Mine investor stakes K250 million in feasibility study

AN AUSTRALIAN company says it will spend US$25 million (K250 million) on drilling five shafts and on a two-year feasibility study for the establishment of a new underground mine in Chililabombwe between now and 2020. And Government says establishment of new mining projects in the country is expected to increase copper production from the current 850,000 to over a million tonnes of copper in the next few years.

The company, EMR Capital, in December last year took over Lubambe Copper Mine (LCM) in the mining border town.

Source: Zambia Daily Mail

ZCCM-IH | Notice of Annual General Meeting

NOTICE IS HEREBY given that the Fourteenth Annual General Meeting of members of ZCCM Investments Holdings Plc will be held on Friday, 29 June 2018 at 10:00 hours at Southern Sun Ridgeway Hotel, corner of Church Road and Independence Avenue, Lusaka, Zambia to transact the following business:

  1. To consider and adopt the Minutes of the 13th Annual General Meeting held on 14 July 2017.
  2. To receive and adopt the audited Financial Statements for the year ended 31 March 2017, together with the Reports of the Directors and the Auditors.
  3. To approve the final dividend of K0.84 per share recommended by the Directors.
  4. To consider and adopt the recommendation to appoint External Auditors for the year ended 31 March 2018, and to authorise the Directors to fix their remuneration.
  5. To confirm the appointment of: Mr Eric S Silwamba, SC as Non-Executive Director and Chairman of the ZCCM-IH Board.
  6. To transact such other business as may properly be transacted at an Annual General Meeting.

A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and, on a poll, to vote in his/her stead. The proxy need not be a member of the Company. A proxy form is enclosed and must be deposited at the office of the Company Secretary not less than 48 hours before the time appointed for holding the meeting for those members who wish to be represented at the meeting.

A proxy form is also available on the Company’s website: www.zccm-ih.com.zm.

By Order of the Board
Chabby Chabala
Company Secretary
Lusaka, Zambia
First Issued in Lusaka, Zambia on Thursday, 31st May 2018

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a founder member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued Thursday, 24th May 2018

Related downloads

ZCCM-IH | 2017 Annual Report.pdf
ZCCM-IH | 2018 Proxy Form.pdf
ZCCM-IH | 2017 Shareholder Information Update Form.pdf

ZCCM-IH | Consolidated Abridged Audited Financial Statements For the year ended 31 March 2017

In accordance with the requirements of the Securities Act No. 41 of 2016 and Lusaka Securities Exchange Listings Rules, ZCCM-IH Plc announces its audited annual financial statements for the year ended 31 March 2017.

Commentary on financial results and performance

  • The Group’s performance improved during the year owing to increase in copper production for most major mining companies. The increased production benefited from stability in energy supply and improvement in copper prices on the world market in the last quarter of 2016 and the first quarter of 2017. Copper prices on the London Metal Exchange (LME) increased from US$4,848/ton at 31 March 2016 to US$5,858/ton at 31 March 2017.
  • The Group recorded an operating profit of K848 million (2016 Loss: K858 million), largely attributable to the recovery of K1, 923 million impairment from investee
    companies whose performance improved during the year.
  • The Group’s share of losses from equity accounted investee companies significantly reduced by 91% from K2, 210 million in 2016 to K189 million in 2017
    owing to investee companies improved performance.
  • The Profit after tax was K729 million (2016: Loss K2,912 million)
  • Total assets marginally reduced by 2% from K9, 797 million to K9, 579 million largely on account of impairment of Ndola Lime Company Limited (NLC) plant (the 100% subsidiary of ZCCM-IH). As a result of a continuing loss making position and operational challenges experienced by NLC, assets amounting to K861 million were impaired during the year.
  • During the year, ZCCM-IH increased its equity shareholding in Investrust Bank Plc (Investrust) from10.6% to 45.4% through the rights offer and to 71% (subsequent to the year under review through of a mandatory offer to Investrust’s minority shareholders).
  • Subsequent to the period under review, ZCCM-IH’s subsidiary Mawe Exploration and Technical Services Limited which was scheduled for dissolution in prior year was formally in dissolved in April 2017.

Copper prices are expected to increase steadily premised on increased demand from high copper consumer countries. ZCCM-IH’s performance is expected to improve as a result of the increase in copper prices which drive the performance of the mining portfolio. Furthermore, as a result of good rains experienced during the 2016/17 season, the generation capacity of hydroelectricity is expected to improve thereby stabilising energy supply.

In response to the positive outlook, ZCCM-IH will implement its new Strategic Plan hinged on expansion of its investment in various sectors of the economy.

Proposed Dividend
The Directors resolved to recommend that a final dividend of K0.84 per share be declared for the year ended 31 March 2017.

By Order of the Board
Chabby Chabala
Company Secretary
1 June 2018
First Issued in Lusaka, Zambia on Thursday, 31st May 2018

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a founder member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued Thursday, 31st May 2018

Related downloads

ZCCM-IH | Consolidated Abridged to 31 March 2017.pdf
ZCCM-IH | 2017 Annual Report.pdf

ZCCM-IH | Trading Statement

In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of the Company wishes to advise the Shareholders ofthe Company that the Earnings Per Share (“EPS”) for the year ended 31 March 2017 is expected to be approximately 125% higher than that for the year ended 31 March 2016.

The increase in earnings is mainly attributed to the improved performance of the mining sector resulting from the increased global copper prices coupled with increased production.

Shareholders are advised that the information contained in this Trading Statement has not been reviewed nor reported on by the external auditors of the Company.

The Company expects its results for the year ended 31 March 2017 to be released on SENS and published in the local press on or about 1 June 2018. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s Securities until publication of the results.

By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on Thursday, 24th May 2018

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a founder member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued Thursday, 24th May 2018

ZCCM IH ups its shares in Investrust Bank

State owned ZCCM IH has increased its shareholding in Investrust Bank Plc from 45.4% to 71.4%.

This follows the announcement of the mandatory offer by ZCCM-IH to the minority shareholders of Investrust issued on 21st March 2018.

The mandatory offer by ZCCM-IH which opened on 9th April 2018 and closed on Monday, 30th April 2018 recorded a total of 2,125,890 shares tendered for sale to ZCCM-IH.

This level of acceptance represented 26.0% of the total shareholding in the Bank.

According to a notice from the Lusaka Securities Exchange, the ZCCM-IH Board acknowledges the overwhelming success of the mandatory offer and looks forward to better prospects for Investrust.

Source: Lusaka Times

ZCCM-IH Mandatory Offer to Investrust Minority Shareholders Results

1. Background
1.1. Shareholders of ZCCM Investments Holdings PLC (“ZCCM-IH”) and Investrust Bank Plc (“Investrust” or “the Bank”) are referred to the announcement of the mandatory offer by ZCCM-IH to the minority shareholders of Investrust issued on the Stock Exchange News Services (“SENS”) on Wednesday, 21st March 2018.

1.2. The mandatory offer by ZCCM-IH to the minority shareholders of Investrust opened on Monday, 9th April 2018 and closed on Monday, 30th April 2018.

2. Results of the Mandatory Offer
2.1. At the close of the Offer, a total of 2,125,890 shares were tendered for sale to ZCCM-IH. This level of acceptance represents 26.0% of the total shareholding in the Bank.

2.2. Accordingly, the mandatory offer increased ZCCM-IH’s shareholding in Investrust from 45.4% to 71.4%.

3. Conclusion
3.1. The ZCCM-IH Board wishes to acknowledge the overwhelming success of the mandatory offer and looks forward to better prospects for Investrust.

By Order of the Board
Chabby Chabala – Company Secretary
ZCCM Investments Holdings Plc
By Order of the Board
Cuthbert K Tembo – Company Secretary
Investrust Bank Plc

Issued in Lusaka, Zambia on Thursday, 17th May 2018

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued on Thursday, 17th May 2018

Copperbelt Energy Corporation records 10% increase in revenue EBITDA over the previous year due to strong performance. ZCCM-IH holds 20% stake in CEC

The Directors of Copperbelt Energy Corporation PLC (“CEC”) are pleased to announce the release of the annual report for the year ended 31 December 2017. Below is an extract from the Chairman’s Statement.

Chairman’s Statement

Our role, as a business, extends far beyond providing electricity that keeps the wheels of mining, and the Zambian economy, turning. We enable economic growth, contribute to job creation and skills development. We invest in the social transformation of individuals, people groups and the larger society through different forms of social investments; including but not limited to infrastructure development, training, education and local human capital development. We see that our traditional role as electricity provider of choice to the mining industry will continue even as certain aspects evolve in line with relevant changes in both the mining and energy industries, technological and other external factors. Our Managing Director, in his performance review, delves into the detail of the key market developments of 2017 on our radar…

Strategy and execution

The board oversees the process to set, review and plan strategy which is reconfirmed at the start of each year. In 2017, the strategy was reviewed for the five-year period 2017 to 2021. Management presented a seven-pillar strategy that seeks to modernise and efficiently manage the CEC network; consolidate our regional market position; realise multiple power sources; enhance stakeholder engagement; support the realisation of a robust tariff setting and migration path; provide management services and invest in viable generation and transmission projects aligned to our core business…


Our Company aims to embed sound corporate values into every day decisions, processes and operations in order to ultimately build a culture of transparent, accountable and sustainable business conduct. Working and acting with integrity at all times is integral to our continued business success…

Shareholder returns

The business exists to create value for our principal stakeholders and one way in which we return value to our shareholders on their investment is through a distribution of profits through dividend. Declaration of a dividend is a matter for our board. Our policy provides for payout of 50% of earnings subject to the availability of cash, reserves and having provided sufficiently for working capital and other obligations. A cash dividend of USD21 million was paid out to our ordinary shareholders, an increase of 28% over 2016 (USD16.4 million)…


Our focus is the execution of our strategy to achieve sustainable performance and create sustained value for all stakeholders. This will be enabled by our adherence to sound governance principles and actions, effectively mitigating our risks, engaging with all our stakeholders successfully, and developing and retaining the relevant skills in our business…

Appreciation and conclusion

I am grateful to my fellow directors currently serving on our board for their invaluable contributions and their active participation in setting the Company’s strategy in the past year. I also thank those who stepped down during the year and welcome the new directors.

I am grateful for the hard work, dedication and commitment of our Managing Director and his management team. I congratulate them for delivering on the CEC strategy and for presiding over the improvements in financial, operational and social performance recorded in the reporting period. My heartfelt gratitude also goes to all the staff for their efforts, without which we may not be posting this performance. I thank our customers for showing their continued confidence in us through their business.

Hanson Sindowe

Source: Copperbelt Energy Corporation

Vedanta Resources announces new Konkola Copper Mines CEO

Vedanta Resources today announced the appointment of Ms Deshnee Naidoo, as the Chief Executive Officer – Africa Base Metals. Ms Naidoo’s appointment signals the Vedanta group’s ongoing commitment to enhancing its African operations, and will seek to identify and drive synergies across these operations in terms of operational excellence, procurement, marketing, people development, and the investment in communities, in line with the group’s vision of business with purpose.

Ms Naidoo will combine the leadership of Konkola Copper Mines (KCM), in Zambia, and Vedanta Zinc International (VZI), in South Africa and Namibia, as well as Copper Mines of Tasmania. In this role she will also assume responsibility of Chief Executive Officer, KCM and will drive synergies across ZI and KCM. Ms Naidoo’s appointment coincides with the departure of Steven Din, KCM’s current CEO, who will leave Vedanta group this July.

Ms Naidoo joined Vedanta Resources in 2014 with over 20 years’ experience in the resources industry, including platinum, thermal coal and manganese. Prior to joining the Vedanta Group, she was Chief Financial Officer of Anglo American Thermal Coal, South Africa. As CEO of VZI she has led the development of the US$400 million Gamsberg Project, which will come into production in mid-2018, as well as the development of the Pit 112 Project at Skorpion Zinc.

Chairman of Vedanta Resources, Mr. Anil Agarwal commented, ‘’Deshnee has successfully brought on new production at Gamsberg and won the respect and confidence of the teams that she leads. I’m delighted that we have a woman leader from Africa at the helm of our African operations. We have strong ambitions for our business in Africa and Deshnee is committed to deliver on these.’’

KCM is one of the most attractive resource assets in the world with potential to reach 400 ktpa of integrated copper production in the near term. The Southern African operations have the potential to become one of the largest zinc producing regions in the world, while the investment in KCM will enable Zambia to become the largest copper-producing country in Africa.

Speaking about Steven’s move, Mr. Agarwal said, “We warmly thank Steven for all his valuable contribution to Vedanta and KCM over the last four years, where he successfully steered the business through one of the major copper price slumps. He enhanced the safety culture and initiated a programme to transform KCM and aligned the workforce to Vedanta’s vision to produce 400,000 tonnes Copper. I wish him every good fortune and thank him for his services to Vedanta, KCM and to the communities in the Copperbelt and Zambia. Steven’s departure from KCM creates the opportunity for Deshnee to step into the CEO – KCM role whilst the larger Africa role enables more collaboration and synergies across the continent and Southern Africa”.

About Vedanta Zinc International

Vedanta Zinc International (VZI) – headquartered in Johannesburg, South Africa – is a grouping of zinc assets located in South Africa, Namibia and Ireland, owned by India-based Vedanta Limited, a listed subsidiary of Vedanta Resources plc.

Operations include:

• Black Mountain Mining (BMM) and the associated flagship Gamsberg Project in South Africa’s Northern Cape province;

• Skorpion Zinc Mine and Refinery in the //Kharas region of Namibia.

Mining and milling at the Lisheen Mine in Ireland was concluded in December 2015 after 17 years of operation and the mine is currently in an active closure mode.

VZI’s vision is to create an integrated world-class regional zinc complex comprising the BMM (including Gamsberg) and the Skorpion Zinc mining and refining operations. To date, Vedanta Resources has invested over $1.7 billion in Southern Africa, and contributed over R100 million in CSR projects in South Africa and Namibia over the last 5 years.

About Konkola Copper Mines

Konkola Copper Mines Plc (KCM) is one of the leading integrated copper producers in Africa, and aims to become a major global copper producer. KCM is primarily engaged in the exploration for, mining, production and sale of copper and copper by-products.

KCM’s operations are located in the Copperbelt and Central Provinces, and include open pit mines, underground mines, several concentrators, a leaching plant, a state-of-the-art flash smelter, a modernized refinery and a sulphuric acid plant. We recently sank Zambia’s first post-independence era mining shaft as part of the Konkola Deep Mining Project (KDMP). This 1,500 metre shaft has ensured KCM’s longevity, by allowing for the access of the deep Konkola ore body and extending the mine life by over 25 years.

KCM is currently one of Zambia’s largest private sector employers with over 13,000 employees.

The state-owned mining company Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) is the other shareholder in KCM, controlling a 20.6% stake in the company. KCM enjoys a strong relationship with the Zambian government and is a committed partner in improving the economic prospects of the country through our operations and other activities

About Vedanta Resources plc

Vedanta Resources plc (Vedanta) is a London listed diversified global natural resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Liberia, Australia and Sri Lanka. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. For more information, please visit www.vedantaresources.com.

Source: vedanta zinc international

We Need to Amass Worth in Mining

Mr Mateyo noted that the province is endowed with abundant mineral resources ranging from copper, gold, and uranium deposits hence the need to amass the wealth and development.

Speaking in Solwezi yesterday during the official opening of a three-day provincial alternative mining “indaba” organised by a consortium of civil society organisations, Mr Mateyo said currently, there were limited platforms and opportunities for local communities in mining areas to engage and dialogue at a provincial level with government, local authorities and mining companies.

He observed that traditional leaders especially have not generally been availed the opportunity to dialogue on issues that impact them regarding mining activities.

“Therefore, engagement platforms are of importance to providing space for government to hear from its citizens and get prioritization of social economic justice,” Mr Mateyo said.

He called for strengthening of the participation of the general populace, particularly communities affected by mining in mineral resources governance.

“Additionally, the mining sector is faced with a number of problems that may be stifling sustainable socio-economic growth and invariably affecting the living standards of near-mine communities, “he said.”

Earlier, organising committee chairperson, Charles Banda implored communities living within mining activities to always engage government to address the challenges they are faced with.

Source: Daily Nation