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Annual Report Summaries, Investee Companies

Kariba Minerals Limited(KML) Extract from 2021 Annual Report

For the year ended 31 December 2021, Kariba Minerals Limited (KML) reported total revenues of 

ZMW26.12 million (2020: ZMW 12.44 million) with a net profit of ZMW1.63 million (2020: ZMW11.19 

million net loss). 

During the period under review, ZCCM-IH provided an extension on the US$550,000 cash cover 

for KML’s US$500,000 working capital facility with Investrust Bank Plc. The facility was set to expire 

during the period under review, and KML requested the extension of the facility for an additional 

12 months. The request was made due to continued challenges caused by the adverse effects 

of the Covid-19 pandemic. 

During the year, the Company developed a turnaround plan to transform KML from loss making to 

profitability. The plan is anchored on establishing a resource estimate and mine plan to increase 

productivity, implementation of a marketing plan, and value addition and beneficiation to the 

amethyst. 

The projected impact of the implementation of the turnaround plan on mine operations will be 

an increase in sales revenue which is expected to increase by more than 50% from the Kenneth 

Kaunda International Airport Retail Shop, Gemstone trading, manufacturing of Amethyst Stone 

Tops and Gemstone cutting and polishing. 

There were no dividends declared during the financial year under review (2020: Nil). 

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