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Investee Companies, Investee Company News

Government Implored to Institute Initiative to Plug Gold Leakages

The small scale miners association of Zambia is calling for the setting up of inspection mechanisms under the ministry of mines and minerals aimed at identifying sites countrywide that produce gold which is not being accounted for.

Association president, Kunda Chani notes that Zambia has a lot of gold sites where gold is being produced but is not being accounted for.

Chani explained that so far, the country is on the right trajectory in terms of gold production.

He added that putting in place an inspection mechanism will enable the zambia consolidated copper mine investment holding –ZCCM-IH- to account for every gold being produced in the country for the benefit of Zambians. -PHOENIX NEWS

 

Source: https://zambianeye.com/government-implored-to-institute-initiative-to-plug-gold-leakages/

 
Annual Report Summaries, Investee Companies

CNMC Luanshya Copper Mines Plc (CLM) Extract from 2021 Annual Report

For the year ended 31 December 2021, CLM recorded revenue of ZMW 10.17 billion (US$516.69 million), [2020: ZMW6.4 billion (US$345.45 million)] compared to the budget of US$329.40 million for the financial year of 2021. This was due to favourable copper prices for the year. CLM produced a total of 32,369 tonnes of copper cathodes for the year under review compared to copper output of 55,976 tonnes produced in the 2020 financial year. 

For the year ended 31 December 2021, the Company recorded a profit of ZMW2.83 billion (US$143.71 million), [(2020: ZMW7.97 million (US$42.13 million)]. Due to this improved performance and positive equity position, the Company declared an interim dividend of US$40 million with US$8 million payable to ZCCM-IH which went to clear most of the amount due under the Dividend Advance Agreement signed in October 2020. 
ZCCM-IH News

Gold rush changing lives in Mwinilunga

NANCY SIAME
Mwinilunga
MINING of gold in Mwinilunga in North-Western Province seems to have brought life to the area with social and economic activities slowly increasing, a trend that has delighted the local populace.
Previously known for honey and pineapples, the discovery of gold in Kasenseli has changed the narrative for Mwinilunga.
Kasenseli gold mine, which was discovered by the local people in Chief Chibwika’s area in July 2019, saw an influx of people illegally exploiting the easily accessible gold deposits and sold it cheaply because most of them did not know its value.
Government quickly intervened through a presidential directive to stop all mining activities pending identification and consequently engagement of a suitable mining investor.
Zambia Consolidated Copper Mining-Investment Holdings (ZCCM-IH) was identified to run the mining activities at the gold mine on behalf of Government.
Since then ZCCM-IH has been buying the mineral from artisans and small-scale miners. CLICK

Source: http://www.daily-mail.co.zm/gold-rush-changing-lives-in-mwinilunga/
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Job Advertisement: Finance Manager Mushe Milling.

ZCCM Investments Holdings Plc is looking to recruit a Finance Manager on behalf of Mushe Milling Limited.
Mushe Milling Limited is a subsidiary of ZCCM Investments Holdings Plc, trading as a milling company.

The Company invites applications from suitably qualified and experienced persons who are innovative, energetic, and performance-driven to fill the position of Finance Manager.

For detailed information about the position, please to the link below.

Applications together with copies of certificates and detailed curriculum vitae should reach the undersigned not later than 28th April 2021.

Human Resources Manager
ZCCM Investments Holdings Plc
ZCCM IH Office Park, Alick Nkhata Road
P O Box 30040
LUSAKA

Alternatively, forward your application to jobs@zccmnew.wpenginepowered.com

ROLE SPECIFICATIONS:

Accountability Key activities
Financial Controller for the business
  1. Overall responsibility of the Finance department operations (review financial statements, monthly MIS, Group reporting) and audits (internal, statutory).
  2. Financial evaluation of projects and post-implementation review of the projects
  3. Monitoring and evaluating business processes; suggesting and implementing changes to bring in control, efficiency and effectiveness.
  4. Involvement in operational functioning pertaining to procurement negotiations and cost savings.
  5. Reviewing the work of the Accountants/second in line if any and ensuring the procedures are adhered to.
Strategic Business Planning
  1. Maintaining a repository of data and information to support business processes
  2. Overseeing the implementation/maintenance of ERP system.
  3. Drafting capital expenditure plans and investments in line with business strategy
Planning &Budgeting
  1. Preparing Annual Budgets for the business unit
  2. Anchor the annual budgeting exercise and ensure that the business units have a sound rationale/ basis for the budgets
  3. Ensure maintenance and reporting P & L for the unit on a monthly basis
  4. Preparing Rolling Estimates for the company
  5. Preparing brand contributions, day sales inventory calculation
  6. Monthly Management reporting with detailed analysis of sales & profit along with a comparison with prior Rolling Estimate, Annual Budget & Previous Year
Accounting & Statutory Compliances
  1. Timely preparation of annual/monthly reports ensuring analysis of the performances on a monthly basis.
  2. Ensuring compliance to all applicable statutory and legal requirements for the assigned geography
  3. Planning and managing internal/statutory/tax audits
  4. Periodic compilation of a comprehensive checklist for audit and risk management
  5. Contributing to better corporate governance by identifying internal control weaknesses and implementing better controls

Reporting to:  Finance Director

Location:         Lusaka

CANDIDATE SPECIFICATIONS

Qualifications

  • Bachelors’ Degree in Accountancy/ACCA/CIMA

Experience

  • 5-7 years experience
  • Experience in FMCG/Manufacturing will be preferred
  • Knowledge of PASTEL Accounting Systems will be a must
  • Member of ZICA

Key Competencies and Skills

  • High on strategic thinking and achievement orientation.
  • Display the ability and sensitivity to manage complex stakeholder relationships,
  • Teamwork and collaboration and strong interpersonal and communication skills.

Download full document here

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Job Advert - Finance Manager Mushe Milling

All Posts, Investee Companies

ZCCM-IH advised to take good care of miners

National Union for Miners and Allied Workers ( NMAWU ) has appealed to Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH), new owners of Mopani Copper Mine, to ensure that it takes a good care of the mine employees when operations of the company resumes.

ZANIS reports that NMAWU president James Chansa in an interview in Ndola today said that ZCCM-IH as the new mine owners need to realize that workers are key in operations of the mine hence the need for them to look into the plight of the employees.

“The mining sector can only improve if the workers are taken care of by giving them incentives such as increased salaries and allowances,” he said.

Mr. Chansa also echoed on the need for MCM to quickly give miners their terminal benefits.

He added that miners are eager to get their benefits as MCM resumes its operations as soon as ZCCM-IH finds partners to work with.

He observed that although MCM is fully owned by Zambia, miners need to be paid their dues urgently.

Mr. Chansa has since called on all mining companies in the country to start doing more corporate social responsibilities (CSR ) following the rise in Copper prices on the international market.

Communities where mines operate from can only benefit from the country`s minerals if companies give back to the community through working on some developmental projects such roads, he said.

Government, recently completed the 100% acquisition of Mopani Copper Mines (MCM) following its negotiations with Glencore Corporation.

In April 2020, Glencore Corporation had announced its intention to place the mine under care and maintenance sighting the impact of the COVID-19 pandemic and low copper prices.

However, this was rebutted by Government because it would have resulted in the loss of employment for 15,000 employees.

 

Source: https://www.lusakatimes.com/2021/04/22/zccm-ih-advised-to-take-good-care-of-miners/
Annual Report Summaries, Investee Companies

Kabundi Resources Limited Extract from 2021 Annual Report

For the year ended 31 December 2021, Kabundi Resources Limited (KRL) reported total revenues (royalty charges) of ZMW5.58 million (2020: ZMW0.91 million) with a net loss of ZMW1.95 million (2020: ZMW0.958 million). 

Kabundi Resources Limited (KRL) began washing manganese in September 2020 with a 100tpd wash plant. A total of 8,896 tonnes of manganese was produced during the four months of operations in 2020.

In first quarter of 2021, a second and larger wash plant was constructed with processing capacity of 10,000tpd. Kabundi resources produced and sold 52,443t of manganese yielding ZMW9.45 million of which ZMW3.92 million was paid to ZRA as mineral royalty tax. 

In the period under review, Kabundi made progress with phase 2 and phase 3 of its development which include starting own mining and setting up a ferro-alloy plant respectively. 

During the period under review KRL continued its mining activities on one site namely “Kabundi B” where the first open pit had been established. Total manganese sold for the current year was recorded at 61,339 tonnes (2020: 12,000 tonnes).

During the year under review KRL acquired another mining license in the Ntenge area where mining activities are yet to commence. Going forward in 2022 the Company’s focus will be to undertake its own mining activities on this mining license.

In its 2022 budget the Company plans to acquire additional mining equipment to be able to commence its mining operations at Ntenge. Kabundi paid management fees totalling ZMW31,750 to ZCCM-IH in the period under review. 

There were no dividends declared during the period under review (December 2020: Nil). 
Investee Companies

Continued Stakeholder Engagement Key to the Success of Mopani-ZCCM

ZCCM Investments Holdings (ZCCM-IH) has continued to engage various stakeholders past the close of the Transaction on 31st March 2021 to acquire the 90% shares in Mopani Copper Mines.

One of the key stakeholders engaged is the Association of Mine Suppliers and Contractors.

During a meeting held in Lusaka the Association of Mine Suppliers and Contractors President Augustine Mubanga praised ZCCM-IH for taking a bold step in acquiring the 90% shares on behalf of the Zambians.

Mr Mubanga said that the move has immense economic and social benefits for the country as the mine is still viable, and believes ZCCM-IH will help drive mineral beneficiation, industrialization and actualize the local content implementation for the greater benefit for citizens.

He also presented a number of key issues that ZCCM-IH working with the Mopani Board and management need to look into, to ensure transparency in the procurement process at Mopani.

And ZCCM-IH Chief Executive Officer Mabvuto Chipata has reiterated the Company’s commitment to ensure that the procurement process is reviewed and that all key stakeholders will be engaged in this process.

Mr Chipata siad that priority for now is to ensure operations at Mopani are stabilized and production is increased.

 

Source: https://tiozambia.com/continued-stakeholder-engagement-key-to-the-success-of-mopani-zccm/

 
 
All Posts, ZCCM-IH, ZCCM-IH News

ZCCM-IH EYES $6M ZINC MINING PROJECT

THE Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) is set to set up a US$6 million large-scale mining project.

The mining project is to be undertaken in Kapiri Mposhi and local authorities there have approved of the establishment of the Zinc mine earmarked to create over 4,000 direct job opportunities.

This follows conclusion and dissemination of the Environmental and Social Impact Assessment (ESIA) by Misenge Environmental Technical Services (METS) to determine the potential positive and negative environmental and socio-economic impacts of the mining project.

ZCCM-IH PLC has been carrying out exploration works on its large scale license number 13871-HQ-LEL around the old Carmanor Mine area in Mpunde Ward of Kapiri Mposhi since 2009.

During a public disclosure meeting to disseminate the ESIA findings, METS Environmental Services Officer, Josphat Konnie explained that ZCCM-IH PLC will operate a sustainable mechanized Open Pit mine and will process Zinc Ore up to concentrate stage.

Mr Konnie said the mine with an estimated ten year lifespan and output of 4000 tonnes of Zinc per annum will employ the wet process metallurgy method in which the valuable contents of the mineral ore are dissolved by acid or other solvents to extract the desired mineral.

“Zinc is usually a combination of Zinc, itself, and lead, but our focus is Zinc extraction which is environmentally friendly unlike lead. This Zinc will be processed up to concentrate stage,” Mr Kabwe said

And METS Environmental and Relations Officer Joseph Kabwe explained that ZCCM-IH PLC will also take into consideration the social impact the project would have on the local community.

Kapiri Mposhi Ward Development Committee Chairman, Christopher Banda noted that the venture has potential to turn around the development and economic fortunes of the district.

“We want you to prioritize employment of the locals before you look outside the District, We have seen investors come like this with a lot of good promises but change when they get on the ground we hope you will be different,” Mr Banda said.

Source: https://www.techwatch.news/zccm-ih-eyes-6m-zinc-mining-project/
All Posts, Investee Companies

Zambia: Continued Stakeholder Engagement Key to the Success of Mopani Copper Mines Plc.

ZCCM Investments Holdings Plc (ZCCM-IH) has continued to engage various stakeholders past the close of the Transaction on 31stMarch 2021 to acquire the 90% shares in Mopani Copper Mines Plc (Mopani) previously held by Carlisa on behalf of Glencore and First Quantum Minerals. One of the key stakeholders engaged is the Association of Mine Suppliers and Contractors.

During a meeting held in Lusaka yesterday, the Association of Mine Suppliers and Contractors President Augustine Mubanga praised ZCCM-IH for taking a bold step in acquiring the 90% shares on behalf of the Zambians. Mr. Mubanga states that the move has immense economic and social benefits for the country as the mine is still viable, and believes ZCCM-IH will help drive mineral beneficiation, industrialisation and actualise the local content implementation for the greater benefit for citizens.

He further presented a number of key issues that ZCCM-IH working with the Mopani Board and management need to look into, to ensure transparency in the procurement process at Mopani.

In response, ZCCM-IH Chief Executive Officer Mabvuto Chipata has reiterated the Company’s commitment to ensure that the procurement process is reviewed and that all key stakeholders will be engaged in this process. Mr Chipata states that priority for now is to ensure operations at Mopani are stabilised and production is increased.

Left to right: Brian Musonda, ZCCM-IH Chief Investments Officer; Augustine Mubanga Association of Mine Suppliers and Contractors President; Mabvuto Chipata, ZCCM-IH Chief Executive Officer and George Jere General Secretary of the Association

Source: https://miningconstruction-sadc.com/zambia-continued-stakeholder-engagement-key-to-the-success-of-mopani-copper-mines-plc/
Annual Report Summaries, Investee Companies

Misenge Environmental and Technical Services Limited (METS) Extract from 2021 Annual Report

Misenge Environmental and Technical Services Limited (METS) generated a total of ZMW17.11 million in revenue for the year ended 31st December 2021 (2020: ZMW24.49 million). METS reported a net profit of ZMW2.51 million (2020: ZMW3.12 million). 

During the period under review, METS continued the implementation of its Strategic Turnaround and Marketing Plan. Though the Company remains undercapitalised, METS has maintained profitability over the majority of the 12 months. Management has also made steady efforts to raise capital for equipment and develop non-ZCCM-IH business relationships for the formation of strategic alliances and partnerships in the provision of environmental services. 

There were no dividends declared during the period under review (December 2020: Nil)