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Investee Companies, Investee Company News, ZCCM-IH, ZCCM-IH News

ZCCM-IH Investee Company – Maamba Collieries Ltd – Granted Exploration Licensesfor Lithium and other Minerals in Southern Province, Zambia

08th July 2024, Lusaka, Zambia: ZCCM Investments Holdings Plc (ZCCM-IH) is pleased to announce that its investee company, Maamba Collieries Limited (MCL), in which it has a shareholding of 35%, has been issued two Large Scale Exploration Licenses for Lithium and other minerals (amethyst, aquamarine, tantalum and tin) in the Southern Province of Zambia.
MCL intends to commence exploration as soon as possible to ascertain the presence of these minerals in these licence areas.
The licenses are valid for a period of four years during which period MCL plans to carry out detailed exploration to ascertain the presence of mineable resources of the various minerals and thereafter proceed to determine the quantum of resources and reserves if applicable.
These two license areas are located approximately 100 km southwest of MCL’s coal mine in Maamba.
Lithium is part of the critical battery metals that ZCCM-IH has planned to explore for in its 2020-2026 strategic plan. As such the granting of the two licences to its investee company contributes to the strategy to diversify the company’s mineral commodity base.
Investee Companies, Investee Company News, ZCCM-IH, ZCCM-IH News

Vedanta ready with $250 million funding to pay KCM Creditor

Friday 5th July,2024 Lusaka. Zambia- In a significant development, Vedanta has arranged USD 250 million funding to pay KCM Creditors as per High Court decision rendered on 28 June 2024. With Vedanta Resources’ reinstatement, Konkola Copper Mines (KCM) is poised for a new era of growth and prosperity. Vedanta Resources, the Government of the Republic of Zambia (GRZ), and ZCCM Investments Holdings Plc (ZCCM-IH) are working in close collaboration to complete all steps outlined in the transaction documents.
The parties involved are demonstrating their shared commitment to KCM’s long-term viability, ensuring a secure and sustainable future for the company. This cooperation marks a significant step forward, paving the way for a brighter future for KCM, its employees, and the communities it serves. Upon successful completion of all the relevant pre-condition steps in the transaction documents, the Escrow account will be funded on or around July 8, 2024, as directed by the High Court of Zambia with USD250 million to pay small creditors. Additionally, KCM employees will receive a one-off payment of K2500, and a 20% salary increment after board reinstatement, a significant boost to their remuneration package and a major
milestone in KCM’s journey towards a brighter future. It is expected these final steps should be concluded in the latter part of this month and the actual flow of all the relevant funds will likewise flow at that time.
With the transaction nearing completion, KCM will be poised to make a profound impact
on the local community, providing benefits such as education and healthcare
programmes, economic empowerment, and sustainable livelihood initiatives, ultimately
improving the overall quality of life for the people in the operational areas. Vedanta
remains committed to caring for the community.
ZCCM-IH, ZCCM-IH News

ZCCM-IH Shareholders in ZMW243 Million Dividend Payout as the Company Recordsa ZMW4.8 billion in Company Profit

03rd July 2024, Lusaka, Zambia: ZCCM Investments Holdings Plc (ZCCM-IH) shareholders approved a dividend of K243 million for the 2023 financial year during the Company’s 20th Annual General Meeting (AGM) held on Friday, 28th June 2024. Of this amount, ZMW187 million Kwacha will go to the Government of the Republic of Zambia through the Industrial Development Corporation (ZMW146 million) and the Ministry of Finance and National Planning (ZMW42 million).

The approval of the dividend follows a Company profit of ZMW4.84 billion recorded for the 2023 financial year end, a 14% increase from ZMW4.26 billion profit recorded in 2022. This improved performance at Company level was largely due to the royalty income of ZMW1.2 billion received from Kansanshi Mining Plc, and improvement in performance of investee companies in 2023, among others.

At the Group level, there was a 24% increase in losses, amounting to ZMW4.7 billion for 2023, primarily due to the underperformance of Mopani Copper Mines Plc. Despite this, the Group’s total assets rose by 20%, from ZMW48.92 billion to ZMW58.46 billion, driven by the increased value of investments in associates and other current assets.

The dividends declared for the 2023 financial year mark the ninth consecutive dividend declaration by ZCCM-IH, bringing the total dividends paid to shareholders since 2015 to over ZMW1.6 billion.
    Press Releases, ZCCM-IH, ZCCM-IH News

    ZCCM-IH Shareholders in ZMW243 Million Dividend Payout as the Company Records a ZMW4.8 billion in Company Profit

    03rd July 2024, Lusaka, Zambia: ZCCM Investments Holdings Plc (ZCCM-IH) shareholders approved a dividend of K243 million for the 2023 financial year during the Company’s 20th Annual General Meeting (AGM) held on Friday, 28th June 2024. Of this amount, ZMW187 million Kwacha will go to the Government of the Republic of Zambia through the Industrial Development Corporation (ZMW146 million) and the Ministry of Finance and National Planning (ZMW42 million).


    The approval of the dividend follows a Company profit of ZMW4.84 billion recorded for the 2023 financial year end, a 14% increase from ZMW4.26 billion profit recorded in 2022.This improved performance at Company level was largely due to the royalty income of ZMW1.2 billion received from Kansanshi Mining Plc, and improvement in performance of investee companies in 2023, among others.


    At the Group level, there was a 24% increase in losses, amounting to ZMW4.7 billion for 2023, primarily due to the underperformance of Mopani Copper Mines Plc. Despite this, the Group’s total assets rose by 20%, from ZMW48.92 billion to ZMW58.46 billion, driven by the increased value of investments in associates and other current assets.


    The dividends declared for the 2023 financial year mark the ninth consecutive dividend declaration by ZCCM-IH, bringing the total dividends paid to shareholders since 2015 to over ZMW1.6 billion.
    Investee Companies, Investee Company News

    Successful Listing Of Zambia’s First Green Bond On The LuSE

    3th January 2024, Lusaka – We are pleased to announce the successful listing of Zambia’s debut Green Bond on the Lusaka Securities Exchange (LuSE).

    This milestone, which has been achieved through CEC’s subsidiary, CEC Renewables Ltd, will play a crucial role in driving renewable energy development in the country.

    The listing ceremony was held on 12 January 2024 at the Intercontinental Hotel in Lusaka with the Minister of Finance and National Planning, Dr. Situmbeko Musokotwane as Guest of Honour.

    Dr. Musokotwane commended the CEC Group for successfully listing the Green Bond for Zambia and contributing to the growth of the capital markets.

    Dr. Musokotwane said the initiative that has been taken by the CEC Group is indeed climate smart and will not only significantly contribute to meeting the increased energy demand arising from the anticipated expansion of the economy but will also support Government’s commitment to climate mitigation, while also focusing on building and developing key sectors of the economy such as mining, agriculture, among others.

    Also speaking at the ceremony, the CEC Group Board Chairperson, Mr. London Mwafulilwa said the Group is thrilled to be the first Company to issue a Green Bond in Zambia.

    Mr. Mwafulilwa added that the Company remains keen on actualizing its green energy generation ambitions and will seek to attain this, as it issues the remaining tranches of the $ 200 million bond. Read More
    Investee Companies, Investee Company News

    CEC Commissions 60MW Itimpi Solar Photovoltaic Power Station In Kitwe

    Copperbelt Energy Corporation (CEC) has taken a significant stride towards sustainable operations with the successful commissioning of the 60-megawatt Itimpi Solar Photovoltaic Power Station in Garneton, Kitwe, held on Wednesday, 10th April 2024. The Plant was unveiled by the President of the Republic of Zambia, H.E. Mr Hakainde Hichilema, along with other dignitaries and stakeholders.

    During the event, President Hichilema remarked, “What CEC has done today adds to our agenda as a nation to generate diversified electric energy. When CEC does what they have done today, we must see that [Itimpi Solar Plant] is a Zambian asset and investment which will contribute to the national economic development agenda.”

    CEC’s Board Chairperson, Mr London Mwafulilwa, emphasized the company’s commitment to partnering with the government and other sector players to advance the electricity sector and contribute to the socio-economic development of the country. “This is an affirmation of our commitment as CEC to partnering first of all with the government and indeed with other sector players to contribute to the advancement of the electricity sector and the social-economic development of our country,” he stated.

    CEC’s Managing Director, Mr Owen Silavwe, highlighted the significance of the project, remarking, “The combination of our Itimpi and our Riverside Solar Plants will deliver a total annual energy output of 186 GWh… The drought we have experienced this year is a wake-up call for the energy sector to be at the centre of driving lasting solutions that will ensure a consistent power supply to our economy at all times.” Read More
    Investee Companies, Investee Company News

    Luanshya 28 Mine Shaft Project Explained

     

    President Hakainde Hichilema recently commissioned the process of de-watering the flooded 28 Shaft at Chinese-owned CNMC Luanshya Copper Mines in Luanshya.

    The pumping out of water from 28 Shaft will pave the way for the commencement of actual copper mining at the site which has been dormant for over 20 years.

    According to CNMC Luanshya Copper Mines – Manager Corporate Affairs – Sydney Chileya, the $500 Million project will see water pumped out from 14 and 18 Shafts that are aligned to the famous 28 Shaft.

    Mr. Chileya has revealed that the process of pumping out water from the three shafts is expected to commence on April 29 and will last between 18 and 21 months.

    At the peak of the project about 3000 jobs are anticipated to be created.

    “That project will create about 3000 jobs in total, which will be about 1,800 direct jobs and 1,200 contractual jobs. The 28 shaft is going to have its own concentrator, so we are constructing a concentrator about two to three kilometers away from 28 Shaft. That is a treatment plant for the copper to be coming from 28 Shaft,” Mr. Chileya told Radio Icengelo News.

     Read More