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Annual Report Summaries, Investee Companies

Lubambe Copper Mine Limited Extract from 2022 Annual Report

Lubambe Copper Mine Limited (Lubambe) reported total revenue of ZMW 2.38 billion (US$ 139.72 million) (2021: 2.9 billion (US$148.60 million)). Over the same period, the Company recorded a loss of ZMW1.83 billion (US$ 107.12 million), (2021: loss of ZMW1.81 billion (US$ 92.0 million)). Lubambe’ s road to recovery was a challenging one for the period under review as problems of poor ground conditions, dewatering challenges, effectts of Covid-19 and high ore dilution persisted. Management changed its mining methods and mine plan following completion of the SRK technical report. Production performances improved in the second half of 2022. Lubambe produced 17,310 tonnes in payable copper against a budget of 20,955 tonnes.  

Subsequent to the year end, Lubambe announced the US$ 150 million investment by Kobold which shall be used for exploration activities for the Extension project, debt restructuring and operations of the business. The Extension project area shall be transferred into a new licence under a new company, MIingomba Mining Limited. ZCCM-IH still retaining 20% in both existing mine license and new license for the Extension Project area. The transaction was completed subsequent to year end.  

Lubambe existing license has remaining life of the mine of circa 7 years and there is need to explore business opportunities.  

There were no dividends paid during the year under review (2021: Nil).

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