Kariba Minerals Ltd Extract from 2018 Annual Report

Kariba Minerals Limited (KML) reported total revenue of K17.18 million for the year ended 31 March 2018 (2017: K20.64 million). KML reported a net loss of K10.22 million during the financial period under review (2017: K3.45 million loss).

For the year ended 31st March 2018, KML produced a total of 627.52 tonnes of commercial grade amethyst (2017: 712.18 tonnes) and produced 3.54 tonnes of high grade amethyst (2017: 1.86 tonnes). KML ore production was at 11,273 tonnes (2017: 10,517 tonnes). KML held an auction in February 2018 in Jaipur, India during the period under review. A total of 3.35 tonnes of high grade amethyst valued at US$270,000 was sold at the auction. Additionally, KML introduced 1.50 tonnes of a new medium grade amethyst at the auction for the first time and it sold above its reserve price. KML going forward plans to have a schedule of the new medium grade amethyst at the auction.

There were no dividends declared during the financial year under review (2017: Nil).

Maamba Colliers LTD Extract from 2018 Annual Report

Maamba Collieries Limited (MCL) reported total revenue of K1,172.00 million (US$122.73 million) for the year ending 31st March 2018 [(2017: K100.38 (US$10.18 million)] and had profit after tax of K148.87 million (US$15.59 million) [(2017:K211.2 million (US$2.15 million)]. The increase in revenue and profits was due to the recording of all revenue and costs from the Thermal Power Plant from the commercial operating date in August 2017. The company’s assets exceeded its liabilities by K1,172.1 million (US$123.50 million) as at 31st March 2018 (2017: K1,037.1 million (US$107.92 million). Additionally, the company had accumulated losses amounting to K675 million (US$70.69 million) [(2017: K842.72million (US$87.69 million)].

During the year under review, the 300MW Thermal Power Plant together with the 330kV Transmission Line and Kariba Water Pumping System were taken over from the respective Engineering, Procurement and Construction (EPC) Contractors by MCL. MCL is now operating and maintaining the facilities through its Operations and Maintenance (O&M) Contractor.

MCL extracted 530,030 tonnes of high grade coal (2017: 355,126 tonnes) and 120,893 tonnes of low grade coal (2017: 188,325 tonnes). Coal transported to the Power Plant was at 1,076,216 tonnes (2017: 555,810 tonnes). The Coal Handling and Processing Plant throughput was at 168,934 tonnes (2017: 199,487 tonnes).

The revenue and financial position of the company is expected to improve going forward given the commissioning of the Thermal Power Plant.

There were no dividends declared during the year under review (2017: Nil).

Kansanshi Mining Plc Extract from 2018 Annual Report

Kansanshi Mining Plc (KMP) had sales revenue of K15.66 billion (US$1.64 billion) [(2016: K 14.51 billion US$1.5 billion)] for the financial year ended 31st December 2017. Gross profit of K6,263.65 million (US$656 million) was higher than that the K1,929.18 million (US$188 million) reported in 2016 on a combination of the increase in sales revenues and lower operating costs.

Copper production for the financial year ended 31st December 2017 was 250,801 tonnes, 1% lower than 2016 (253,272 tonnes) primarily due to lower plant recovery on the sulphide circuit, reflecting the drive to improve the concentrate quality and treatment of weathered material and lower copper recovery on the oxide circuit caused by changes in the ore mineralogy. Copper production was also impacted by reduced mixed final tails processed through the leaching circuit before and during the third quarter smelter shutdown to manage the onsite acid inventory.

Gold production was 140,595 ounces, about 5% lower than in 2016 mainly due to lower concentrate production. AISC (All-in Sustaining Cost) of $1.54 per lb. was $0.03 per lb. lower than 2016. Higher deferred stripping and royalties, treatment and refining charges and a lower gold by-product credit were offset by a credit to site administration costs. The credit followed a review of recoverable costs and operational provisions in the second and third quarters. Higher royalty costs resulted from higher royalty rates, which range from 4% to 6% depending on the underlying copper price.

The Kansanshi Smelter achieved record production and throughput in 2017, having treated 1,211,740 DMT (Dry Metric Tonnes) of concentrate, a 6% increase over 2016 despite the planned third quarter shutdown. Production totalled 297,553 tonnes of copper anode and 1,128,000 tonnes of sulphuric acid, each 16% and 2% higher respectively than 2016. The quality of concentrate treated improved significantly with over 26% copper in concentrate grade compared to 23% recorded during 2016. The overall copper recovery rate achieved was 96%. Production in 2018 is expected to be approximately 240,000 tonnes of copper, and approximately 145,000 ounces of gold. The High Pressure Leach circuit is expected to be in operation throughout 2018, with a 70-day planned maintenance shutdown for relining expected to occur during the second and third quarter of 2018.

At the Board meeting held on 22 March 2018, the Directors proposed dividend payments of K740 million (US$78 million), split as K180 million (US$19 million) related to the year-end 31st December 2016 and K560 million (US$59 million) for the year ended 31st December 2017.

CNMC Luanshya Copper Mines Extract from 2018 Annual Report

CNMC Luanshya Copper Mines Plc (CNMC) recorded a turnover of K2,559 million (US$268 million) for the year ended 31st December 2017 (2016: K1,701 million (US$172 million). The profit after tax was K 353 million (US$37 million) (2016: K3.79 million (US$ 0.397 million loss)).

CNMC planned to produce 33,000 tonnes of copper in 2017, the actual volume produced was 43,177 tonnes as a result of increased mined volumes at Muliashi mine. Baluba mine remained under care and maintenance during the year with the total care and maintenance costs being K121.26 million (US$12.9 million) in 2017. Works to bring it back into production commenced in the first quarter of 2018.

There were no dividends declared during the year under review (2016: Nil).

CEC Africa Extract from 2018 Annual Report

Revenue for year ended 31st December 2017 largely remained relatively flat at K2,070.2 million (US$216.8 million), a 6% decrease from the previous year. This is despite the slight improvement in billing efficiency at Abuja Electricity Distribution Company Plc (AEDC) on the back of low energy supply growth.

The company incurred a net loss for the year ended 31 December 2017 of K2,578.5 million (US$270.05 million) [(2016: Loss K 942.73 million (US$91.87 million)] and, at that date the company’s total liabilities exceeded total assets by K3,171.58 million (US$318.65 million) [(2016: K479.58 million (US$48.60 million)]and the current liabilities exceeded its current assets by K6,279.87 million (US$631.00 million) (2016: K3,331.73 million US$337.63 million).

The Group continued to expend significant effort to further restructure the US Dollar denominated acquisition finance facility that was obtained from UBA to finance the acquisition of 60% of AEDC through KANN Utility Company Limited (KANN). Interest payments on the facility are current.
In Nigeria, the implementation of the Power Sector Recovery Program (PSRP) commenced signalling the commitment of the Federal Government to ensure commercial viability of the entire power sector value chain, including, ultimately delivering optimal benefit to the end users. In the short to medium term, it is expected that the application of the PSRP principles will turn the CEC Africa asset, the Abuja Electricity Distribution Company Plc (AEDC) into a profit making entity.

No dividends were declared and paid by the Company during the year (2016: Nil).

50 families to pave way for 600m Masaiti Cement Plant

ABOUT 50 Households are expected to be displaced to pave way for the construction of a US$600 million dollar Cement factory in Masaiti District on the Copperbelt Province.
ZCCM Investment Holding (IH) Cement Stirring Committee Chairperson.

Mwila Lumbwe said ZCCM-IH is partnering with Central African Cement Limited which is spearheading the development of the project in Masaiti.

In July last year, President Edgar Lungu graced the ground breaking ceremony of the $600 million cement project.

Mr Lumbwe said the project that would take 36 months to complete, would create a thousand jobs in various fields during construction phase and after completion, 400 permanent jobs would be created.

“It is our hope that the people in Chief Chiwala’s area will benefit from the new opportunities that will be created by Central African Cement,” he said.

Mr Lumbwe said the 47 households that would be displaced were in the factory area adding that others that farmed in the same area, would also be compensated, and the value minimum for construction for each house hold would be K108, 000.

He also said the project was said to revive Ndola Lime with the intention of having Ndola Lime supply Lime stone which was the basic product which would help in Cement production.

Mr Lumbwe said it would significantly enhance the capacity of Ndola Lime Company.

He said the Cement factory was one of a few real value added industries in the country because a lot of other products were imported.

Mr Lumbwe said it would enhance value chain in terms of procurement because lime stone would be procured from Ndola Lime while gemstone procured from a gemstone supplier in Mpika which would locally enhance business climate on the Copperbelt.

He said essentially the plant would generate 57 mega watts of power which would be significant for the Zambian economy.

Mr Lumbwe said the plant would use 20 mega watts leaving a surplus of 38 mega watts which would be released into the grid and possibly exported, adding that the plant would bring opportunities for the Zambian economy at large.

Copperbelt Permanent Secretary Bright Nundwe said the factory would sit 75 hectares adding that no one would be affected in terms of displacement and decent houses would be built for them before relocation.

“This is a very good project, but the moment someone starts mourning it will be bad so there must be proper issues of significant planning.

Before a machine lands on any piece of land, ensure that the people displaced have where to go. Make sure the people are excited and not mistreated,” he said.

Mr Nundwe further added that the project should be well sustained and in order because Copperbelt was the heartbeat of Zambia.


Source: Times of Zambia

CNMC Luanshya Copper Mine to pump US$13 million to reopen Baluba Mine

China Nonferrous Mining Corporation Luanshya Copper Mine says US$ 13 million will be pumped into the reopening of Baluba mine.

CNMC Luanshya Copper Mine Deputy Chief Executive Officer, Wang Jingjun said the firm was looking forward to reopen Baluba mine this year after the increase in copper prices on the international market.

Mr. Wang has stated that the reopening of Baluba mine will be enhanced by concerted efforts with the government and the community of Luanshya town.

He has appealed to members of the public to take time to understand and appreciate the challenges the mining company was facing such us increment in the price of sulphuric acid, electricity tariffs by Copperbelt Energy Corporation and paying back of the loan especially now that the operations of Baluba mine were about to resume.

And Luanshya Mayor Nathan Chanda is happy with china nonferrous Mining Corporation, Luanshya copper mine’s plans to reopen Baluba mine in 2018.

Speaking during a meeting with CNMC Luanshya Copper Mine Deputy Chief Executive Officer, Wang Jingjun held at the Mine’s Head Office in Luanshya on Thursday, Mr. Chanda has called on CNMC Luanshya copper mines to support local suppliers and contractors once Baluba opens.

Mr Chanda also urged the mine to employ as many local people as possible in the Baluba mine workforce and first consider all those who are on forced leave and those who may had left on voluntary separation scheme.


Source: Lusaka Times

KCM pays ZCCM-IH $70 million

KALONDE NYATI, Lusaka
KONKOLA Copper Mines (KCM) has paid out about US$70 million to ZCCM-Investment Holdings (IH) in claims as at December last year.

ZCCM-IH chief executive officer Pius Kasolo said in an interview on Monday that KCM has been making monthly payments to the company.

In 2016, the English High Court granted default judgment in favour of ZCCM-IH in its claim against KCM, brought pursuant to a settlement agreement entered by the parties in 2013, for a sum of US$103 million.

The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between ZCCM-IH and KCM.


Source: Zambia Daily Mail Limited

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Source: SATPRNEWS

Konkola Copper Mines commissions new x-ray facilities

Konkola Copper Mines has commissioned new, state of the art x-ray medical facilities at its Nchanga South Hospital in Zambia valued at over US$135 000.

The x-ray facilities are expected to speed up radiological diagnostic services for the Konkola Copper Mines medical services which currently serve a catchment population of over 63 000 in four towns, namely: Chililabombwe, Chingola, Kitwe and Nampundwe.

Chingola District Commissioner Mary Chibesa, who commissioned the facilities, said that the facilities would not only benefit mine employees and commended Konkola Copper Mines for their longstanding partnership with the government to delivering quality healthcare.

“My government appreciates the long standing relationship with Konkola Copper Mines and it is our desire to sustain this mutual cooperation aimed at improving the quality of life of the Zambian people,” she said.

Acting Konkola Copper Mines CEO, Enock Mponda, reiterated the company’s commitment to the health and safety of its employees as top priority and stated that the company would continue to ensure that the health and safety of its workforce remained paramount as it embarks on its rigorous growth plan.

“The health and safety of our people is the number one priority for management. By firstly providing our employees with the best possible health care and ensuring that everyone is healthy and well, only then can we can focus on growing production and taking Konkola Copper Mines to even greater heights,” he said.

Konkola Copper Mines manager for medical services Edward Chilekwa hailed the new facilities as a big step in raising the standards of radiological diagnostic services and overall patient care at the Konkola Copper Mines medical facilities.

“The x-ray machine is something we have been looking forward to and it couldn’t have come at a better time than this as it will help us improve diagnostic quality. I am positive that this upgrade will enable our staff to serve patients in much more efficient manner,” said Dr. Chilekwa.


Source: Mining Review