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Annual Report Summaries

CNMC Luanshya Copper Mines Extract from 2016 Annual Report

CNMC Luanshya Copper Mines plc (CNMC) recorded a turnover of K1,867.7 million (US189.1 million) for the year ended 31st March 2016 (2015: K1, 741.1 million (US$267.7 million). The loss after tax was K1, 052.1 million (US$106.5 million) (2014:K72.2 million (US$11.1 million) profit).

CNMC planned to produce 46,000t of copper metal which included 16,000t copper in concentrate from Baluba Mine and 30,000t of copper cathode from Muliashi Mine. By the end of 31 December 2015, Baluba Mine and Muliashi Mine produced 11,371t and 33,101t of copper metal respectively. Thus in 2015 the total copper production was 44,472t, representing 96.68% of the annual plan. As noted, Muliashi Mine exceeded its annual production target for 2015 whilst Baluba Mine did not achieve its annual production target.

The failure by Baluba mine to meet its target is attributed to the difficulty in mining the gently inclined thin ore body with its variable structure and the increasing reclaimed tonnage and decreasing geological grade and also the fact that the mine had been put on Care and Maintenance since September 2015 because of power shortages.

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

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