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Mopani Copper Mines Plc 2017-02-28T06:48:36+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 2015 annual report

Mopani Copper Mines Plc (MCM) recorded Net Sales Revenue of K5,388.2 million (US$828.4 million) for the year ended 31st December 2014 (2013:K6, 607.8 million ( US$1,193 million)). The loss after tax as at 31st December 2014 was K52 million (US$8 million) (2013: K199.4 million (US$36 million) profit). The drop in revenue was driven by lower copper prices and higher costs of production.

MCM produced 185,087t of copper (including refined copper from third-parties) during the year ended 31st December 2014 (2013: 212,000t).

MCM has to date spent US$323 million on the Synclinorium Shaft at Nkana, with major milestones completed including achieving a depth of 1,280 metres (design depth is 1,277m), and equipping was in progress. The project remains on schedule for completion by the end of 2015 and will extend the economic life of MCM’s operations by more than 25 years. Further, MCM has spent US$232 million on Mindolo Deeps and US$327 million on the Mufulira Deeps; sinking of which was still in progress. The projects are targeted at sustaining production at 2mtpa, and are expected to extend the life of mine by 20 to 25 years. These projects are all expected to be completed by December 2016.

The future of Mopani depends on its expansion projects but the mine will need to control its costs in view of the low copper prices.

There was no dividends paid during the period under review (2014: Nil).

Extract from 2014 annual report

Mopani Copper Mines Plc (MCM) recorded a 13% increase in turnover from US$1,015 million for the year ended 31st December 2012 to US$1,193 million for the year ended 31st December 2013. The profit after tax as at 31st December 2013 was US$36 million (2012: US$31 million). The increase in revenue was driven by increased sales quantities of 149,966t of Copper (2012:117,804t) representing a 27.3% increase year-on-year, whilst the average Copper price per tonne declined by 7% relative to the prior year. MCM produced 212,000t of copper (including refined copper from third-parties) during the year ended 31st December 2013, representing a 13% increase year-on-year (2012: 187,000t).

During the year, MCM spent a total of US$418 million on capital expenditure, of which US$100 million was expended on sustaining current operations, whilst US$318 million was spent on expansionary projects. MCM spent US$70 million on the Synclinorium Shaft at Nkana, with major milestones completed including achieving a depth of 1,000 metres (design depth is 1,277m), construction of the permanent Winder House structure and the start of the vent shaft pre-sink. The project remains on schedule for completion by the end of 2015 and will significantly extend the economic life of MCM’s operations. Further, MCM spent US$58 million on Mufulira Deeps and Mindola Deeps. The projects are targeted at sustaining production at 2mtpa, and are expected to extend the life of mine by 20 to 25 years. These projects are all expected to be completed by December 2016.

No dividends were declared for the period to 31 March 2014 (2013: Nil).

Copper

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