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Mopani Copper Mines Plc 2017-06-28T11:24:36+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 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

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).

Download 2015 Annual Report

Copper

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