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).