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Annual Report Summaries

Chibuluma Mines Extract from 2019 Annual Report

Revenue for the financial year ended 31st December 2018 was US$65.8 million (2017: US$70.3 million). Net loss over the period under review was US$17.95 million (2017: profit of US$7.03 million).
The decrease in revenue is attributed to factors including lower payable contained Copper produced, finalisation of invoices at lower Copper prices than provisionally invoiced, lower grade of Copper mined through the crown pillar ores and limited third party ore for production. The decrease in Net profit for the period was attributable to the asset impairment of US$24.5 million following the completion of the 2018 statutory financial audit and an impairment review of mine assets completed by Jinchuan Head Office and Deloitte. The Chibuluma South ore reserve continued to be depleted during the year with life of mine now only 2 years. In 2018, the company continued its survival plan through higher recoveries from crown pillar mining. The company continues to stockpile this ore with the aim for further tests on how best it should be processed. Through Lufwanyama Mining Manufacturing and Trading Services Limited (LMMTS), a subsidiary of CMP, exploratory work is being carried out in North-Western in line with the company’s survival plan. No dividends were paid for the financial year ended 31st December 2018 (2017: nil).

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