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Annual Report Summaries, Investee Companies

Zambia Gold Company Limited (ZGC) Extract from 2021 Annual Report

Zambia Gold Company Limited (ZGC) reported revenue of ZMW68.29 million (2020: ZMW59.7 

million) for the year ended 31 Dec 2021. During the period under review, 62.02 Kg of gold 

was sold to the Bank of Zambia. Net profit recorded for the period was ZMW5.76 million (2020: 

ZMW32.02 million). 

For the period under review, ZGC produced a total of 49.99 kg of gold against a budget of 

183.56 kg. This variance was largely due to lower production at the Kasenseli mining project due 

to equipment unavailability in the first 2 quarters of the year and optimization of the processing 

lines installed in the financial year. Further, following a review by the Ministry of Mines and 

Minerals Development (MoMMD), mining operations at the Kasenseli mine were suspended due 

to safety concerns among other things. Management at ZGC shall continue to engage MoMMD 

to resolve this matter in order to resume operations. 

ZGC shall continue conducting exploration activities with an estimated resource statement to 

be completed in 2022. 

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

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