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Mopani Copper Mines Plc 2018-06-05T10:34:01+00:00

Mopani Copper Mines Plc is a Zambian registered copper mine owned by ZCCM-IH (10%), Glencore Plc (73.1%) and First Quantum Minerals Ltd (16.9%).

In April 2000, Mopani purchased assets of the Zambia Consolidated Copper Mines Limited (ZCCM) comprising underground mines, a concentrator, a smelter and a refinery at Mufulira mine site and underground mines, open pits, a concentrator and a cobalt plant at Nkana mine site in Kitwe.

Mission Statement

Mopani Copper Mines Plc is a proudly Zambian company which delivers superior value to our shareholders, our people and our country.

Core Objective

Mopani has established a competitive advantage in its core business of mining responsibly while developing the capacity and livelihoods of the local people. Mopani’s core objective is to achieve unit costs for copper in the second lowest quartile on the international cost of production curve.

Values

Mopani is founded on a strong foundation of common values that unite all employees to a common goal. These include: being Safe, Smart, Simple, Responsible and Open.

Corporate Social Responsibility

One important aspect of Mopani’s existence is the company’s role in the lives of the people in surrounding communities. Mopani has made tremendous achievements in uplifting the living standards of the people through its robust Corporate Social Responsibility (CSR) programmes.

Since 2000, the company has invested over US$200 million in various community projects with the aim of improving the living standards of the people. This investment has greatly helped the community, especially in the towns of Kitwe and Mufulira in such areas as infrastructural development, water and sanitation, education, health, sports and entrepreneurship development, among others.

Extract from 2017 annual report

During the financial year ending 31st December 2016, Mopani Copper Mines (MCM) recorded net revenue of
K2, 519.99 million (US$255.37 million) (2015: K7, 291.43 million (US$1,121 million). The net loss was at K1, 776.14 million (US$179.99 million) (2015: K1, 853.75) US$285 million net loss).

During the year ending 31st December 2016, MCM produced a total of 41,100tonnes of copper from own sources (2015: 92,100 tonnes). The 55% lower production figures in 2016 compared to 2015 were driven by the partial suspension of production, which were aimed at improving MCM’s operations and cost reduction. Progress was made in the upgrading as MCM’s Synclinorium Shaft at Nkana was commissioned and started to hoist ore at the end of 2016.

During the year under review, Mopani produced 41,100 tonnes of copper from own sources and this was 51,000 tonnes (55%) lower than the previous year due to the partial suspension of production while the major upgrade projects are being completed.

There were no dividends paid during the financial year ended 31st December 2016 (2015: Nil).

Download 2017 Annual Report

Extract from 2016 annual report

During the financial year ended 31 December 2015, Mopani Copper Mines Plc (Mopani) reported net revenue of K11,017 million (US$1,121 million) (2014: K8,696 million (US$1,337 million)). The net loss was at K2,815 million (US$285 million) mainly as a result of lower copper sales prices and losses on forex revaluations (2014: K150 million (US$23 million).

During the year ending 31 December 2015, Mopani produced a total of 92.2 thousand tonnes of copper from own source (2014: 109.9 thousand tonnes). Total production including third party feed totalled 184.7 thousand tonnes (2014: 185.1 thousand tonnes).

Mopani Copper Mines (MCM) commenced the partial suspension of operations in September 2015 and reduced smelter operating capacity. This was done in view of the lower copper environment. During the suspension period, MCM focused on making capital improvements on the Synclinorium Shaft at Nkana, and the Mindola Deeps and Mufulira Deeps projects. The Synclinorium project was successfully commissioned on 5th May 2016 on time and on budget at a total project cost of $323m.  The 1,280m shaft will extend the life of the Nkana mine by 20 to 25 years. The two other shafts, the Mufulira and Mindola Deeps shafts are being sunk at a budgeted cost of $559m. The projects are scheduled to be completed in the first half of 2017. The capital projects are aimed at reducing operational costs and improving long-term competitiveness.

There were no dividends paid during the financial year ended 31 December 2015 (2014: nil).

Download 2016 Annual Report

Copper

Extracting value from tier one assets by improving efficiencies and operations.