All Posts

Investee Company News, ZCCM-IH News

KCM still owes ZCCM-IH over US$59m – report

KONKOLA Copper Mines still owes ZCCM-IH over US$59 million under a Settlement Agreement that was signed in February 2013, according to the latest Auditor General’s report. The Auditor General’s Report on Accounts of Parastatal Bodies and other Statutory Institutions for the 2013 financial year stated that the mining company did not honour a Settlement Agreement signed between the two entities and has an outstanding balance due to ZCCM-IH amounting to US$59,684,655. According to the report, a Settlement Agreement had been signed on February 11, 2013, as a full and final settlement of all claims due under or pursuant to the Price Participation Agreement, which KCM had failed to honour previously.

“KCM Plc agreed to pay ZCCM-IH amounts totalling US $119,744,655 over a period of four years in line with the payment schedule as follows: US$46,324,655 to be paid on or before August 31, 2013; US$73,420,000 to be paid on or before September 30, 2016 in accordance with the payment schedule,” read part of the report. “However, as of September 2014, KCM Plc had not honoured the Settlement Agreement and had only paid a total amount of US$16,500,000 out of US$76,184,655, which was due as of September 30, 2014, leaving a balance of US $59,684,655.” The report stated that although KCM failed to honour the Settlement Agreement, ZCCM-IH, on the other hand, also failed to trigger an enforcement clause stipulated in the Agreement. “The agreement stipulated that in case KCM failed to pay a deferred amount at the next instalment date, ZCCM-IH was permitted to take legal action for monies owed through the English courts or by arbitration in respect of the deferred amount and any interest that would have accrued pursuant to clause 5. Contrary to clause 5 of the Agreement, as of November 2014, there was no evidence to show that ZCCM-IH had taken any legal action for monies owed,” it stated.

The report also revealed that ZCCM-IH has had “poor performing loans” with Ndola Lime Company Ltd, with the latter having failed to pay the former over US$7 million in an instalment due last June. “On 29 July, 2011, ZCCM-IH signed a loan agreement with Ndola Lime Limited an amount of US $26,000,000. A review of the agreement repayment schedule and accounting records revealed that Ndola Lime Limited should have repaid a total of US$7,356,990 as at June 30, 2014. However, Ndola Lime Limited had not made any payments to ZCCM-IH as of August 2014 and ZCCM-IH had not enforced the default clause of the contract,” stated the report.
Corporate Announcements

ZCCM-IH | Trading Statement – Dec 2014

In accordance with the Lusaka Stock Exchange Limited (“LuSE”) Listings Requirements, the Board of Directors advises the Shareholders of ZCCM Investment Holdings PLC (“the Company”) that for the interim period ended 30 September 2014, the basic earnings per share is expected to be 119% lower, and the headline earnings per share is expected to be 119% lower, than those for the interim period ended 30 September 2013.

The decrease in profitability was largely due to lower turnover on account of lower performance of the Company’s investments in the mining sector amidst continued reduction in copper prices on the International markets. The price of copper has reduced by 7.6% from US$7300 per tonne in September 2013 to US$6748 per tonne at 30 September 2014.

Shareholders are advised that the information contained in this trading statement has not been reviewed or reported on by the external auditors of the Company.

The Company expects its results for the interim period ended 30 September 2014 to be released via the LuSE SENS and published in the local press on or about 23 December 2014. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results.

Lusaka, Zambia ‑ 22 December 2014

LUSAKA STOCK EXCHANGE SPONSORING BROKER

STOCKBROKERS ZAMBIA LIMITED
MEMBER OF THE LuSE and REGULATED BY THE SECURITIES AND EXCHANGE COMMISSION OF ZAMBIA

T: +260‑211‑232456
W: www.sbz.com.zm
Industry News

Economy stable, says Stockbrokers Zambia

0 Comments

STOCKBROKERS Zambia Limited says there has been no radical economic shift as the capital market remains stable in the transition period.

Meanwhile, Lusaka Stock Exchange (LuSE) last week recorded a 15.27 percent gain with the turnover standing at K9.2 million.

Stockbrokers Zambia Limited chief executive officer Chanda Mutoni said the outcome of the January 20 election is unlikely to pose radical economic shifts resulting in continued stability in the capital market.

“We are confident that economic fundamentals will remain strong, policy-wise, we do not expect any radical shifts regardless of the outcome of the election. We expect a stable and smooth transition.

“We ushered in a new Government in 2011 but essentially, there was no radical shift policy-wise and we expect it to be the case this time around,” Mr Mutoni said in an interview on Monday.

Giving an overview of the capital market in 2014, he said the sector has performed well citing Lafarge Cement and ZCCM-Investment Holding (IH) as major contributors to the market recording historic transactions.

“We recorded large transactions this year with Lafarge Cement being the largest at US$60 million, the Lafarge transaction alone equalled the turnover of 2013.The ZCCM- IH debt restructuring of over US$400 million largest debt restructuring at the time out of which about US$50 to 60 million was new money raised,” he said.

The market also witnessed a new entrant, Madison Financial Services Plc, raking in about US$12 million while Zambia Sugar began its free-float compliance, which represents the portion of shares of a corporation that are in the hands of public investors as opposed to locked-in stock held by promoters, company officers, controlling-interest investors, or Government. The company raised about US$20 million.

In a separate interview, Stockbrokers Zambia Limited financial analyst Tapiwa Msusa said the market last week recorded about 15.5 percent growth, beating countries like Ghana, which recorded about 8.3 percent.

A total of 2.6 million shares were traded with a turnover of K9.2 million.

The major players included Bata Zambia at 163 percent; ZCCM-IH was at 134 percent and Zambia Breweries at 65.08 percent.

Trades were also recorded in Lafarge at 43.90 percent, Real Estate Zambia at 25 percent and British American Tobacco at 21.05 percent.

Others were Airtel at 19.64 while National Breweries and Madison Financial Services were 18.23 and 12.90 percent, respectively.

However, the commercial banks generally underperformed with Zanaco Bank shares declining by 6.67 percent, Standard Chartered Bank by 0.52 percentage point while Investrust Bank did not record any trading.

Source: Daily Mail
Investee Company News

Murray & Roberts makes progress on synclinorium shaft sinking project

Murray & Roberts Cementation Zambia has reported the completion of the sinking of the Synclinorium Shaft project in Kitwe, Zambia for its client Mopani Copper Mines (MCM).

“The last blast of the Main shaft took place on 30 September 2014 with the shaft at a final depth of 1 280.85 m below the shaft collar,” Murray & Roberts Cementation Zambia Project Manager Neil Mackay, says.

The scope of work comprised a blind sink of a 7m diameter downcast lined shaft with a bulk air cooler level, two electrical cubbies and two stations. The equipping and commissioning of the shaft commenced at the end of October with the erection of a new headgear, winder and roping up the shaft scheduled for 2015.

The Murray & Roberts Synclinorium shaft team has worked closely with the Mopani Copper Mine Synclinorium Project team towards the common goal of helping the project reach the safe stage where it is today.

Noteworthy achievements at the Synclinorium Shaft project to date include a record 96 m of sinking and lining achieved for the month of August 2013 and a Lost Time Injury Free figure of 290 days to date.

A challenge to date has been the pumping of up to 24 000 litres of ground water daily from the shaft. This groundwater is pumped to the surface from where it is diverted into a settlement pond for treatment.

“We intersected a 28 m dyke, from 1 040 m from 1 068 m, and sank through it without incident, a notable achievement given that the rock is very hard and susceptible to scaling. This has necessitated support to within 1 m of the shaft bottom in order to increase worker safety,” Senior Project Manager Wyllie Pearson, says.

Equipment deployed on the project by Murray & Roberts Cementation Zambia includes stage and kibble winders, a five boom jumbo shaft drill rig, a five deck working stage with a cactus grab, two mini excavators and an automated batch plant.

All equipment is serviced in a comprehensive on site workshop by a well trained team to ensure operational excellence and adherence to strengent safety measures.

The current date for commissioning of the shaft is December 2015.

Murray & Roberts Cementation Zambia has also pioneered several health and safety innovations at the Syclinorium Shaft project. These include a new system to replace the old system of hand signals and pull bells to communicate from the shaft bottom to the working stage platform.

The new system consists of a radio installed in a worker’s hardhat, with a built in speaker and microphone to enable hands free operation. The shaft bottom signalling system allows the sinker at the shaft bottom to give the kibble winding engine driver signals from a hand held unit.

Electronic alcohol testing equipment has also been deployed to measure the blood alcohol levels of all workers entering and leaving the site. The system is linked to the entrance turnstile and will not allow a worker to enter if he is in violation of the zero parameter.

Another innovation has been the introduction of directional rope lights on the stage to indicate to all workers which direction the kibble is at any given time.

While the Synclinorium Shaft represents Murray & Roberts Cementation Zambia’s first project for MCM, subsequent similar projects managed from its Kitwe office have underlined the contractor’s excellent track record in the country.

The team is 1 084 strong, comprising accountants, human resources coordinators, training facilitators and raise bore, mining and engineering teams.

Of these 141 are expatriate workers, ranging from management to shaft sinking specialists. A full project management, shaft sinking, raise boring and development portfolio offering is provided by Murray & Roberts Cementation Zambia, in addition to training and technical support.

Source: Mining News Zambia
ZCCM-IH News

ZCCM IH appoints Kasolo as new CEO ahead of the AGM in Lusaka

0 Comments

The Zambia Consolidated Copper Mines Investment Holdings, the country’s forerunner to Zambia Consolidated Copper Mines (ZCCM) has Dr. Pius Chilufya Kasolo as the new Chief Executive Officer of ZCCM-IH, effective 1 October this year, taking over from Mukela Muyunda.

The appointment of Kasolo by the ZCCM IH board, a PhD holder in Economic Geology from the University of Southampton, United Kingdom as well as an MSc in Mineral Evaluation from Nancy Ecole de mine, France comes into effect from 1 October this year, the company says in a statement posted on its website.
Kasolo also holds a BSc in Geology from the University of Zambia. He holds various other business and technical qualifications. Kasolo has over 20 years experience in the mining sector as a consultant and at senior management level, during which he has worked in, and provided consultancy services to, organisations with major international mining interests.

He has undertaken various high level research studies, consultancy assignments and evaluations in the mining industry and other business sectors for the European Union, BHP, the University of Southampton and the Zambia Revenue Authority among others.

Kasolo has held various senior positions in the mining industry including that of Exploration Manager for JCI Limited of South Africa (then Part of the Anglo American Corporation) covering various countries namely Ivory Coast, Burkina Faso, Senegal, Ghana, Mali and Gabon.

Kasolo has served as Director on several companies in Africa including Firestone an Australian Listed company, according to a statement by Cosmas Mwananshiku, the ZCCM IH NON-Executive Director.

Before Kasolo’s appointment, the incumbent was the owner and Chairman of Zambezi Holdings, a diversified Investment company and Chief Executive Officer for Zambezi Mining Services (a concrete lining products firm based in South Africa).

The Board takes this opportunity to congratulate and welcome Dr. Kasolo and is confident that he will contribute greatly towards the achievement of ZCCM-IH’s vision to become Zambia’s leading investment company.

Dr. Kasolo takes over from Mukela Muyunda who was ZCCM-IH’s CEO until 7 August 2014. The Board commended Kasolo’s predecessor, Muyunda for his valuable contribution to the Company during his tenure of office and wished him success in his future endeavors.

Business Week reported that Kasolo had before his appointment by ZCCM IH served as senior exploration geologist for SAMAX Resources Ltd. He is also a geologist and consults to a professional group on project evaluation and labour planning, it adds on its website.

Kasolo has extensive experience in the evaluation and management of mining projects, the formulation of company strategy, resource optimisation and business process analysis.

He worked in London as a consultant geologist for BHP Minerals International Exploration Inc.

He served as senior exploration geological consultant to the European Union (EEC). He has worked for JCI in South Africa and West Africa, as well as for Anglo American as consultant geologist. He serves a Director of Mmakau Mining (pty) Ltd.

Kasolo served as a Non-Executive Director at Firestone Energy Ltd. since January 28, 2011. He has also published various papers on geology.

Source: Zambia Informer
Industry News

Finance Minister announces changes to the mining tax system

0 Comments

In the recent 2015 budget speech last Friday, Finance Minister Alexander Chikwanda announced said ,that the Government would increase underground mining royalties to 8% from 6% as part of an effort to revamp the industry’s tax system.

The new 30% corporate processing and smelting tax introduced aims to maximise revenue collection at several stages of the production stream of the mineral resources

An extra 30% tax will be applied to income earned from “tolling”, industry-speak for an agreement to process another producers raw materials.

In addition to that a 20 percent mineral royalty will now apply on all open pit mining operations in the country as a final tax.

The tax system in the Zambian mining industry has been in the limelight due to the unresolved VAT refund issue with the tax authorities after the mining companies failed to furnish import certificates from destination countries.

Zambia Revenue Authorities has been withholding $600-million in VAT refunds owed to mining firms after.

The Finance Minister however said that iyt would like to see his Government resolve with issue with the mining companies amicably.

Mopani Mines has since threatened to halt mining expansion projects due to this unresolved VAT spat.

Source: Mining News Zambia
Corporate Announcements

ZCCM-IH | Notice of declaration of dividend

0 Comments

At the Annual General Meeting held on 07 October 2014, the shareholders approved a Final Dividend of K1.56 per share for the period ended 31 March 2014.

In accordance with the requirements of the Securities Act (Act No. 38 of 1993) and the Listing Rules of the Lusaka Stock Exchange (“LuSE”), Notice is hereby given that the dividend shall be payable to shareholders in the Company’s books as at close of business on Friday, 07 November 2014 (“Record Date”).

Dividend payments will be effected from Monday, 10 November 2014. Shareholders are advised to take note of the following dates applicable to the Stock Exchange on which their shares are listed and traded..

Shareholders on the LuSE and London Stock Exchange
The transfer books and register will be closed from Wednesday, 05 November to Friday, 07 November 2014 both days inclusive.

Shareholders on the Paris Marché Libre
The transfer books and register will be closed from Thursday, 06 November to Friday, 07 November 2014 both days inclusive.

By Order of the Board

Chabby Chabala
Company Secretary

08 October 2014
Industry News

ZCCM-IH declares K250m dividends

0 Comments

ZAMBIA Consolidated Copper Mines Investment Holdings (ZCCM-IH) shareholders have approved payment of a K250 million dividend to Government.

ZCCM-IH investor relations officer Joseph Lungu announced at a press briefing yesterday that the decision was made at the firm’s annual general meeting (AGM) in Lusaka.

“Today, our shareholders approved payment of a final dividend of K1.56 per share which had been recommended by the directors,” Mr Lungu said.

This is the first dividend that ZCCM-IH has paid since its transformation into an investment holding company in 2000.

Mr Lungu said the dividend has come as a result of the steps government took to convert the debt of K1.8 billion that ZCCM-IH owed it into equity through a clawback rights offer which was completed in March this year.

This has also led to the company raising K257 million as capital.

“This has really positioned the company strongly to exploit investment opportunities that will benefit the shareholders and the nation,” he said.

Mr Lungu said the capital market has recognised the steps the company has taken and this is evidenced by the performance in the share price.

He said this year alone, the company’s share price has gone up by 134 percent, valuing the company at over US$1 billion, which makes it one of the largest companies on the Lusaka Stock Exchange by market capitalisation.

“In fact, since 2011, the share price has gone up by 300 percent which is a remarkable return for our shareholders,” Mr Lungu said.

He also said the company has incorporated a representative of the minority shareholders.

Financially, the company performed well this year with a revenue of K803 million compared to K305 million in the previous year, representing a 163 percent rise.

The company’s profit after tax was K892 million from K567 million, while total assets were K8.7 billion from K7.3 billion.

The group had a revenue of K1 billion and profit after tax of K277 million.

Source: Daily Mail
ZCCM-IH News

ZCCM IH group pays US$40 mln in dividends to shareholders

0 Comments

Zambia Consolidated Copper Mines Investment Holdings, the London, Lusaka and Euronex listed group paid US$40 million in dividends to shareholders as share value rose.

The dividend of K1.56 per share to be paid to its shareholders since the company’s formation in 2002, the forerunner to Zambia Consolidated Copper Mines (ZCCM), entails that the owners or shareholders will pocket a total of K25,000,000 (US$40 million) next month during the share pay out, the company said in its report to shareholders during an Annual General Meeting held in Lusaka, Oct. 7.

The remittance of the dividends will be paid to shareholders on or before 7 September this year was achieved after the shareholders, Zambian Government inclusive made to convert the debt that the company owed into equity through the claw back rights offer process which was completed in March this year.

The claw back further entails that it eliminated the debt of K1.829 billion that made it difficult for the company to remit dividends to shareholders including the Government, which owns about 87 percent in the company. It further raised capital to K257 million and also repositioned the company to exploit investment opportunities to benefit the shareholders and the nation at large, the report stated.

The Capital Market further recognized the Company’s efforts to realign itself into a profit making venture as evidenced by the good performance in the share price, which this year alone, allowed the share price to jump to 134 percent, valuing the company at slightly over US$1 billion, making it one of the strongest companies trading its shares on the Lusaka Stock Exchange (LuSE) in capitalisation.

As at 2011, the share price had more than doubled to 300 percent, a remarkable return for the shareholders and with the dividend declared, the turn of events has been historical for the company that had for long grappled with escalating debts.
Earlier this year, the company considered the views and participation of the minority shareholders and decided to consider their participation in the company affairs and since appointed a non executive director, to serve their interests for the first time ever in the history of the company.

During the year 2014, the company revenue as a group rose 163 percent on the year, rising to K803,013,000 from a paltry K305,481,000 recorded a year earlier with profit after tax rising 57 percent to K892,657,000 from a low K567,925,000 earlier.
Total Assets rose 19 percent to K8752,010,000 from K7,359,067,000 reported last financial year, with the group revenue rising to K1,000,538,000 from K520,104,000 in 2013 with profit after tax recording in excess of K277,186,000 from K762,021,000 a year earlier, the report added.

“ZCCM IH is now well placed and poised for the future. With our mission to maximize shareholder value as our guiding principle, we aim to use our strong financial position to make sustainable investments that will continue to benefit our shareholders now and in future,” the report stated.

ZCCM Investments Holdings Plc (ZCCM-IH) is one of Zambia’s prime investments holdings companies with the majority of its investments in the copper mining sector of Zambia.
It is quoted on the Lusaka, London and Euronext Stock Exchanges. The Company’s shareholders are the Government of the Republic of Zambia (GRZ) with 87.6 percent shareholding and private equity holders with 12.4 percent. Minority shareholders are spread throughout the world in various locations.

ZCCM-IH is a successor company to Zambia Consolidated Copper Mines Limited (ZCCM Ltd).Prior to privatization in 2000, ZCCM Ltd was a consolidated copper mining conglomerate which owned and operated a number of mining divisions which at privatization were sold off as independent mining companies.

ZCCM Ltd was majority owned 60.3 percent by the Government of the Republic of Zambia, 27.3 percent by Zambia Copper Investments Ltd (ZCI), an associate company of Anglo American Plc and 12.4 percent by private investors.

Source: Zambian Informer

Investee Company News

Murray & Roberts cementation continues to excel at Lubambe copper mine LTD

0 Comments

Murray & Roberts Cementation’s second contract, for the trackless high speed development at Lubambe Copper Mine in Zambia, has been extended by a further two-year period.

The Lubambe Copper Mine which is a joint venture between African Rainbow Minerals, VALE and Zambia Consolidated Copper Mines Investment Holdings, is expected to produce 45 000 tonnes of contained copper at steady state by 2015.

The current contract involves all horizontal development work using trackless high speed technology in Ramps 1, 2, 3, 4 and 5.

In addition, the Murray & Roberts Cementation team was also requested to undertake the vertical development of return airways, service raises and silos and maintenance work on the surface infrastructure, provided by Murray & Roberts Cementation on the first phase of the contract, will continue for the duration of the entire contract.

Murray & Roberts Cementation Senior Project Manager at Lubambe Wyllie Pearson, added that they will continue with several projects that were started under the first contract.

“We will continue the development of infrastructure for two conveyor belt systems and supply and install all temporary compressors and air piping reticulation necessary for the development works and diamond drilling section. Furthermore, we will install all temporary ventilation fans and ducting,” he said.

“We also operate and maintain the owner’s equipment fleet. Six Sandvik TH 540 dump trucks, four Sandvik LH 410 and one Sandvik LH 514 LHD, as well as nine Sandvik TH540 40-ton articulated dump trucks allocated to load and haul. Face charging is performed with three Getman emulsion charging units and the transport and lifting equipment consists of two Getman scissor lifts, a Fermel scissor lift and two Getman cassette handlers. A Fermel grader and Manitou 742 telehandler complete this fleet,” added Pearson.

Allocated to drilling are five Sandvik DS320 double boom split-feed jumbos, a DS320 fixed rail jumbo and a DS 420 long hole rig used for raise mining. The support and supervision vehicles are Toyota Land Cruisers, which have been converted to mining specifications.

“All maintenance work on this equipment as well as the Murray & Roberts Cementation equipment fleet is undertaken in our well-equipped on-site workshop by a highly experienced team of mechanics and technicians, to ensure optimised operability and uptime. All consumables are supplied by the mine,” he revealed.

Pearson said that the contract is characterised by a high level of cooperation between the Murray & Roberts Cementation and Lubambe Copper Mine teams.

“We have developed a mutually beneficial relationship that sees us providing our client with a ready and continuous supply of power and water handling facilities, to ensure efficient interaction within overlapping areas. In addition, the mine provides our team with rock bolts, split sets, mesh and cement, while diesel and lubrication oils are supplied as free-issue items.”

Since the extension of the first contract by 15 months, a total of 24 653 metres has been developed against a target of 23 458 m.

“We have made excellent progress to date and met every one of our scheduled targets. The two main underground tipping arrangements consisting of four tipping points and two silos were completed and commissioned within the scheduled construction dates. A mineral sizer was installed and commissioned ahead of schedule on the tips,” Pearson said.

The six level crusher chamber was rehabilitated and supported with welded mesh and 6 m cable anchors, with the crusher and equipment in place. In order to assist with the main return air system, a series of ventilation raises were developed from the ramp 3 225 Level and two 225 kW surface fans installed and commissioned.

The project has not been without its challenges. Some parts of the Lubambe ore-body can only be accessed by mining through a very weak zone of sand-like material. The sand zone developing and support project comprises four successfully completed sections with a fifth in progress.

These sand zones require specialised support methods developed specifically for Lubambe and are similar to civil tunnelling support methods. Pearson explains that this has been effectively achieved by using Titan soil nails, Becker Arch Sets, 5,6 mm welded mesh and shotcrete as support mediums. Sand is excavated out of the face using a Hyundai 35Z7 mini excavator.

At the request of the client, a drop raising programme was undertaken, with 12 345 metres completed concurrently with contractual development.

Pearson expressed belief that the success of the project to date can be attributed to a number of factors, including the creation of a highly efficient team of experienced and multinational operators, supervisors and management, mostly with previous expatriate experience. The drilling team is a mixture of Australian decline mining specialists and Filipino and South African expats.

The team comprises 405 employees, with approximately 12% expatriates. The Zambian national component of the team is made up of HR staff, surveyors, accounts and administration staff, skilled operators, officials and workmen. The expat component of the crew consists of site management, safety and training staff and expert miners, operators and maintenance staff.

Similarly, training plays a big role in ensuring that the requisite regulations and quality standards are achieved and maintained.

“The training at Murray & Roberts Cementation’s Bentley Park facilities included trackless mining modules. The nature of the ore bodies in Zambia is such that most of the mining is fully trackless, with the exception of the haulage levels. There is a vast pool of fully trained and experienced mine workers available to recruit from, which has greatly simplified the human capital element of the project,” Pearson pointed out.

He said there was a successful transformation from a small highly skilled decline sinking crew, to a team responsible for ore and main development, sometimes in remote and scattered areas of the mine.

Employees also have access to a modern e-learning centre which has been opened at Murray & Roberts Cementation’s Synclinorium shaft sinking project in Kitwe

“This centre provides the same high quality standards as the Bentley Park facility in South Africa. The comprehensive Murray & Roberts electronic library and learning system is available for learners and facilitators alike,” quipped Pearson.

Appropriate and successful training is reflected in the safety record achieved on site, with no Lost Time Injuries (LTI) recorded for the first year. There have also been no fatal incidents on the contract to date, a noteworthy achievement given the nature of the project.

The award of the Synclinorium shaft sinking project, as well as the shaft sinking and development of the Mufulira Deeps project are a true reflection of the company’s reputation in the region.

In addition, Murray & Roberts Cementation’s Raise Boring Division is presently operating in Kansanshi, a further indication of the significant growth in the company’s presence in Zambia.

“Murray & Roberts Cementation has demonstrated complete commitment to its Zambian projects through the formation of a Zambian division with corporate offices situated in Kitwe. We are presently able to offer prospective clients a full shaft sinking and development portfolio, including training and administration from Zambia, with the benefit of technical and logistical support from Murray & Roberts Cementation in South Africa,” Pearson said.

Source: Mining News Zambia