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Annual Report Summaries, Investee Companies

Lubambe Copper Mine Limited Extract from 2020 Annual Report

Lubambe Copper Mine Limited (Lubambe) reported total revenue of ZMW2,145.18 million (US$115.15 million) for the year ended 31 December 2020 [December 2019: ZMW997.12 million (US$ 74.85 million)]. The loss for the year was at ZMW1,580.03 million (US$84.81 million) US$28.34 million [2019: ZMW871.68 million (US$65.44 million)]  

During the year under review, ZCCM-IH continued to engage with Morgan Stanley regarding EMR’s intention to offer some equity to new partners. The ZCCM-IH Board approved Lubambe’s additional US$25 million loan from Trafigura, bringing Lubambe’s total indebtedness to $75 million.  

Dividends declared and paid during the year amounted to nil (December 2019: nil).

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