, coupled with international confidence, shareholder optimism and patience, and positive demographic dynamics” to spur the Company to growth”.
THE Copperbelt Energy Corporation Plc says it remains hopeful its 2021 net profits could almost double that achieved in the half-year period ending June 30 on account of a continued strong financial performance.
Since announcing its half-year results in September this year, where the utility earned a huge profit of around US $25.5 million in the period ending June 30, 2021, coming from a loss of $32.5 million in the prior period, CEC’s share price jumped from K1.40 per share in early September to K1.80 in trading sessions on the Lusaka Securities Exchange (LuSE) by the end of that same month.
Analysis from data made available on the company’s share chart shows that its share price peaked to an all-time high of K2.65 per share this month since going public on the local bourse back in
January, 2008, opening at K0.45 per share.
Market data availed by the LuSE revealed that the power utility’s share price has soared to K2.65 per share as at December 28, 2021, compared to just K0.96 per share 12 months ago. Commenting
on the strong share price performance posted by the utility this year, CEC chief financial officer Mutale Mukuka expressed confidence that the company’s performance on the local bourse would
continue in view of major developments that have occurred this year, such as the shift in segmentation of its biggest customer Konkola Copper Mines Plc, triggering significantly reduced
receivable impairment losses.
“I think that the share price or investors are essentially looking at the value that the business has posted to date. Secondly, they are also valuing the business and looking at the outlook. We are
coming from a situation where the business was posting impairment losses as a result of the KCM non-payment and to a larger extent, that was then tied to the SI Common Carrier status that the
business was given,” Mukuka said in an interview. “Now, with a change in segmentation from supplying power to transmission, use of system provision to that mine, that meant that we are not
taking the full credit risk for KCM and from a numbers point of view, it significantly reduced the level of impairment. So, with those levels of impairment coming off and reducing significantly to numbers below US $10 million, it meant that the business was back to being profitable just from an earnings perspective. So, moving from a loss position to being profitable once again. We hope that as we are getting to year-end, we could get to a number that probably is very close to double what we had at half-year. If you look at it from that perspective, then you are essentially looking at a very profitable business.”
He added that CEC’s consistent rewarding of dividends to its shareholders positively impacted investor sentiment in the company.
CEC declared a dividend to its shareholders amounting to 2.1 US cents per share for the 2020 financial year following an improved performance during the second-half of last year.
This was followed-up with an interim dividend of 2.3 US cents per ordinary share this year, which translated to K0.3727 per share following its half-year profits.
“The second issue is that the business itself is a dollar business. Most of the businesses that we see around have a kwacha exposure. If you look at it from a dollar perspective, their income is not
dollar-based. Now, in this instance, the income itself is dollar-based, which means that when you are valuing this business, it’s a business that is valued in dollars, then you apply the exchange rate.
So, to some extent, the valuation that investors are applying also have some assumptions around the effects; what sort of exchange rate are they applying?” Mukuka said. “The third issue when you
look at it from a performance perspective is the fact that this is a business that has consistently rewarded its shareholders with a return in form of dividend. And if you look at the dividend payments over the years, it’s something that has been growing over the years, and the growth has been reasonably okay if you compare to what other investment options that investors are looking at. So, just based on that, I think these are the sort of drivers that have impacted on the share price.”
And Mukuka explained that Zambia’s mining sector, which now has a positive policy direction and outlook, also influenced the company’s share price performance.
“…The business is largely linked to mining in Zambia. If you look at the policy direction of the mines that the government has put up, it is an ambitious plan to get to three million tonnes (of copper) in the next decade. If that is growing, it means that most of the suppliers to the mines, CEC included, they have to grow with that ambitious plan. So, if you are looking from outside, you are essentially looking at all these factors: the current things that have happened and then, going forward, what are the things that will happen that will impact positively on the business,” he said. “I think for most of the businesses, not just CEC alone, the environment is right, and the policy direction is that we need to push and grow the economy. Now, as the economy is growing, which sectors are contributing to the growth? My expectation is that if mining is growing, then all the suppliers are growing, CEC will grow. So there is quite a lot of optimism in that area.”
Meanwhile, Mukuka welcomed the recent appointment of renowned energy expert and proprietor of Petrotech Oil Corporation Limited, Reynolds Bowa, as the Energy Regulation Board (ERB) board chairperson.
Bowa, up until last year, was a non-executive director on the board of Copperbelt Energy Corporation Plc, representing ZCCM-IH.
“Mr Bowa was our vice-chair. He has a lot of expertise in the energy sector having been part of the Oil Marketing Companies (OMCs). Subsequently, he owned his own. And his expertise where he worked with CEC and others, I have no doubt that he’s got what it takes to be part of the team that regulates this sector. So, we can only wish him well and look forward to them pushing the sector forward. Overall, it’s a very good competent team, which we look forward to working with,” said Mukuka.
THE year-end always comes with hype as industries and other economic players get busy planning for the coming year.
The year 2021 had its ups and downs, but on balance the economy had a mixed performance despite the tough economic environment and challenges posed by coronavirus. At the start of the year, the country’s main foreign exchange earner, the mining industry, was seemingly in deep waters and fighting for survival. Global copper prices were on a downward trend, coupled with an unpredictable taxation regime and other challenges such as electricity supply with regard to Konkola Copper Mines (KCM). Many firms had put on hold various investment projects while others contemplated putting the mines on care and maintenance, a development that could have resulted in job losses. In trying to address these challenges, Government, through ZCCM Investment Holdings (IH), increased its shareholding in Mopani Copper Mines to 100 percent through a US$1.5 billion 10-year purchase agreement. “Government’s acquisition, through ZCCM-IH, had been completed and it is well placed to build on the investment undertaken by Glencore to position the mine as a leading Zambian copper producer. “Mopani Copper Mines Plc hereby confirms that Glencore has sold its majority stake in Mopani to ZCCM-IH following the conclusion of the shareholding discussions,” said Mopani public relations manager Nebert Mulenga at the time of the take over. In 2019, the Ministry of Energy had declared transmission lines owned by Copperbelt Energy Corporation (CEC) Plc as a common carrier following the non-renewal of the bulk supply agreement with Zesco Limited. Previously, CEC used to buy electricity from Zesco and supplied it to KCM, but the declaration of its infrastructure as a common carrier meant that Zesco will use the transmission lines to power KCM at a lower fee determined by the Energy Regulation Board. Given the foregoing, Zambia’s cumulative volume of refined copper exported from January to October 2021 reduced by 4.7 percent to 735, 200 metric tonnes (mt) compared to 771,600mt in 2020 for the same period. According to the latest Zambia Statistics Agency’s monthly statistical bulletin, copper production from January to October 2020 stood at 771,600mt and the country managed to produce 110,461mt to end the year with 882,061mt. The bulletin further stated that earnings from refined copper in October 2021 decreased by 0.1 percentage point to K11.753 billion from K11.764 billion in September this year. Nevertheless, the election of President Hakainde Hichilema and the United Party for National Development (UPND) brought optimism to the industry, with Zambia Chamber of Mines president Godfrey Beene saying the mines will unlock over US$2 billion worth of investments it held due to the alleged hostile relationship with the previous administration. “The mines are ready to raise funding for the projects, which they had held back since 2019 because of tax changes that deterred investment. The mining companies’ main request to the new government is that they be allowed to deduct mineral royalties from the tax they pay on profits,” Dr Beene said.
This request has since been accepted following Minister of Finance and National Planning Situmbeko Musokotwane’s announcement in the 2022 national budget that Government intends to attract investment and boost production in the mining sector through re-introducing the deductibility of mineral royalty for corporate income tax assessment purposes. Dr Musokotwane said Government intends to stimulate the mining industry to reach three million metric tonnes annual production in the next 10 years from the current 800,000mt. Until recently, prices of petroleum products remained unchanged from December 2019 because Government subsidised importation of the commodity due to challenges faced at Indeni Petroleum Refinery, which has since been placed on care and maintenance. It has been argued that buying fuel from Indeni, which is processed twice, at source and at the Ndola plant, is more expensive compared to importation of finished products.
However, importation of finished products is also not financially sustainable because Government used to spend US$67 million monthly to waive customs and excise duties for oil marketing companies (OMCs) engaged to import. In addressing challenges in the petroleum sub-sector, Government will restructure the fuel supply chain to achieve least cost pricing while ensuring stable supply of products. “The design of the existing petroleum supply lines were largely motivated by the geo-political strategic realities of the 1960s as Zambia sought to disengage from the economic connections with southern African countries and economic efficiency was considered secondary. “These inefficiencies still exist today. For example, fuel may come into Zambia from Dar es Salaam. Whether it comes in form of raw stuff for the Indeni Refinery or finished imported stuff, it travels all the way to the storage tanks in Ndola. Despite its fair share of challenges, the electricity sub-sector performed relatively well with load-shedding held under control although three national power black-outs occurred due to system failure. The electricity sub-sector reached its climax last July when former President Edgar Lungu commissioned the 750 megawatts (MW) Kafue Gorge Lower that ensured that Zambia will now have an installed capacity of 3,600MW against peak demand of 3,000MW.
However, owing to structural rigidities in the electricity sub-sector, tariffs are not cost-reflective, hence the low private sector investment. “To attract investment within the electricity sub-sector, we will implement cost-reflective tariffs. We will work with countries in the region to accelerate the integration of electricity infrastructure projects to improve access to regional power markets,” Dr Musokotwane said. On the capital markets, 2021 saw the markets rebound, especially in the fourth quarter, with the Lusaka All Share Index (LASI) growing by 35 percent year-on-year compared to 30 percent in the same period last year.
Securities and Exchange Commission (SEC) chief executive officer Philip Chitalu said with the appreciation of the Kwacha, the stock markets appear to be rebounding and the LASI showing a sharp increase. “Already, with increased demand and better profitability in listed companies, the stock prices have started to show an upward trajectory,” Mr Chitalu said. He also said SEC has received numerous inquiries from firms interested to list green bonds. During the year, SEC successfully admitted four firms on the sandbox, with two that are already live-testing their product offerings. Mr Chitalu named Lusaka Securities Exchange (LuSE), Kukula Capital, Lupiya Capital, and Premier Credit as the four entities piloting the sandbox platform.
Recently, Minister of Technology and Science Felix Mutati launched the live-testing phase of the sandbox platform. Some of the applications and products are game changers as they will provide capital to small and medium enterprises (SMEs), which suits in well with the aspirations of Government on the need for SMEs to access affordable finance. On the benefits of municipal bonds if Government considered that route, Mr Chitalu said local authorities should start thinking outside the box on financing service provision in their areas. On the agriculture front, significant progress on several fronts was recorded as evidenced by the 3.6 million metric tonnes maize bumper harvest. Notable progress was also made regarding production of wheat, soya beans, rice and other food commodities. Equally, the fisheries and livestock sub-sectors have also been making steady progress towards economic growth. Understandably so, agriculture presents the best opportunity to attain growth especially that the majority of people, about 60 percent, are dependent on it. This sector has a relatively short gestation period with low capital requirements, readily available labour, abundant water resources and arable land. For a long time, the sector has faced a number of structural and other impediments to the realisation of its full potential. These include low production and productivity, limited market access, under-developed value chains and dependence on rain-fed agriculture. In the recent past, the frequency and intensity of climate events has also negatively impacted the sector. But the sector has failed to live to its full potential due to the manner it is administered, especially when it comes to the Farmer Input Support Programme (FISP) and the strategic food reserves that consume a huge chunk of the ministerial budget at the expense of other programmes and activities such as extension services and research and development. In 2021, FISP was allocated K5.701 billion while next year its budget is K5.372 billion to support one million smallholder farmers. It is in this vein that Government intends to reform implementation of FISP, as the current format, delivered through a combination of the direct input support (DIS) and electronic voucher system (e-voucher), has a number of challenges. Dr Musokotwane said the DIS mode of delivering inputs is unsustainable to the treasury, with expenditures increasing significantly over the years but with limited change in the number of beneficiaries and input package. “It is also characterised by serious challenges in delivery as beneficiaries have received fewer inputs than what they have paid for. Similarly, in areas where the e-voucher system is being used, some farmers have not been receiving inputs despite making a contribution. Further, there has been no equity in terms of benefit between the two delivery modalities,” he said. Policy Monitoring and Research Centre (PMRC) executive director Bernadette Zulu cited poor infrastructure such as roads, especially in rural areas, as impediments to the growth of the sector. And Environment Communication Centre (ECC) board vice-chairperson Kagosi Mwamulowe said concerted efforts in averting climate change using effective soil management technologies are needed. “Improving soil fertility entails improving crop yields and food security for small-scale farmers,” Mr Mwamulowe said. Expressing similar sentiments, Zambia Alliance for Agro Ecology and Biodiversity (ZAAB) national coordinator Mutinta Nketani said organic fertiliser plants should be established countrywide using the public-private partnership (PPP) initiative. The use of technology like satellite in the sector will help decision-makers, agronomists, farmers and other stakeholders to make accurate predictions on crop yields and weather patterns. Ignotospace chairman, Siddhartha Parmar, said the company, which is promoting this concept, will use satellite and earth observation data to improve the economy through precision farming. Furthermore, cooperatives are being considered as platforms to show that farming is a business as opposed to only growing crops for home consumption. Ministry of Small and Medium Enterprises Development director of cooperatives Shadreck Mungalaba said cooperatives, once managed properly, are effective tools to empower citizens economically. In the advent of COVID-19, the information and communications technology (ICT) sector has proved to be vital in social and economic affairs of the country. With working from home and international meetings being held virtually, the ICT sector has enabled economic growth by facilitating delivery of services through the internet and mobile broadband. In view of this, Dr Musokotwane said, ICT is an important tool for innovation. He said financial inclusion is increasingly creating employment opportunities for youths in various sectors such as transport, trade and financial services.
Pursuant to section 3.59 of the LuSE Listing Requirements, the Board of Directors of ZCCM Investments Holdings Plc (the “Board”) wishes to announce the retirement of Mr Michael Chibonga as a Director with effect from 13 December 2021.
The Board also wishes to announce the appointment of the following as Directors effective 14 December 2021.
Ms Dolika E S Banda – Chairperson of the Board.
Ms. Dolika E S Banda has extensive and deep experience in development finance, and is an Independent Consultant focused on accelerating impact-driven transformational economic development in emerging markets, with a particular focus on sub-Saharan Africa integration.
Equipped with natural leadership talent and proven decisive business acumen, Ms Banda is a globally exposed and versatile C-suite executive, bringing over 30 years of emerging markets development finance experience with a global purview. She has had oversight for portfolios of several billion US-dollars across the globe, managed by diverse multi-cultural teams in multiple geographic locations.
With an over 36-year career, Ms Banda has held senior positions with Citibank Zambia, Barclays Bank Zambia, the World Bank Group’s International Finance Corporation (IFC), the UK government’s development finance institution (CDC Group Plc) and the African Union’s African Risk Capacity Insurance Company (ARC Ltd). With a focus on banking and finance, her international experience combines operational investments as well as policy advice. She has worked across the globe, including Africa, Latin America and the Caribbean, Europe, Central Asia and the United States of America.
Ms Banda has served in various capacities including being the CEO of the African Risk Capacity Insurance Company (ARC Ltd), and worked for the IFC for 16 years from 1996 to 2012, mainly based in Washington DC. Her current board directorship roles include;
CARE International USA, CDC Group Plc and Harith General Partners in South Africa.
Ms Banda’s board skills include Business alliances, Financial leadership, Financial management, Organizational leadership, Policy optimization, Relationship management, Shareholder accountability and Strategic planning.
Mr Gregory C Kabwe
Mr Gregory Chomba Kabwe serves as Director – Investment and Debt Management (IDM) under the Ministry of Finance and National Planning. Under this position he is responsible for managing public debt and Government investments to ensure debt sustainability, returns on investment and meet the financing requirements.
Mr Kabwe holds a Master of Science in Professional Accountancy and a Bachelor of Laws Degree. He is also a Fellow of both the Zambia Institute of Chartered Accountants and the Association of Chartered Certified Accountants. In his earlier studies, Mr Kabwe obtained a National Accounting Technician Certificate and a Science Laboratory Technician Advanced Certificate.
Mr Kabwe has served at senior management level in various positions in Government.
Prior to his appointment as Director -IDM, he held positions of Director – Policy Research and Standards and Chief Accountant – Policy Research and Standards.
Mr Kabwe has also previously served in various capacities in Government including positions of Principal Accountant – Payroll Monitoring Unit, Principal Accountant – Provincial Accounting Control Unit, Senior Accountant, Regional Accountant and Assistant Accountant.
Mr Kabwe’s experience on Boards include serving as Non-Executive Director on Development Bank of Zambia and the Board of Zambia National Building Society. He has also sat on various Boards and Technical Committees of parastatal bodies
Mr Moses S Nyirenda
Mr Moses Smart Nyirenda is the Director – Human Resource and Administration at the Ministry of Mines and Minerals Development (MoMMD). He holds a Master of SciencesHuman Resource (HR) Management, a Bachelor of Sciences – Human Resource Management and a Diploma in Personnel Management. He is a member of the Zambia Institute of Human Resource Management. Mr Nyirenda has 33 years of civil service experience specialising in public administration.
Mr Nyirenda has vast experience at senior management level. Prior to his appointment at Director level, he held positions of Assistant Director – HR and Administration and Administrative Officer, amongst others.
Mr Nyirenda has served in various capacities in other Ministries either on secondment or attachment on special duties which included the secondment to Medical Stores Ltd as a Government Liaison Officer to oversee the restructuring of medical stores to a management contract company from a government run parastatal. During his career, Mr Nyirenda has sat on various Ministerial Committees and Committees of parastatal companies such as ZAMTEL and Zambia Railways Ltd.
Bishop John H Mambo
Bishop John H Mambo is a multi-lingual, dynamic leader within Zambia and beyond. He holds a Masters in Business Administration from Langwith College, University of York in England. His career includes pastoral, community and public service with corporate experience. He has more than twenty-five years devoted to spreading the word of God whilst being deeply involved in caring for vulnerable and orphaned children in the rural communities. He was also the regional overseer for the Church of God for a number of years, his last position being Suprintendent in charge of East, Central and Southern Africa.
Bishop Mambo has served in various capacities which include amongst others, Board Chairman for the Programme against Malnutrition, General Manager for Chekos Group (Zambia) and as Assistant Air Traffic controller for the Department of Civil Aviation. He has also served in various public appointments which include the Chairman of Foresight Investments in 2019, the Board of Mulele Mwana Old People’s village as well as Chairperson for Civic Society for Constitutional Agenda (CISCA) in 2017, amongst others.
He has also held various public service appointments which include Commissioner on the Mun’gomba Constitutional Review Commission (2002-2005), Board member on the Zambia Privatization Agency (ZPA), member of the board of the National Aids Council and served in the Churches Health Association of Zambia(CHAZ) as a member amongst others. He has further served on peace and mediation missions to several countries which include Congo DRC, Angola, Mozambique and South Africa.
Bishop Mambo has received several honors and awards in his distinguished service.
The Board looks forward to the contribution of the newly appointed directors to the Company and expects that their participation will add value and bring dynamism to ZCCM-IH.
The Board would also like to thank Mr Chibonga for his contribution to ZCCM-IH during the time he served as Non-Executive Director and wishes him well in his future endeavours.
By Order of the Board Mr. Chabby Chabala Company Secretary ZCCM Investments Holdings Plc
15th December 2021, Lusaka, Zambia – ZCCM Investments Holdings Plc’s (“ZCCM-IH” or the “Company”) majority shareholder, the Industrial Development Corporation Ltd (IDC) has appointed the Company’s new Board Chairperson Ms. Dolika E. S. Banda and three other Board Directors namely Mr. Gregory C. Kabwe, currently serving as Director – Investment and Debt Management under the Ministry of Finance and National Planning; Mr. Moses S. Nyirenda, the Director – Human Resource and Administration at the Ministry of Mines and Minerals Development; and Bishop John H. Mambo who has served in various capacities in the private and public sectors.
Ms. Dolika Banda an investment and financial expert is the first female Board Chairperson to head ZCCM-IH, with a wealth of over 36 years of experience from various local and international organisations across the globe.
Commenting on her appointment, Ms. Banda says she is honoured to be awarded an opportunity to serve the country through this position. “I do not underestimate the challenges that lie ahead – yet therein lies the opportunity. Working together for a common goal, as I know we will do, I see a ZCCM-IH that will fly high, just as the eagle on our flag soars against all odds” she adds.
Ms. Banda further states that her aspiration for ZCCM-IH is “to see a ZCCM-IH Group that claims and earns its rightful status as the engine and driver of a new, transformational, solutions-driven and inclusive economy – underpinned by awareness of the global issues of today and good governance”. She underscores that success will be that the intrinsic value of the ZCCM-IH Group will be reflected in its relevance, healthy relationships with its strategic partners, and ultimately, in its global market price.
Ms. Banda has assured ZCCM-IH shareholders that she will endeavor to lead the Board such that the decisions will always be in the best interest of the Company. She further states that despite the many challenges faced by the Company in the past “there is now a wave of a positive confluence of key influencing factors such as political goodwill, coupled with international confidence, shareholder optimism and patience, and positive demographic dynamics” to spur the Company to growth.
ZCCM-IH now has a fully constituted eight-member Board including Directors representing NAPSA, the minority shareholders, and the IDC.
The Industrial Development Corporation has announced the appointment of Dolika Banda as Chairperson of the ZCCM-IH Board.
Ms. Banda is also a Non Executive Director at the CDC Group plc, a development finance institution owned by the UK government.
She is also an independent Non-executive Director at Harith Infrastructure Investment and a Global Ambassador for The Global Steering Group for Impact Investment.
She is the former CEO of African Risk Capacity Insurance Ltd and has held Non-Executive Director positions at Ecobank Transnational and the UK Department for International Development’s Financial Sector Deepening Africa programme.
Daughter to former President Rupiah Banda, Dolika has many years experience in international finance and banking and has worked across the world in Africa, Europe, Latin America, the Caribbean and the US.
A former Director at the IFC, and a former Regional Director for Africa at CDC Group, Ms. Banda’s involvement in development finance followed a successful career in banking in which she held senior positions at Barclays Bank Zambia in corporate and merchant banking and at Citibank Zambia in financial control, credit, treasury and international relationships.
She holds a Master’s in International Business from Schiller University.
She is the first female Board Chairperson to head ZCCM-IH.
Commenting on her appointment, Ms. Banda says she is honoured to be awarded an opportunity to serve the country through this position saying she does not underestimate the challenges that lie ahead.
ZCCM-IH now has a fully constituted eight-member Board including Directors representing NAPSA, the minority shareholders and the IDC.
Others appointed to the Board are Gregory Kabwe, currently serving as Director – Investment and Debt Management under the Ministry of Finance and National Planning; Moses Nyirenda, the Director Human Resource and Administration at the Ministry of Mines and Minerals Development; and Bishop John Mambo who has served in various capacities in the private and public sectors.
Ms. Dolika E S Banda has extensive and deep experience in development finance, and is an Independent Consultant focused on accelerating impact-driven transformational economic development in emerging markets, with a particular focus on sub-Saharan Africa integration.