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/

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). 

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/

 
 

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/

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/

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) 

ZCCM IH Signals Intention to continue with KCM Appeal Process

ZCCM IH has advised shareholders that it intends to appeal against the decision of the Court of Appeal and to stay the judgment in the matter relating to KCM, according to a statement from the Company.

According to the statement, “Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH”) are referred to the announcement dated 23 May 2019 concerning the following:

  • ZCCM-IH filed a petition in the High Court of Zambia for the winding up of Konkola Copper Mines PLC (“KCM”) on 21 May 2019 (the “Petition”), the appointment by the Court of Mr Milingo Lungu as provisional liquidator of KCM (the “Provisional Liquidator”).
  • The legal proceedings commenced on 2 July 2019 in the High Court of South Africa and applications made to the Zambian High Court by Vedanta Resources Limited and Vedanta Resources Holdings Limited (together “Vedanta”) to stay the liquidation proceedings and refer the matter to arbitration.

Shareholders are informed that the High Court of Zambia ruled against Vedanta on 7 August 2019. On 13 August 2019 Vedanta appealed to the Court of Appeal of Zambia against the decision of the High Court of Zambia which denied them their application to stay the liquidation proceedings and refer the matter to arbitration. The Court of Appeal on 20 November 2020 ruled in favour of Vedanta and stayed the liquidation proceedings and referred the matter to arbitration.

The statement issued by ZCCM IH Company Secretary Chabby Chabala further stated that “ZCCM-IH will provide details on this matter, as it progresses, in due course”.

Source: http://fizambia.com/zccm-ih-signals-intention-to-continue-with-kcm-appeal-process/

ZCCM Investments Holdings (Zambia) – EGM Resolutions & Completion of Transaction

1. Introduction
Shareholders are referred to the cautionary announcements released on the Stock Exchange News Service (“SENS”) of the Lusaka Securities Exchange (“LUSE”) on the 9th of March 2021 and the announcements by ZCCM-IH released on SENS on 21st December 2020, 8th January 2021 and 20th January 2021 regarding the acquisition of the 90% stake not currently held by ZCCM-IH in Mopani Copper Mines Plc (“Mopani”) (“the Transaction”). The Company distributed a Transaction circular (the “Circular”) on the 9th of March 2021 incorporating a notice of Extraordinary General Meeting (“EGM”) to consider the Transaction. The Board of Directors of ZCCM-IH (“the Board”) is pleased to provide a further update in relation to the Transaction.

2. Results of the General Meeting
At the EGM of ZCCM-IH held virtually on Tuesday, 30 March 2021 and hosted in Lusaka, Zambia,shareholders of ZCCM-IH (“Shareholders”) considered the resolution proposed at the EGM as set out below:

THAT the Transaction be and is hereby approved and the directors of the Company (the “Directors”) be and are hereby authorised to:

  1. do or procure to be done all such acts and things as they consider necessary, expedient or appropriate in connection with the Transaction and this resolution (including for the purpose of obtaining any approval, consent, clearance or permission that is a condition to the Transaction or that the Directors consider necessary or expedient); and
  2. to agree such modifications, variations, revisions, waivers or amendments to the terms and conditions of the Transaction (provided that such modifications, variations, revisions,waivers or amendments are not of a material nature), to any documents, and arrangements relating thereto, as the Directors may, in their absolute discretion, think fit.

The proposed resolution was approved by the Shareholders.

3.0 Completion of the Transaction
The Board is pleased to confirm that all the Conditions Precedent to the Transaction have now been satisfied, allowing for the completion of the Transaction on 31 March 2021. ZCCM-IH is now the holder of 100% of the issued shares in Mopani, transforming the Company from an investment company to owning and operating a multi-billion-dollar mining asset in Zambia. The Board looks forward to providing Shareholders with further updates on Mopani in the coming months.

Accordingly, the Cautionary Announcement in force since 4th September 2020 is hereby withdrawn.

By Order of the Board

Chabby Chabala

Company Secretary

Source: https://africanfinancials.com/zccm-investments-holdings-zambia-egm-resolutions-completion-of-transaction/

RESULTS OF RESOLUTIONS PASSED AT THE EXTRAORDINARY GENERAL MEETING OF ZCCM INVESTMENT HOLDINGS PLC, COMPLETION OF TRANSACTION & WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

1.0 Introduction

Shareholders are referred to the cautionary announcements released on the Stock Exchange News Service (“SENS”) of the Lusaka Securities Exchange (“LUSE”) on the 9th of March 2021 and the announcements by ZCCM-IH released on SENS on 21st December 2020, 8th January 2021 and 20th January 2021 regarding the acquisition of the 90% stake not currently held by ZCCM-IH in Mopani Copper Mines Plc (“Mopani”) (“the Transaction”). The Company distributed a Transaction circular (the “Circular”) on the 9th of March 2021 incorporating a notice of Extraordinary General Meeting (“EGM”) to consider the Transaction. The Board of Directors of ZCCM-IH (“the Board”) is pleased to provide a further update in relation to the Transaction.

2.0 Results of the General Meeting

At the EGM of ZCCM-IH held virtually on Tuesday, 30 March 2021 and hosted in Lusaka, Zambia,

shareholders of ZCCM-IH (“Shareholders”) considered the resolution proposed at the EGM as set out below:

THAT the Transaction be and is hereby approved and the directors of the Company (the “Directors”) be and are hereby authorised to:

  1. do or procure to be done all such acts and things as they consider necessary, expedient or appropriate in connection with the Transaction and this resolution (including for the purpose of obtaining any approval, consent, clearance or permission that is a condition to the Transaction or that the Directors consider necessary or expedient); and
  2. to agree such modifications, variations, revisions, waivers or amendments to the terms and conditions of the Transaction (provided that such modifications, variations, revisions, waivers or amendments are not of a material nature), to any documents, and arrangements relating thereto, as the Directors may, in their absolute discretion, think fit.

The proposed resolution was approved by the Shareholders.

3.0 Completion of the Transaction

The Board is pleased to confirm that all the Conditions Precedent to the Transaction have now been satisfied, allowing for the completion of the Transaction on 31 March 2021. ZCCM-IH is now the holder of 100% of the issued shares in Mopani, transforming the Company from an investment company to owning and operating a multi-billion-dollar mining asset in Zambia. The Board looks forward to providing Shareholders with further updates on Mopani in the coming months.

Accordingly, the Cautionary Announcement in force since 4th September 2020 is hereby withdrawn.

By Order of the Board

Chabby Chabala

Company Secretary

Issued in Lusaka, Zambia on 31 March 2021

 

Source: http://fizambia.com/results-of-resolutions-passed-at-the-extraordinary-general-meeting-of-zccm-investment-holdings-plc-completion-of-transaction-withdrawal-of-cautionary-announcement/

ZCCM-IH shareholders endorse 90% acquisition in Mopani

Shareholders in ZCCM-IH have overwhelmingly supported its acquisition of a 90% stake in Mopani Copper Mines (MCM).

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.

ZCCM-IH said in a statement that 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.

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.

ZCCM-IH Chief Executive Mabvuto Chipata said with increased ownership, ZCCM-IH would now be an active participant in the global industry as copper becomes a critical metal.

“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,” Mr. Chipata said.

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.

Glencore said in a separate statement it would continue to retain offtake rights in respect of Mopani’s production.

“The Board is pleased to confirm that all the Conditions Precedent to the Transaction have now been satisfied, allowing for the completion of the Transaction on 31 March 2021. ZCCM-IH is now the holder of 100% of the issued shares in Mopani, transforming the Company from an investment company to owning and operating a multi-billion-dollar mining asset in Zambia. The Board looks forward to providing Shareholders with further updates on Mopani in the coming months,” the statement read.

 

Source: https://www.lusakatimes.com/2021/04/02/zccm-ih-shareholders-endorse-90-acquisition-in-mopani/