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Annual Report Summaries, Investee Companies

Lubambe Copper Mine Limited Extract from 2021 Annual Report

Lubambe Copper Mine Limited (Lubambe) reported total revenue of ZMW2.92 billion (US$148.60 

million),[2020: ZMW2.15 billion (US$115.15 million)]. Over the same period, the Company recorded a loss 

of ZMW1.8 billion (US$91.38 million), [(2020: loss of ZMW1.58 billion (US$84.81 million)]. 

Lubambe’s road to recovery was a challenging one during the year as problems of poor ground 

conditions and high ore dilution persisted. Management was continually pursuing various 

remedial and corrective actions to address these challenges and has since engaged SRK 

consulting to undertake a review of the resource and devise favourable mining methods that 

will enhance recoveries from the ore body. 

During the year, Lubambe was carrying out additional work on the concept of the extension 

project by reviewing the initial work done and updating the mining method as well as reviewing 

the possibility of mining under the Lubengele tailings dam in preference to relocating and 

possibly processing the tailings. 

EMR capital, Lubambe’s majority shareholders begun a process to raise up to US$100 million in 

fresh capital during the year to improve liquidity and fund preliminary works on the extension 


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