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Annual Report Summaries, Investee Companies

Kabundi Resources Limited Extract from 2020 Annual Report

Kabundi Resources Limited (KRL) appointed a Board and Project Manager to operationalise their manganese mining activity. Manganese mining commenced, and as at 31st December 2020 12,000 tonnes of manganese ore had been stockpiled. A 40 tonne per hour wash plant and 75 tonne per hour crusher were installed on site. The installation of office containers, construction of a community clinic, Project Affected Persons (PAP) houses and school blocks were completed. KRL reported total revenues for the financial year ended 31st December 2020 of ZMW 912 thousand and a loss after tax of ZMW958 thousand.  

There were no dividends declared during the year under review.  
Annual Report Summaries, Investee Companies

Misenge Environmental and Technical Services Limited (METS) Extract from 2020 Annual Report

Misenge Environmental and Technical Services Limited (METS) generated a total of ZMW 24.49 million in revenue for the year ended 31st December 2020 (December 2019: ZMW16.27 million). METS reported a net profit of ZMW3.12 million (2019: ZMW2.6 million).  

During the period under review, METS began forming its Strategic Turnaround and Marketing Plan. The Turnaround Plan is intended to address, among other issues, market expansion through the acquisition of new customers, business development and additional services, improvements in the provision of environmental services, and the formation of strategic alliances and partnerships in the provision of environmental services. No dividends were paid during the year under review (2019: Nil).  
Annual Report Summaries, Investee Companies

Investrust Bank PLC  Extract from 2020 Annual Report

Over the twelve-month financial reporting period ended 31st December 2020, results of the Bank’s performance indicate an improvement as compared to the prior period, with operational losses reducing to ZMW57.58 million (31 December 2019: ZMW74.0 million).  

The Bank’s net interest income increased by 99% to ZMW 94 million (2019: ZMW 47 million) owing to an increase in total interest income by 64 to ZMW192 million (2019: K117 million). The increase in interest income was mainly as a result of the increased investment in Government securities. In April 2019, the ZCCM-IH Board resolved to dispose off the Company’s investments in Investrust Bank Plc through the ZCCM-IH and IDC Group Rationalisation and Restructuring initiative. The Group Restructuring involves ZCCM-IH swapping its stake in Investrust Bank and Mushe Milling for IDC’s stake in Kagem to leverage on the portfolio management competencies of IDC and ZCCM-IH. The group restructuring has been granted approvals from relevant regulatory bodies. The completion of transaction is pending ZCCM-IH shareholder approval which is expected to be sought in 2022.  

No dividends were declared during the financial period ended 31st December 2020 (2019: Nil). 
Annual Report Summaries, Investee Companies

NFC Africa Mining Plc (NFCA) Extract from 2020 Annual Report

For the financial year ended 31st December 2020, NFCA reported revenue of ZMW1.84 billion (US$229.38 million), [December 2019: ZMW1.84 billion (US$138.36 million)] and profit after tax of ZMW171.48 million (US$19.30 million), [December 2019: ZMW171.48 million (US$12.87 million)].  

There were no dividends paid during the year ended 31st December 2020 (2019: Nil).
Annual Report Summaries, Investee Companies

Kansanshi Mining Plc Extract from 2020 Annual Report

Kansanshi Mining reported annual production of 221,488 tonnes of copper (2019: 232,000 tonnes). There was a reduction in total production volumes but also a decline in the copper ore grades from 0.89% in the previous reporting period to 0.99% currently. A total of 128,408 ounces of gold was produced.  

However, despite the reduction in production volumes, total revenue for the year increased to ZMW28,758.45 million (US$1,543.64 million) from ZMW15, 438.19 million (US$1,159 million) reported for the period ended 31 December 2019 due to increased price of copper during the year. The net profit also increased to ZMW4,274.67 million (US$229.45 million) from ZMW1,082.29 million (US$81.2 million) recorded as at 31 December 2019.  

The decline in total production from the previous period was offset by relatively higher realised metal prices which ensured that total revenue over the two periods remained largely flat. The notable increase in net profit was largely driven by an adjustment (write-back) for VAT receivable from ZRA.  

Dividends declared and paid during the year amounted to ZMW48.65 million (US$2.3 million) [(31 December 2019: ZMW131.15 million) (US$9.4 million)]. 
Annual Report Summaries, Investee Companies

Chambishi Metals Plc Extract from 2020 Annual Report

Chambishi is currently under care and maintenance due to lack of feedstock for the plant. Chambishi sourced feedstock (Copper and Cobalt concentrates) from Eurasian Resource Group (ERG) Frontier and Boss Mining companies (both ERG companies) as well as other mines in Democratic Republic of Congo (DRC). ERG is the majority shareholder in Chambishi.  

There were no dividends paid during the year under review (2019: Nil) 
Annual Report Summaries, Investee Companies

Limestone Resources Limited (LRL) Extract from 2020 Annual Report  

Limestone Resources Limited (LRL) commenced operations on 1st September 2020 transitioning from Ndola Lime Company Limited (NLC). Limestone Resources Limited (LRL) reported total revenues for the financial year ended 31st December 2020 of ZMW 34.76 million and a loss after tax of ZMW3.7 million. There were no dividends declared during the year under review (31 December 2019: Nil).