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Annual Report Summaries, Investee Companies

Limestone Resources Limited (LRL) Extract from 2021 Annual Report

2021 was the first full calendar year of operations for Limestone Resources Limited (LRL), which 

only commenced operations on 1 September 2020 after transitioning from Ndola Lime Company 

Limited (NLC). NLC, remains under liquidation. 

As at December 2021, LRL was yet to be capitalised as ZCCM-IH was still running the process of 

engaging an equity partner with whom a long-term strategic plan for the Company would be 

developed. 

The lack of adequate capital posed a challenge and the Company underachieved across 

all performance metrics as production fell substantially below installed capacity due to 

reliability issues with the plant and equipment. Total sales revenue for the year was recorded at 

ZMW119.00 million (2020: ZMW34.76 million). The loss over the same period was ZMW39.78 million 

(2020: ZMW3.71 million). 

On 17 October 2021, LRL’s only functioning Kiln (VK1) experienced a collapse of its refractory 

bricks, leading to a halt in quicklime production. Since then, no production has been going on 

at LRL, pending financial resources for repair and maintenance works. 

ZCCM-IH has prioritized the selection and engagement process of an equity partner and is 

optimistic of completing the process within the first half of 2022 to ensure full recapitalisation of 

LRL that will substantially improve operational and financial performance. 

There were no dividends declared during the period under review (December 2020: Nil) 

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