MOPANI Copper Mines (MCM) projects to start producing about eight million tonnes of copper ore per annum in the next three years. And MCM has handed over community projects it undertook in Mufulira district to Government.
The projects include an extended wire fence at Mufulira Correctional Facility, a wall fence around the district administration offices, the subordinate court and Mufulira Central Police Station.
Source: Daily Mail
Copperbelt Energy Corporation Plc
[Incorporated in the Republic of Zambia]
Company registration number: 39070
Share Code: CEC
ISIN: ZM0000000136
[“CEC” or “the Company”]
Copperbelt Energy Corporation Plc (“CEC” or “the Company”) is pleased to inform its Shareholders and the general public that the Company has signed a long-term contract to supply up to 78MW of electricity to Metalkol SA (“Metalkol”), a major cobalt and copper tailings reprocessing operation in the Democratic Republic of Congo (“DRC”). Metalkol, which is owned by Eurasian Resources Group (“ERG”), a leading diversified natural resources group, is also a low-cost hydro-metallurgical facility.
The contract, agreed with Metalkol and DRC’s national electricity company Societe National d’Electricite (“SNEL”), secures electricity supply to Meltakol for up to ten years in two phases.
The first phase, to deliver a total of 62MW, will run until the second quarter of 2019; following which power supply will ramp up to 78MW per year during the second phase and for the remainder of the contract.
The Company’s Managing Director, Owen Silavwe, has described the agreement as a demonstration of CEC’s commitment, agility and promise to meet the specific and unique requirements of customers in Zambia and the DRC market, and a reaffirmation of the Company’s growing partnership with SNEL and the mining community in the DRC.
Benedikt Sobotka, CEO of Eurasian Resources Group, commented that “This is an important milestone in the progress of the Metalkol project, a unique development for the global battery industry. It is an example of sustainable and environmentally conscious treatment of the local environment, and of our wider strategic ambitions in Africa. Together with our partners, who are vital companies in their respective countries, we have found an effective solution to guarantee a reliable electricity supply, which has previously been an issue in the region.”
SNEL’S Director General, Jean-Bosco Kayombo Kayan, said the trilaterak agreement signed with CEC and Metalkol demonstrates SNEL’s willingness to serve its customers by offering expertise in the Southern African energy market.
Issued in Lusaka, Zambia on Thursday, 2nd August 2018
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First Issued on Friday, 27th July 2018
AN AUSTRALIAN company says it will spend US$25 million (K250 million) on drilling five shafts and on a two-year feasibility study for the establishment of a new underground mine in Chililabombwe between now and 2020. And Government says establishment of new mining projects in the country is expected to increase copper production from the current 850,000 to over a million tonnes of copper in the next few years.
The company, EMR Capital, in December last year took over Lubambe Copper Mine (LCM) in the mining border town.
Source: Zambia Daily Mail
State owned ZCCM IH has increased its shareholding in Investrust Bank Plc from 45.4% to 71.4%.
This follows the announcement of the mandatory offer by ZCCM-IH to the minority shareholders of Investrust issued on 21st March 2018.
The mandatory offer by ZCCM-IH which opened on 9th April 2018 and closed on Monday, 30th April 2018 recorded a total of 2,125,890 shares tendered for sale to ZCCM-IH.
This level of acceptance represented 26.0% of the total shareholding in the Bank.
According to a notice from the Lusaka Securities Exchange, the ZCCM-IH Board acknowledges the overwhelming success of the mandatory offer and looks forward to better prospects for Investrust.
Source: Lusaka Times
1. Background
1.1. Shareholders of ZCCM Investments Holdings PLC (“ZCCM-IH”) and Investrust Bank Plc (“Investrust” or “the Bank”) are referred to the announcement of the mandatory offer by ZCCM-IH to the minority shareholders of Investrust issued on the Stock Exchange News Services (“SENS”) on Wednesday, 21st March 2018.
1.2. The mandatory offer by ZCCM-IH to the minority shareholders of Investrust opened on Monday, 9th April 2018 and closed on Monday, 30th April 2018.
2. Results of the Mandatory Offer
2.1. At the close of the Offer, a total of 2,125,890 shares were tendered for sale to ZCCM-IH. This level of acceptance represents 26.0% of the total shareholding in the Bank.
2.2. Accordingly, the mandatory offer increased ZCCM-IH’s shareholding in Investrust from 45.4% to 71.4%.
3. Conclusion
3.1. The ZCCM-IH Board wishes to acknowledge the overwhelming success of the mandatory offer and looks forward to better prospects for Investrust.
| By Order of the Board Chabby Chabala – Company Secretary ZCCM Investments Holdings Plc |
By Order of the Board Cuthbert K Tembo – Company Secretary Investrust Bank Plc |
Issued in Lusaka, Zambia on Thursday, 17th May 2018
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First Issued on Thursday, 17th May 2018
The Directors of Copperbelt Energy Corporation PLC (“CEC”) are pleased to announce the release of the annual report for the year ended 31 December 2017. Below is an extract from the Chairman’s Statement.
Our role, as a business, extends far beyond providing electricity that keeps the wheels of mining, and the Zambian economy, turning. We enable economic growth, contribute to job creation and skills development. We invest in the social transformation of individuals, people groups and the larger society through different forms of social investments; including but not limited to infrastructure development, training, education and local human capital development. We see that our traditional role as electricity provider of choice to the mining industry will continue even as certain aspects evolve in line with relevant changes in both the mining and energy industries, technological and other external factors. Our Managing Director, in his performance review, delves into the detail of the key market developments of 2017 on our radar…
The board oversees the process to set, review and plan strategy which is reconfirmed at the start of each year. In 2017, the strategy was reviewed for the five-year period 2017 to 2021. Management presented a seven-pillar strategy that seeks to modernise and efficiently manage the CEC network; consolidate our regional market position; realise multiple power sources; enhance stakeholder engagement; support the realisation of a robust tariff setting and migration path; provide management services and invest in viable generation and transmission projects aligned to our core business…
Our Company aims to embed sound corporate values into every day decisions, processes and operations in order to ultimately build a culture of transparent, accountable and sustainable business conduct. Working and acting with integrity at all times is integral to our continued business success…
The business exists to create value for our principal stakeholders and one way in which we return value to our shareholders on their investment is through a distribution of profits through dividend. Declaration of a dividend is a matter for our board. Our policy provides for payout of 50% of earnings subject to the availability of cash, reserves and having provided sufficiently for working capital and other obligations. A cash dividend of USD21 million was paid out to our ordinary shareholders, an increase of 28% over 2016 (USD16.4 million)…
Our focus is the execution of our strategy to achieve sustainable performance and create sustained value for all stakeholders. This will be enabled by our adherence to sound governance principles and actions, effectively mitigating our risks, engaging with all our stakeholders successfully, and developing and retaining the relevant skills in our business…
I am grateful to my fellow directors currently serving on our board for their invaluable contributions and their active participation in setting the Company’s strategy in the past year. I also thank those who stepped down during the year and welcome the new directors.
I am grateful for the hard work, dedication and commitment of our Managing Director and his management team. I congratulate them for delivering on the CEC strategy and for presiding over the improvements in financial, operational and social performance recorded in the reporting period. My heartfelt gratitude also goes to all the staff for their efforts, without which we may not be posting this performance. I thank our customers for showing their continued confidence in us through their business.
Hanson Sindowe
Chairman
Source: Copperbelt Energy Corporation
Vedanta Resources today announced the appointment of Ms Deshnee Naidoo, as the Chief Executive Officer – Africa Base Metals. Ms Naidoo’s appointment signals the Vedanta group’s ongoing commitment to enhancing its African operations, and will seek to identify and drive synergies across these operations in terms of operational excellence, procurement, marketing, people development, and the investment in communities, in line with the group’s vision of business with purpose.
Ms Naidoo will combine the leadership of Konkola Copper Mines (KCM), in Zambia, and Vedanta Zinc International (VZI), in South Africa and Namibia, as well as Copper Mines of Tasmania. In this role she will also assume responsibility of Chief Executive Officer, KCM and will drive synergies across ZI and KCM. Ms Naidoo’s appointment coincides with the departure of Steven Din, KCM’s current CEO, who will leave Vedanta group this July.
Ms Naidoo joined Vedanta Resources in 2014 with over 20 years’ experience in the resources industry, including platinum, thermal coal and manganese. Prior to joining the Vedanta Group, she was Chief Financial Officer of Anglo American Thermal Coal, South Africa. As CEO of VZI she has led the development of the US$400 million Gamsberg Project, which will come into production in mid-2018, as well as the development of the Pit 112 Project at Skorpion Zinc.
Chairman of Vedanta Resources, Mr. Anil Agarwal commented, ‘’Deshnee has successfully brought on new production at Gamsberg and won the respect and confidence of the teams that she leads. I’m delighted that we have a woman leader from Africa at the helm of our African operations. We have strong ambitions for our business in Africa and Deshnee is committed to deliver on these.’’
KCM is one of the most attractive resource assets in the world with potential to reach 400 ktpa of integrated copper production in the near term. The Southern African operations have the potential to become one of the largest zinc producing regions in the world, while the investment in KCM will enable Zambia to become the largest copper-producing country in Africa.
Speaking about Steven’s move, Mr. Agarwal said, “We warmly thank Steven for all his valuable contribution to Vedanta and KCM over the last four years, where he successfully steered the business through one of the major copper price slumps. He enhanced the safety culture and initiated a programme to transform KCM and aligned the workforce to Vedanta’s vision to produce 400,000 tonnes Copper. I wish him every good fortune and thank him for his services to Vedanta, KCM and to the communities in the Copperbelt and Zambia. Steven’s departure from KCM creates the opportunity for Deshnee to step into the CEO – KCM role whilst the larger Africa role enables more collaboration and synergies across the continent and Southern Africa”.
About Vedanta Zinc International
Vedanta Zinc International (VZI) – headquartered in Johannesburg, South Africa – is a grouping of zinc assets located in South Africa, Namibia and Ireland, owned by India-based Vedanta Limited, a listed subsidiary of Vedanta Resources plc.
Operations include:
• Black Mountain Mining (BMM) and the associated flagship Gamsberg Project in South Africa’s Northern Cape province;
• Skorpion Zinc Mine and Refinery in the //Kharas region of Namibia.
Mining and milling at the Lisheen Mine in Ireland was concluded in December 2015 after 17 years of operation and the mine is currently in an active closure mode.
VZI’s vision is to create an integrated world-class regional zinc complex comprising the BMM (including Gamsberg) and the Skorpion Zinc mining and refining operations. To date, Vedanta Resources has invested over $1.7 billion in Southern Africa, and contributed over R100 million in CSR projects in South Africa and Namibia over the last 5 years.
About Konkola Copper Mines
Konkola Copper Mines Plc (KCM) is one of the leading integrated copper producers in Africa, and aims to become a major global copper producer. KCM is primarily engaged in the exploration for, mining, production and sale of copper and copper by-products.
KCM’s operations are located in the Copperbelt and Central Provinces, and include open pit mines, underground mines, several concentrators, a leaching plant, a state-of-the-art flash smelter, a modernized refinery and a sulphuric acid plant. We recently sank Zambia’s first post-independence era mining shaft as part of the Konkola Deep Mining Project (KDMP). This 1,500 metre shaft has ensured KCM’s longevity, by allowing for the access of the deep Konkola ore body and extending the mine life by over 25 years.
KCM is currently one of Zambia’s largest private sector employers with over 13,000 employees.
The state-owned mining company Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) is the other shareholder in KCM, controlling a 20.6% stake in the company. KCM enjoys a strong relationship with the Zambian government and is a committed partner in improving the economic prospects of the country through our operations and other activities
About Vedanta Resources plc
Vedanta Resources plc (Vedanta) is a London listed diversified global natural resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Liberia, Australia and Sri Lanka. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. For more information, please visit www.vedantaresources.com.
Source: vedanta zinc international
LUSAKA, ZAMBIA – First Quantum Minerals has recorded a 39 per cent increase in production at its Sentinel mine in the first quarter of 2018, compared with the same period of last year.
While the company’s Kansanshi smelter at Solwezi exceeded its target for the quarter, with 350,591 tonnes of concentrate processed.
The mining firm has also reported comparative earnings of US$49 million, even after a US$121 million loss realised under a programme to hedge copper sales, for which no tax credit is available.
“We are pleased with the quarter’s results in all aspects of the company. The solid performances at our Zambian operations are of particular note considering the severity of the seasonal rains,” noted FQM Chairman and CEO Philip Pascall, after the company released its first quarter 2018 financial and operating results on Thursday.
In executing several proactive measures to strengthen the balance sheet and improve liquidity, the global mining company FQM ended the quarter with US$810 million in net unrestricted cash and cash equivalents, US$1,670 million of committed undrawn facilities and in full compliance with all financial covenants.
The mining firm has also put in place a new US$400 million five-year term facility agreement in the subsidiary that owns the Sentinel mine. Repayments are scheduled to start in December 2019.
The mining firm also completed a US$1.85 billion senior note programme, which will be used to repay an existing term loan facility, the outstanding balance on a revolving credit debt facility, fees associated with the offering and for general corporate purposes.
“With the reduction in our copper forward sales contracts, the value of maintaining our capital investment programme through a challenging economic environment is becoming more visible. The significant turnaround in our financial results from a year ago is indicative of First Quantum’s enhanced earnings and cash generating capability. This is expected to grow substantially when Cobre Panama begins commercial operations,” said Mr Pascall, referring to the company’s massive US$5.48 billion Cobre Project in Panama, which will become one of the largest copper mines in the world.
“While we had several successes in the quarter, we also had a few challenges. Such occurrences are not unexpected in the resource industry with the onset of improved commodity prices and sentiment. While this can be momentarily distracting, these matters do get resolved through open discussion and transparency which we are committed to,” Mr. Pascall concluded.
-Ends-
About First Quantum Minerals Ltd
First Quantum Minerals Ltd is a global metals and mining company producing mainly copper, gold, nickel and zinc. The company’s assets are located in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Argentina and Peru.
In 2017, First Quantum produced 573,963 tonnes of copper, 199,736 ounces of gold and 17,837 tonnes of nickel.
In Zambia it operates the Kansanshi mine – the largest copper mine in Africa – and smelter and the Sentinel mine in Kalumbila.
The company is listed on the Lusaka and Toronto stock exchanges.
https://www.first-quantum.com/
Source: LANGMEAD & BAKER
ZCCM Investments Holdings PLC (“ZCCM-IH”) Files a Notice of Arbitration against Kansanshi Holdings Limited and Kansanshi Mining PLC.
On 26 October 2016, ZCCM-IH filed a Notice of Arbitration in London against Kansanshi Holdings Limited and Kansanshi Mining PLC for various Claims arising from transactions between Kansanshi Mining Plc and FQM Finance Limited. ZCCM-IH applied to the Arbitral Tribunal to bring a derivative claim on behalf of Kansanshi Mining PLC which application was heard on 10-12 January 2018.
Further to the Cautionary Renewal released by ZCCM-IH on 6th February 2018, regarding these matters and in compliance with the requirements of the Securities Act No 41 of 2016 and the General Obligations of Disclosure under the Continuing Obligations of the Listings Requirements of the Lusaka Securities Exchange, shareholders are informed that on 22nd February the Tribunal denied ZCCM-IH permission to bring its proposed derivative claim on behalf of Kansanshi Mining PLC.
On 22nd March 2018, following the award denying permission, ZCCM-IH filed an Arbitration Claim in the Commercial Court in London applying to challenge the award dated 22nd February 2018.
Shareholders of ZCCM-IH are accordingly advised to exercise caution when dealing in securities of the Company until further information is published.
By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on Tuesday, 10th April 2018
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First Issued on 1 November 2016
Misenge Environmental and Technical Services Limited (METS) earned a total of K5.48 million (unaudited) as revenue for the year ended 31st March 2018 (2017: K8.80 million). Of the revenue, K4.6 million was realised from recurring services to ZCCM-IH (2017: K2.63 million) and K0.88 million was from non ZCCM-IH sources (2017: K6.17 million). METS recorded a net loss of K4.5 million (2017: K1.22 million loss).
During the year under review, ZCCM-IH purchased and installed the Fume and Dust extractors at the Kabwe Analytical Laboratory. The process of Accreditation of the Analytical Laboratory to the Southern African Development Community Accreditation Services (SADCAS) begun during the year under review.
There were no dividends declared during the year under review (2017: Nil).