Konkola Copper Mines (KCM) reported total revenue of K8,621.47 million (US$874.3 million) for the financial
year ended 31st March 2017 (2016: K9,607.04 million (US$972.5 million). The reduction in revenue was attributed to lower metal prices through a large part of the financial year, with copper prices surging upwards in the latter quarter thereof. The net loss for the year was at K1,367.72 million (US$138.7 million) (2016: K3,685.75 million (US$373.1 million loss).
Total finished copper production during the financial year was marginally down 1.1% to 180 000 tonnes for the year ended March 2017 (2016: 182 000) compared to the previous financial year.
During the year under review, KCM production volumes were constrained due to the Nchanga Underground Mine being placed under care and maintenance on the tail end of the previous financial year and lower equipment availability across other operating units.
Moving forward, KCM’s strategy continues to be underpinned by vigorously pursuing higher operating productivity levels at the Konkola underground mine, more reliable TLP facility with potential to increase recoveries, increased usage of the smelter by processing third-party concentrates from Zambia and DRC, and improved cost cutting measures.
There were no dividends declared during the year under review (2016: Nil).