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ZCCM-IH News

ZCCM-IH Remains Committed to Adhering to Listing Rules and Regulations

ZCCM Investments Holdings Plc (“ZCCM-IH” or the “Company”) takes cognisance of the Public Censure Announcement issued by the Lusaka Securities Exchange Plc (LuSE) on 21st October 2021.

ZCCM-IH regrets the breach of the LuSE Listing Rules (“the Rules”) and would like to assure its shareholders and stakeholders that the Company remains committed to adhering to the LuSE listing rules and regulations, having disclosed the details of the cited matter in the Directors’ Interim Unaudited Financial Results for ZCCM Investments Holdings and its Subsidiaries (‘‘The Group’’) For the Six Months Period Ended 30th June 2021, issued on 07th October 2021.

The action in question was not taken with the view to deliberately disregard the Rules but was necessitated by the urgent need to safeguard the strategic national asset.

Once again, ZCCM-IH regrets this unfortunate occurrence.
Annual Report Summaries, Investee Companies

Rembrandt Properties Limited Extract from 2021 Annual Report

Rembrandt Properties Limited (Rembrandt) is a Special Purpose Vehicle between ZCCM-IH (49%), Urban Brands Asset Management (25.5%) and Sims Capital Ltd (25.5%).

Rembrandt was specifically formed to develop the Leopards Square Hotel, an 80-room hotel. The hotel’s delivery schedule has previously been affected by several factors, among them, the Covid pandemic, a change in the project’s scope, a revised development program, delayed funding disbursement, etc.

The project is now scheduled to open to the public in the second quarter of 2022. 
ZCCM-IH News

ZCCM-IH Profit hits K1.48 billion

ZCCM Investment Holdings has recorded K1.48 billion in profit as a result of a surge in copper prices on London Metal Exchange (LME) during the six months ended June 30, 2021. Copper prices on LME recorded an average price of US$ 9,200 per tonne compared to US$5,490 per tonne recorded during the same period in 2020. Company secretary Chabby Chabala said the group’s share of profit in associate companies was K1.48 billion compared to K354.7 million in June 2020.
“The profit was due to profit recorded by investee companies in the copper mining industry, which experienced increased copper prices during this period. The copper prices recorded an average price of US$ 9,200 per tonne compared to US$5,490 per tonne recorded during the same period in 2020,”Mr Chabala said. He said this in the director’s interim unaudited financial results and its subsidiaries for the six months period ended June 30, 2021. ZCCM-IH consists of 10 companies including Mopani Copper Mines Plc, Ndola Lime Company Limited, Kamba Minerals Limited, Misenge Environmental and Technical Services Limited. Others are Mushe Milling Limited, Kabundi Resources Limited, Limestone Resources Limited, Investrust Bank Plc and Zambia Gold Limited. The firm has CLICK TO READ MORE
Annual Report Summaries, Investee Companies

Kansanshi Mining Plc Extract from 2021 Annual Report

Kansanshi Mining reported copper production of 202,159 tonnes of ore for the year ended 31 December 2021 (2020: 221,487 tonnes). The reduction in copper produced was due to an increased, unplanned maintenance and processing competent mixed and oxide ore mainly from stockpiles. Total gold produced was 128,199 ounces, a reduction from 128,409 ounces in the previous year. 

For the year ended 31 December 2021, Kansanshi recorded revenue of ZMW39.57 billion (US$2.01 billion), [(2020: ZMW28.76 billion (US$1.54 billion)], owing to higher metal prices during the period. Net profit over the period was ZMW12.09 billion (US$614.26 million) [(2020: ZMW4,274.67 million (US$229.45 million)]. The increase in profitability was driven by sustained higher copper and gold prices during the year which compensated for the reduction in production volumes. 

During the year, the Board of Kansanshi approved the commissioning of the S3 expansion, which involves the setting up of an additional brand-new concentrator to address the challenge of the depleting oxides that have led to a reduction in ore grades and ultimately production volumes as the mine goes deeper and transitions into a predominantly sulphide mine, from an oxide mine. The new concentrator will ensure that the mine has sufficient capacity to process additional sulphide ore to maintain and increase current copper and gold production volumes. The S3 expansion project is expected to be completed in 2024. 

Dividends declared and paid during the year ended 31 December 2021 amounted to ZMW3.62 billion (US$ 184 million) , [(2020:ZMW48.65 million (US$2.3 million)]. 
ZCCM-IH News

ZCCM Investments 1H Profit Boosted by Copper’s 67.6% Jump — Commodity Comment

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
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Job Advertisement – September 2021

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
Investee Companies, Investee Company News

Mopani to make $60m profit for first time in 20 years

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