Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH), the Zambian public firm that controls the state’s shares in the country’s copper and…
Source: Africa Intelligence
ZCCM-IH Provisional Abridged Financial Statements – FYE 31 March 2018
In accordance with the requirements of the Securities Act No. 41 of 2016 and the Listings Rules of the Lusaka Securities Exchange, ZCCM Investments Holdings Plc (“ZCCM-IH Plc”) announces its unaudited annual financial statements for the year ended 31 March 2018.
Commentary
- The Group reported a profit of K975 million (2017: K 729 million) representing 33% increase, driven by improved production volumes of copper in most of ZCCM-IH’s investee companies and an upsurge in copper prices during the year. London Metal Exchange copper price increased by 14.8% to US$ 6,724/ton (2017: US$5,858/ton) during the year.
- The Group recorded an operating loss of K130 million (2017: profit K848 million) mainly due to Ndola Lime Company Limited’s (Subsidiary) continued loss-making position, which contributed an operating loss of K167 million (2017: K1,152 million) during the year. Additionally, the impairment of the investment in Konkola Copper Mines Plc amounting to K218 million increased the recorded operating loss during the year.
- The Group recorded a positive share of profit from equity accounted investee companies of K 689 million (2017: loss K 189 million). This movement represents 464% increase.
- Profit after tax was K 975 million (2017: K 729 million).
- The Group’s total assets increased by 13% from K9, 579 million (2017) to K10, 865 million (2018) on account of increase in the net assets of investee companies whose performance continued to improve during the year.
Download the full SENS Announcement
Provisional Abridged Financial Statements – FYE 31 March 2018
ZCCM-IH talks investment
KALONDE NYATI, Lusaka
ZAMBIA must be aggressive in attracting investments through continued promotion of opportunities that remain untapped.
ZCCM-Investment Holding (IH) board chairperson Eric Silwamba said as the world competes for investors in the mining sector, Zambia should ensure that it positions itself to attract a fair share.
Speaking on the sidelines of the ongoing Mines and Money Conference and Exhibition in London, Mr Silwamba said ZCCM-IH will continue marketing and positioning itself internationally, as a significant player and investment gateway in Zambia’s mining and energy industries.
The annual mines and money conference is Europe’s largest convention where mining and investment professionals network.
Source: Daily Mail
ZCCM-IH Commemorates World AIDS Day by Donating Assorted Household Items to Our Lady’s Hospice.
ZCCM-IH staff joined the rest of the world in commemorating this year’s World AIDS Day under the theme “Know Your Status” by paying a visit to Our Lady’s Hospice in Kalingalinga, Lusaka, where assorted household items, as well as medical supplies were donated.
Our Lady’s Hospice is a faith-based organisation that aims “to promote and provide quality palliative care through a committed team in a conducive environment for patients who have HIV, AIDS, and Cancer.” While the K25, 000 worth of assorted items provided some lifeline to Our Lady’s Hospice’s cause, the hospice depends solely on the charity and generosity of well-wishers. The matron called upon other corporates to emulate the gesture by ZCCM-IH.
ZCCM-IH | Trading Statement
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 PerShare (“EPS”) for the financial year ended 31 March 2018 is expected to be approximately 34% higher than for the financial year ended 31 March 2017.
The movement in EPS is primarily attributed to the improved performance of most major mining companies in ZCCM-IH’s portfolio and the continued increase in demand and hence prices for copper on the world market.
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 Provisional Abridged Financial Results for year ended 31 March 2018 to be released on Securities Exchange News Services (“SENS”) and published in the local press on or about 30th November 2018. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results.
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on Thursday, 29 November 2018
| Lusaka Securities Exchange Sponsoring Broker | |
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T | +260-211-232456 E | advisory@sbz.com.zm W | www.sbz.com.zm Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia |
First Issued on 29 November 2018
ZCCM IH holding to show it is a a significant player and investment gateway in Zambia’s mining
ZCCM Investments Holdings Board Chairperson Eric Silwamba says it is important for the company to continue marketing and positioning itself internationally, as a significant player and investment gateway in Zambia’s mining and energy industries.
Speaking on the sidelines at the ongoing Mines and Money Conference and Exhibition in London, Mr. Silwamba said Zambia is competing with other countries for potential investors in the mining sector.
He noted that if the Company wants investors for its Greenfield projects, it needs to be aggressive in its approach, and such an event presents a viable platform to link up with investors.
“We want to see sustainable growth in ZCCM-IH through new investments especially in the mining and related sectors. And so far, I am impressed with the level of interest from investors looking for investment opportunities in Zambia. We have had interesting conversations with a number of potential partners and financiers at this conference so far”, added Mr. Silwamba.
And ZCCM-IH Chief Executive Officer Dr. Pius Kasolo has expressed confidence in the fundamentals and a positive future outlook for the mining industry, particularly copper, adding that Zambia still remains a favorable investment destination.
Speaking during the Mining Spotlight presentation session, Dr. Kasolo said ZCCM-IH is strategically positioned as a diversified principal stakeholder and investment vehicle in Zambia’s mining and energy sectors.
He added that London remains a strategic market for the Company as ZCCM-IH is listed on the London Stock Exchange, apart from the primary listing on the Lusaka Securities Exchange.
The 16th Annual Mines and Money London which opened on Monday 26 November 2018 is London’s premier show and has long been Europe’s largest, most renowned convention where mining and investment professionals come to do business, from all over the world.
The exhibition which comes to an end on tomorrow 29 November 2018 is hosting hundreds of companies including ZCCM-IH, and convening thousands of mining investors, financiers, brokers and advisers from more than 75 different countries.
Source: Lusaka Times
ZCCM-IH | Cautionary Announcement
Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”) are referred to the announcement dated Friday, 3rd August 2018, wherein the shareholders as well as other market participants were informed that Ndola Lime Company Limited (“NLC”), an investee company of ZCCM-IH, continues to be in financial distress. ZCCM-IH has over the past 10 years invested over K1 billion in NLC in form of debt and equity in an effort to turnaround the loss-making operations of the Company into profitability.
Arising from the above, two former employees of NLC applied to the High Court to place NLC under supervision pursuant to the Corporate Insolvency Act No. 9 of 2017. By order of the Court dated 5th October 2018, the Official Receiver was appointed as Interim Business Rescue Administrator of NLC. However, ZCCM-IH is seeking legal redress regarding the aforementioned proceedings.
For more information on the above, please refer to the Press Statement on the ZCCM-IH website in the link embedded below:
https://zccm-ih.com.zm/zccm-ih-press-statement-on-the-status-of-ndola-lime-company-limited/
ZCCM-IH will provide details of the outcome of the legal proceedings in due course.
In the meantime, Shareholders are advised to exercise caution when dealing in securities of the Company until a full announcement is made.
By Order of the Board
Chabby Chabala
COMPANY SECRETARY
Issued in Lusaka, Zambia on Friday, 23rd November 2018
| Lusaka Securities Exchange Sponsoring Broker | |
|
T | +260-211-232456 E | advisory@sbz.com.zm W | www.sbz.com.zm Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia |
First Issued on 23 November 2018
ZCCM Investments Holdings PLC Acquires additional 50% Shares in Kariba Minerals Limited
On 7th November 2018, ZCCM Investments Holdings Plc (ZCCM-IH) acquired an additional 50% shareholding in Kariba Minerals Limited (KML) which is Zambia’s largest Amethyst mine. This acquisition means that ZCCM-IH now owns 100% shares in KML. The shares were acquired from Gemfields Limited at a total consideration of US$2,500,000. The completion of the transaction is subject to regulatory approvals.
Going forward, ZCCM-IH will implement a robust strategic plan aimed at improving production, processing and marketing activities in order to increase profitability of the mine.
By Order of the Board
Chabby Chabala
COMPANY SECRETARY
Issued in Lusaka, Zambia on Friday, 23rd November 2018
| Lusaka Securities Exchange Sponsoring Broker | |
|
T | +260-211-232456 E | advisory@sbz.com.zm W | www.sbz.com.zm Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia |
First Issued on 23 November, 2018
KAGEM earns $28.4m from Singapore auction
US$28.4 million in foreign exchange earnings has been raised from an auction of high-quality Zambian emeralds – including the exceptionally rare 5,655 carat (1.13kg) Inkalamu emerald – held in Singapore last week.
The sale of gemstones from the Kagem mine in Lufwanyama was witnessed by Mr Paul Chanda, the Permanent Secretary, Ministry of Mines and Minerals Development along with other officials from the Ministry of Mines and Mineral Development, Zambia Revenue Authority and the Chief Executive Officer of the Industrial Development Corporation Mateyo Kaluba.
“All of the proceeds from the auction will be repatriated back to Zambia,” confirmed Sean Gilbertson, Chief Executive Officer of Kagem and Gemfields, which owns 75% of the mine in partnership with the Zambian government through the Industrial Development Corporation of Zambia, which owns 25%.
The auction saw 40 companies placing bids and generating total revenues of US$28.4 million with an overall average value of US$68.03 per carat. Improved liquidity in the trade customers resulted in 74% of the offered carats being sold, versus 56% in the last auction of higher quality emeralds held in Lusaka in May 2018. Of the number of lots offered, 77% were sold (versus 59% in the May 2018 auction).
Gemfields’ 30 auctions of emeralds and beryl mined at Kagem since July 2009 have generated USD 556 million in total revenues.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, said: “The results of what was our first Singapore emerald auction in more than three years clearly reflect the emerging recovery among our trade customers after a protracted period of difficulty. The marked increases in the percentage of carats and number of lots sold, combined with the uptick in per carat price, bode well for further improvement in 2019.
Proceeds from the auction will be remitted to Zambia for reinvestment in operations, including on-going upgrades to employee facilities, and additional equipment that will also generate associated employment opportunities and repayment of debt.”
“Kagem and Gemfields believe coloured gemstones should be mined and marketed by championing three key values – legitimacy, transparency and integrity. We also believe that Zambia should benefit equitably from its natural resources through the taxes we contribute to the government, the foreign exchange earnings we generate, increased local employment, and the social impact of our community projects,” said Mr Gilbertson.
The main focus of attention was the Inkalamu – Lion – emerald, a rare 5,655 carat emerald that shows remarkable clarity and a perfectly balanced golden green colour, which attracted international media attention on discovery last month. The exceptional piece was purchased at the auction by Rajkumar and Rishabh Tongya of Dia-Color, specialists in high-value gems.
The gemstone was discovered in the eastern part of Kagem’s open-pit mine on October 2, 2018 by geologist Debapriya Rakshit and veteran emerald miner Richard Kapeta, who has more than a decade of experience mining Zambian emeralds for the Gemfields group.
Inkalamu – the Lion emerald – was named in honour of the work carried out by two of Gemfields’ conservation partners, the Zambian Carnivore Programme (www.zambiancarnivores.org) and the Niassa Carnivore Project in Mozambique (www.niassalion.org). Gemfields has three-year philanthropic sponsorships with each organisation to aid them in wildlife conservation, promote community development and stem the problem of poaching by developing alternative livelihoods. In addition, Gemfields will divide 10% of Inkalamu’s auction proceeds equally between the two carnivore initiatives.
Source: Mwebantu
Invitation for Bids: Provision of Miscellaneous Insurance Cover to ZCCM-IH
ONB No.: ZCCM-IH/075/2018
- ZCCM Investments Holdings Plc. has received financing from own sources toward the Operating Expenditure for the 2018/2019 Financial Year, and it intends to apply part of the proceeds of this financing to payments under the Contract for the Provision of Miscellaneous Insurance Cover to ZCCM-IH, Contract No.: ZCCM-IH/075/2018.
- ZCCM Investments Holdings Plc now invites sealed bids from eligible and qualified bidders for the Provision of Miscellaneous Insurance Cover to ZCCM-IH in the following lots:
Lot 1 – Provision of Group Life Assurance (GLA) Cover for ZCCM-IH Employees – Duration: 3 years;
Lot 2 – Provision of Group Personal Accident (GPA) Cover for ZCCM-IH Employees and Board Directors – Duration: 3 years;
Lot 3 – Provision of Non-Life Insurance Cover to ZCCM-IH – Duration: 3 years; and
Lot 4 – Provision of Travel Insurance Non-Life Insurance Cover to ZCCM-IH Employees and Board Directors – Duration: 3 years. - Bidding will be conducted through the Open National Bidding (ONB) procedures specified in the Public Procurement Act of 2008 and the Public Procurement Regulations of 2011 and is open to all bidders from Eligible Source Countries as defined in the Bidding Documents. The following CEEC preferential treatment shall be applied as part of the evaluation:
3.1 Citizen-influenced company – 4%
3.2 Citizen-empowered company – 8%
3.3 Citizen-owned company – 12% - Interested eligible bidders may obtain further information from the address below and inspect the Bidding Documents at this address from 08:00 – 13:00 and 14:00 – 17:00 local time, Monday to Friday inclusive.
- Qualifications requirements include:
- Experience as a prime Service Provider of at least two (02) contracts of a similar nature and scope in the last three (03) years;
- Minimum of three (03) years’ experience in the provision of insurance services;
- Demonstrate capacity to pay out up to ZMW 2,000,000.00 in GLA claims in the last three (03) years;
- Demonstrated ability to settle claims within a period of 10 working days;
- Average Annual Turnover for the past three (03) years per lot as follows:
Lot 1 – ZMW 1,926,470.00;
Lot 2 – ZMW 31,973.33;
Lot 3 – ZMW 1,437,940.00; and
Lot 4 – ZMW 32,297.87.
- A complete set of Bidding Documents in English may be purchased by interested bidders ON THE SUBMISSION OF A WRITTEN APPLICATION to the address below and upon payment of a non refundable fee of Zambian Kwacha Five Hundred (ZMW500.00). The method of payment will be by Cash or Bank Certified Cheque.
- The address referred to above is:
K D Kabwe (Mrs.)
ZCCM Investments Holdings Plc.
ZCCM-IH Office Park, Stand No. 16806
Alick Nkhata Road, Mass Media Area
Lusaka, Zambia
Tel: +260-211-388000
E-mail: kabwekd@zccmnew.wpenginepowered.com - Bids must be delivered to the address below at or before 10:00 hours on Monday, 10th December 2018. Electronic bidding shall not be permitted. Late bids will be rejected. Bids will be opened physically in the presence of the bidders’ representatives who choose to attend in person at the address below immediately after 10:00 hours on 10th December 2018. All bids must be accompanied by a Bid Securing Declaration.
- The address referred to in clause 8 is:
K D Kabwe (Mrs.)
ZCCM Investments Holdings Plc.
ZCCM-IH Office Park, Stand No. 16806
Alick Nkhata Road, Mass Media Area
Lusaka, Zambia
Tel: +260-211-388000
E-mail: kabwekd@zccmnew.wpenginepowered.com