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Annual Report Summaries, Investee Companies

Kabundi Resources Limited Extract from 2021 Annual Report

For the year ended 31 December 2021, Kabundi Resources Limited (KRL) reported total revenues 

(royalty charges) of ZMW5.58 million (2020: ZMW0.91 million) with a net loss of ZMW1.95 million 

(2020: ZMW0.958 million). 

Kabundi Resources Limited (KRL) began washing manganese in September 2020 with a 100tpd 

wash plant. A total of 8,896 tonnes of manganese was produced during the four months of 

operations in 2020. In first quarter of 2021, a second and larger wash plant was constructed with 

processing capacity of 10,000tpd. Kabundi resources produced and sold 52,443t of manganese 

yielding ZMW9.45 million of which ZMW3.92 million was paid to ZRA as mineral royalty tax. 

In the period under review, Kabundi made progress with phase 2 and phase 3 of its development 

which include starting own mining and setting up a ferro-alloy plant respectively. 

During the period under review KRL continued its mining activities on one site namely “Kabundi 

B” where the first open pit had been established. Total manganese sold for the current year was 

recorded at 61,339 tonnes (2020: 12,000 tonnes). During the year under review KRL acquired 

another mining license in the Ntenge area where mining activities are yet to commence. Going 

forward in 2022 the Company’s focus will be to undertake its own mining activities on this mining 

license. In its 2022 budget the Company plans to acquire additional mining equipment to be 

able to commence its mining operations at Ntenge. 

Kabundi paid management fees totalling ZMW31,750 to ZCCM-IH in the period under review. 

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

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