The Group recorded a turnover of ZMW8.3 billion for this period compared to ZMW62 million reported during the six-month period to 30th June 2020. The significant increase is largely on account of acquisition of Mopani Copper Mines Plc (Mopani) during the period. The revenue from Mopani accounts for 97% of the total revenue for the period.
ZCCM Investments Holdings, formerly known as Zambia Consolidated Copper Mines Ltd., posted a half-year profit of ZMK1.48 billion ($86.67 million) versus ZMK354.7 million in the first half of 2020.
On copper price:
“This was due to profit recorded by investee companies in the copper mining industry which experienced increased copper prices during this period.
“The copper prices recorded an average price of $9,200 per ton compared to $5,490 per ton recorded during the same period in 2020.”
Forecast for copper:
“The group will benefit from the strong copper price outlook for the second half of this year due to falling inventories and rising premiums in the top consumer China.”
Write to Patrick Chu at patrick.chu@wsj.com
ZCCM Investments Holdings PLC (ZCCM-IH) is a mining and operations investment holding company with a primary listing on the Lusaka Securities Exchange and secondary listings on the London and Euronext (Paris) Stock Exchanges. ZCCM-IH’s shareholders are the Industrial Development Corporation (IDC) holding 60.3% of the shares, Government of the Republic of Zambia (GRZ) with 17.3%, National Pension Scheme Authority (NAPSA) holding 15% and private investors holding the remaining 7.4%.
ZCCM-IH has the majority of its investments held in the copper mining sector of Zambia. It holds equity investments ranging from 10% to 100% in 22 companies, with diversified interests in mining, energy, and other sectors of the Zambian economy.
The vision of the Company is “to be a world-class investment holding company with a focus on mining”, with a mission to “be a transformative company with an investment agenda that benefits all our stakeholders”. To achieve this vision and mission, the Company invites applications from suitably qualified and experienced staff who are innovative, energetic and performance-driven to fill the following position:
TECHNICAL DIRECTORATE
1. Mining Engineer (x1)
2. Technical Assistant – Mining (x1)
PROCUREMENT DEPARTMENT
1. Procurement Clerk (x1)
INVESTMENTS DIRECTORATE
1. Assistant Portfolio Analyst – Mining Assets (x1)
2. Real Estates Officer – (x1)
CORPORATE AFFAIRS DEPARTMENT
1. Corporate Affairs Officer – Public Relations & Branding (x1)
2. Assistant Corporate Affairs Officer (x1)
ICT DIRECTORATE
1. Network Administrator (X1)
The detailed Job Descriptions for the above positions are attached.
Applications together with copies of certificates and detailed curriculum vitae should reach the undersigned not later than 01st October 2021:
A/Chief Human Resources & Administration Officer
ZCCM-IH Office Park
Stand No. 16806, Alick Nkhata Road
Mass Media Area
LUSAKA
Email: jobs@zccmnew.wpenginepowered.com
Download the full job advert Here: Job Advertisement – September 2021
ZCCM Investments Holdings Plc announced the retirement of Mr. Fredson Yamba as a Director on the Board of Directors of the Company with effect from 9 September 2021.
Source: https://www.marketscreener.com
MWILA NTAMBI, Kitwe
WHILE the situation at Konkola Copper Mines (KCM) looks depressing with the company needing a short-term capital injection of US$88 million, the outlook at Mopani Copper Mines (MCM) is more encouraging with the firm projecting to make US$57 million profit, the first-ever in 21 years.
The revelation is significant. State mining investment company ZCCM-IH took on US$1.5 billion in debt in January to take over Swiss metal trading company Glencore International AG’s majority stake in Mopani.
In April 2000, Mopani purchased assets of the Zambia Consolidated Copper Mines (ZCCM) comprising underground mines, concentrator, smelter, and refinery at Mufulira mine site. It did the same with those at the Nkana mine site in Kitwe.
The price was US$20 million cash and US$23 million in deferred payments, US$159 million new investment commitment, and an additional “conditional investment” commitment of some US$200 million.
But this came with many privileges and tax advantages.
In 2009, Zambia Revenue Authority (ZRA) commissioned Grant Thornton, Norwegian consulting and engineering group ECON Poyry to do a pilot audit of the operational costs, revenues, transfer pricing, employee expenses, and CLICK TO READ MORE
Source: http://www.daily-mail.co.zm
During the period under review, Chambishi continued to be under care and maintenance due to lack of feedstock for the plant and other Strategic reasons. There were no dividends paid during the year under review (2020: Nil).
For the year ended 31 December 2021, Kariba Minerals Limited (KML) reported total revenues of ZMW26.12 million (2020: ZMW 12.44 million) with a net profit of ZMW1.63 million (2020: ZMW11.19 million net loss).
During the period under review, ZCCM-IH provided an extension on the US$550,000 cash cover for KML’s US$500,000 working capital facility with Investrust Bank Plc. The facility was set to expire during the period under review, and KML requested the extension of the facility for an additional 12 months. The request was made due to continued challenges caused by the adverse effects of the Covid-19 pandemic.
During the year, the Company developed a turnaround plan to transform KML from loss making to profitability. The plan is anchored on establishing a resource estimate and mine plan to increase productivity, implementation of a marketing plan, and value addition and beneficiation to the amethyst.
The projected impact of the implementation of the turnaround plan on mine operations will be an increase in sales revenue which is expected to increase by more than 50% from the Kenneth Kaunda International Airport Retail Shop, Gemstone trading, manufacturing of Amethyst Stone Tops and Gemstone cutting and polishing.
There were no dividends declared during the financial year under review (2020: Nil).
Consolidated Gold Company of Zambia Limited (CGCZ) is a joint venture partnership between
ZCCM-IH (45%) and Karma Mining Services and Rural Development (55%). Incorporated in
the year 2020, this Special Purpose Vehicle is focused on developing a gold processing and
trading hub in Zambia. Phase 1 of the project was commissioned in Rufunsa District where a gold
leaching plant has been constructed. CGCZ provides processing support to artisanal and smallscale
miners in Rufunsa and Mumbwa in exchange for tailings material.
During the year ended 31 December 2021, the Company produced 46.6kg (2020: nil) of gold
which was sold to Zambia Gold Company. Income for the year ended 31 December 2021 was
ZMW44.97 million (2020: ZMW0.61 million). CGCZ recorded a loss for the year of ZMW10.22 million
(2020: 19.16 million).
LUSAKA, Sept 10 (Reuters) – Zambian President Hakainde Hichilema said on Friday his new government would implement policies to reduce the fiscal deficit, restore economic growth and review mining policies.
In his first address to a new session of parliament since his election in August, Hichilema said officials would also review agricultural policies, revise electricity prices and reform state power firm Zesco.
Last November Africa’s second-biggest copper producer became the first country on the continent to default on its sovereign debt during the pandemic, after failing to keep up with payments on its nearly $13 billion of international debt.
“Rebuilding our economy is top on our agenda. We will implement policies to address the fiscal deficit while ensuring that confidence is restored in the markets,” Hichilema said.
“We have indeed inherited an economy that is in dire straits and requires bold and decisive action to be taken,” he said, adding that his government was committed to halting the accumulation of expensive public debt.
Zambia’s external debt includes about $3 billion in Eurobonds, $3.5 billion in bilateral debt, $2.1 billion owed to multilateral agencies and $2.9 billion in commercial bank debt.
Zambia also owes mining companies more than $1.5 billion in value-added tax (VAT) refunds, an issue that soured relations between the government and the mining sector. read more
The VAT refunds are the top priority for the industry, said Zambia’s Chamber of Mines CEO Godwin Beene, who represents mining companies including First Quantum Minerals’ Kansanshi Mining and Barrick Gold’s Lumwana Mining.
‘GAME-CHANGER’ FOR MINING COMPANIES
Hichilema’s market-friendly stance will attract new investment into Zambia’s mining sector and help boost the country’s copper production at a propitious time of near record-high copper prices, Beene said.
“This election was a game-changer for the industry,” he told Reuters.
Hichilema’s predecessor, Edgar Lungu, had pushed for greater state ownership of mines. State mining investment company ZCCM-IH took on $1.5 billion in debt in January to take over Glencore’s majority stake in the Mopani copper mine.
The previous government was looking for an investor to fund the mine’s expansion, which would boost output from 34,000 tonnes of copper a year to 150,000 tonnes.
Zambia as a whole hopes to increase its annual copper output to 2 million tonnes by 2026, new finance minister Situmbeko Musokotwane said last month. The country produced 882,000 tonnes last year.
Hitting that target will require significant investment in Mopani and other mines across Zambia, as well as in exploration.
Our Standards: The Thomson Reuters Trust Principles.
The Zambia Gold Company Limited (ZGCL) was established in 2020, with the main objective of formalising and developing the gold sub-sector in the country. The shareholders of the company are the ZCCM Investments Holding (ZCCM-IH) with 51 per cent and the Government of the Republic of Zambia through the Ministry of Finance with 49 per cent. The Company has been working towards turning the gold sub-sector into a commercially viable one, which will not only benefit the investors but also all other relevant stakeholders.
In order to achieve this, the Company invites applications from suitably qualified individuals, who are innovative, energetic and performance driven to fill the following positions:
Location : Lusaka
Department : Finance
Report to : Accountant
Head of Dept : Head Finance
Job Purpose
To provide support to the Accountant and wider finance team by helping to prepare and maintain accurate financial records, processing of invoices and payments, assisting in the preparation and submission of statutory returns for ZRA, NAPSA and other applicable regulators.
Main Duties
Qualifications and experience
Location : Lusaka
Department : Finance
Report to : Accountant
Head of Dept : Head Finance
Job Purpose
To provide support to the Accountant and wider finance team by updating and maintaining accurate financial records as well as preparation of management reports for both internal and external purposes.
Main duties
Qualifications and experience
ZGCL provides equal employment opportunities to all Zambians on merit.
Interested suitably qualified and experienced individuals should send their application letters, together with certified copies of academic and professional certificates, a detailed curriculum vitae with traceable references, and copy of the NRC to the undersigned not later than Friday, 10th September, 2021.
Only shortlisted candidates will be responded to.
Head Human Resources and Administration
Zambia Gold Company Limited
Subdivision F/377a/30/B
Kudu Road, Kabulonga
LUSAKA
Email: JobsZamGold@zccmnew.wpenginepowered.com
Download the document here: Advertisement 1 September 2021