ZCCM IH has recorded a profit of 448 million Kwacha of which 53 Million Kwacha has been approved for dividend payout to shareholders.
ZCCM IH Chief Executive Officer Mabvuto Chipata says in the 2019 financial year the company increased stakes in Kariba Minerals and Copperbelt Energy Corporation and also invested in new companies.
Mr Chipata says the company will continue to play a strategic role in the growth of the mining sector adding that that is where the strength lies.
He, however, says the company will reduce risk on exposure on Copper dependence to other minerals such as Gold, Cobalt , Manganese and Gemstones.
Mr Chipata said this when he handed over a dividend cheque of 9.1 Million Kwacha to Minister of Finance, Bwalya N’gandu.
And Speaking shortly after receiving the Cheque, Mr N’gandu said the payout of dividends by the ZCCM IH should send a message to other state owned companies.
Mr N’gandu urged the ZCCM Gold company to be proactive in the sector by increasing there participation so that it continues to create value for its investments in order to sustain its growth and maximize shareholder value .
He disclosed that Government has 49 percent shares in the formation of ZCCM Gold company limited and that through the Bank of Zambia has identified purchase of gold as a mechanism to enhance the country’s international reserves.
Mr N’gandu further noted that country has about 21 known Gold occurrence areas around the country that are yet to exploited.
And Mr N’gandu further urged state owned companies to pursue aggressive reforms and strategies that will enable them to make profits and cease to be a burden on the treasury.