Loading...
NFC Africa Mining Plc 2017-02-28T07:11:54+00:00

NFCA Africa Mining Plc (“NFCA”) was established in March 1998 as the holding company of Chambishi Copper Mine as part of the privatization of Zambia Consolidated Copper Mines Limited (“ZCCM”). It is majority owned by China Non-ferrous Metals Company Limited (“CNMC”), which holds an 85% shareholding stake, whilst ZCCM Investments Holdings Plc holds a 15% shareholding stake.

Operations

NFCA currently mines at the Chambishi Main Mine and the Chambishi West Mine, and is currently developing the Chambishi South-East Mine.

NFCA produces copper concentrate, which is taken up in its entirety by Chambishi Copper Smelter (“CCS”), a sister company owned by CNMC.

Development

In July 2000, NFCA commenced reconstruction works at the Chambishi Main Mine, investing approximately US$ 157 million, with completion and subsequent production commencing in July 2003. It further began to develop the west orebody in July 2007 with the Chambishi West Mine commencing production in July 2010. NFCA is currently developing the south-east orebody, which commenced in December 2010 and is expected to be completed by 2016.

Extract from 2015 annual report

NFC Africa Mining Plc (NFCA) recorded a turnover of K1,000.4 million (US$153.8 million) for the financial year ending 31st December 2014 and a profit after tax of K23.4 million (US$3.6 million). For the three months to 31st March 2015, NFC Africa reported revenues of K178.2 million (US$27.4 million) and a loss of K79.2 million (US$11.7 million).

The South East Ore Body project which will have production capacity of 100,000 tonnes per annum is on schedule to be completed in 2017. The current production capacity is 30,000 tonnes per annum. The project is expected to create 5000 jobs.

There were no dividends paid during the year ended 31st March 2015 (20143: Nil).

Extract from 2014 annual report

NFC Africa Mining Plc (NFCA)’s, capital expenditure on the South East Ore Body project amounted to US$ 61.58 million during the year. The expected investment cost for the project is approximately US$830 million. The project is expected to create 5000 jobs and construction is expected to be over a period of 5 years. Loan financing of US$ 548 million is being arranged from Export- Import Bank of China to Part finance the South East Ore Body Project with the balance coming from internally generated funds.

There were no dividends paid during the year (2013:Nil).

Copper

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