Lubambe Copper Mine Limited (Lubambe) reported total revenue of ZMW2.52 billion (US$ 122.59 million) (2022: ZMW2.38 billion (US$139.72 million)). Over the same period, the Company recorded a loss of ZMW3.06 billion (US$ 148.86 million (2022: loss of ZMW1.83 billion loss (US$107.12 million)). Lubambe’s road to recovery was challenging due to poor ground conditions, dewatering challenges, and high ore dilution. Management changed its mining methods and mine plan following completion of the SRK technical report. In the period under review, the company implemented its 420-pump station to improve flooding and ground conditions for mining. Lubambe produced 14,984 tonnes in payable copper against a budget of 22,979 tonnes.  

Lubambe completed the US$150 million investment by Kobold which was for debt restructuring and operations of the business. This also resulted in the separation of the highly promising Extension Project into Mingomba Mining Limited (Mingomba) with ZCCM-IH still retaining 20% in both Lubambe and Mingomba. US$35 million of the funding was committed for Mingomba explorations. This has been on-going throughout the period under review. Lubambe’s existing licence has a remaining life of the mine of less than 7 years and there is need to explore new business opportunities.  

There were no dividends paid during the year (2022: Nil). 

Lubambe Copper Mine Limited (Lubambe) reported total revenue of ZMW 2.38 billion (US$ 139.72 million) (2021: 2.9 billion (US$148.60 million)). Over the same period, the Company recorded a loss of ZMW1.83 billion (US$ 107.12 million), (2021: loss of ZMW1.81 billion (US$ 92.0 million)). Lubambe’ s road to recovery was a challenging one for the period under review as problems of poor ground conditions, dewatering challenges, effectts of Covid-19 and high ore dilution persisted. Management changed its mining methods and mine plan following completion of the SRK technical report. Production performances improved in the second half of 2022. Lubambe produced 17,310 tonnes in payable copper against a budget of 20,955 tonnes.  

Subsequent to the year end, Lubambe announced the US$ 150 million investment by Kobold which shall be used for exploration activities for the Extension project, debt restructuring and operations of the business. The Extension project area shall be transferred into a new licence under a new company, MIingomba Mining Limited. ZCCM-IH still retaining 20% in both existing mine license and new license for the Extension Project area. The transaction was completed subsequent to year end.  

Lubambe existing license has remaining life of the mine of circa 7 years and there is need to explore business opportunities.  

There were no dividends paid during the year under review (2021: Nil).

Lubambe Copper Mine Limited (Lubambe) reported total revenue of ZMW2.92 billion (US$148.60 million),[2020: ZMW2.15 billion (US$115.15 million)]. Over the same period, the Company recorded a loss of ZMW1.8 billion (US$91.38 million), [(2020: loss of ZMW1.58 billion (US$84.81 million)]. 

Lubambe’s road to recovery was a challenging one during the year as problems of poor ground conditions and high ore dilution persisted. Management was continually pursuing various remedial and corrective actions to address these challenges and has since engaged SRK consulting to undertake a review of the resource and devise favourable mining methods that will enhance recoveries from the ore body. 

During the year, Lubambe was carrying out additional work on the concept of the extension project by reviewing the initial work done and updating the mining method as well as reviewing the possibility of mining under the Lubengele tailings dam in preference to relocating and possibly processing the tailings. 

EMR capital, Lubambe’s majority shareholders begun a process to raise up to US$100 million in fresh capital during the year to improve liquidity and fund preliminary works on the extension project. 

Lubambe Copper Mine Limited (Lubambe) reported total revenue of ZMW2,145.18 million (US$115.15 million) for the year ended 31 December 2020 [December 2019: ZMW997.12 million (US$ 74.85 million)]. The loss for the year was at ZMW1,580.03 million (US$84.81 million) US$28.34 million [2019: ZMW871.68 million (US$65.44 million)]  

During the year under review, ZCCM-IH continued to engage with Morgan Stanley regarding EMR’s intention to offer some equity to new partners. The ZCCM-IH Board approved Lubambe’s additional US$25 million loan from Trafigura, bringing Lubambe’s total indebtedness to $75 million.  

Dividends declared and paid during the year amounted to nil (December 2019: nil).