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Annual Report Summaries

NFC Africa Mining Plc Extract from 2019 Annual Report

NFCA recorded a net revenue of ZMW 1.78 billion (US$159.3 million) for the financial year ending 31st December 2018 (2017: ZMW 1.52 billion (US$159.6)). Profit after tax was ZMW89.57 million (US$ 8.0 million), (2017: ZMW153.74 million US$16.1million). Despite the decline in profitability, the financial performance remained positive and marginally exceeded targets that were set for the 2018 financial year. The production target in 2018 was 1.5 million tonnes of processed ore against the actual completion of 1.504 million tonnes while Copper in concentrate 2018 target was 27,000 tonnes against Copper actual figures closing at 27,600 tonnes.
The production did not include significant amounts of copper that came from the South East Ore Body as was initially anticipated. Despite management having projected significant Copper production from the South East Ore Body Plant by the end of the year, this was not the case. However, significant progress was made and management continues to focus on
bringing this project to completion to ensure increased production for the mine.
There were no dividends paid during the year ended 31st December 2018 (2017: Nil).

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