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Annual Report Summaries, Investee Companies

Kansanshi Mining Plc Extract from 2021 Annual Report

Kansanshi Mining reported copper production of 202,159 tonnes of ore for the year ended 

31 December 2021 (2020: 221,487 tonnes). The reduction in copper produced was due to an 

increased, unplanned maintenance and processing competent mixed and oxide ore mainly 

from stockpiles. 

Total gold produced was 128,199 ounces, a reduction from 128,409 ounces in the previous year. 

For the year ended 31 December 2021, Kansanshi recorded revenue of ZMW39.57 billion (US$2.01 

billion), [(2020: ZMW28.76 billion (US$1.54 billion)], owing to higher metal prices during the period. 

Net profit over the period was ZMW12.09 billion (US$614.26 million) [(2020: ZMW4,274.67 million 

(US$229.45 million)]. The increase in profitability was driven by sustained higher copper and gold 

prices during the year which compensated for the reduction in production volumes. 

During the year, the Board of Kansanshi approved the commissioning of the S3 expansion, which 

involves the setting up of an additional brand-new concentrator to address the challenge of 

the depleting oxides that have led to a reduction in ore grades and ultimately production 

volumes as the mine goes deeper and transitions into a predominantly sulphide mine, from an 

oxide mine. The new concentrator will ensure that the mine has sufficient capacity to process 

additional sulphide ore to maintain and increase current copper and gold production volumes. 

The S3 expansion project is expected to be completed in 2024. 

Dividends declared and paid during the year ended 31 December 2021 amounted to ZMW3.62 

billion (US$ 184 million) , [(2020:ZMW48.65 million (US$2.3 million)]. 

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