ZCCM-IH

Press Releases, ZCCM-IH

ZCCM-IH NEW BOARD CHAIRPERSON AND BOARD DIRECTORS APPOINTED

15th December 2021, Lusaka, Zambia – ZCCM Investments Holdings Plc’s (“ZCCM-IH” or the “Company”) majority shareholder, the Industrial Development Corporation Ltd (IDC) has appointed the Company’s new Board Chairperson Ms. Dolika E. S. Banda and three other Board Directors namely Mr. Gregory C. Kabwe, currently serving as Director – Investment and Debt Management under the Ministry of Finance and National Planning; Mr. Moses S. Nyirenda, the Director – Human Resource and Administration at the Ministry of Mines and Minerals Development; and Bishop John H. Mambo who has served in various capacities in the private and public sectors.

Ms. Dolika Banda an investment and financial expert is the first female Board Chairperson to head ZCCM-IH, with a wealth of over 36 years of experience from various local and international organisations across the globe.

Commenting on her appointment, Ms. Banda says she is honoured to be awarded an opportunity to serve the country through this position. “I do not underestimate the challenges that lie ahead – yet therein lies the opportunity. Working together for a common goal, as I know we will do, I see a ZCCM-IH that will fly high, just as the eagle on our flag soars against all odds” she adds.
Ms. Banda further states that her aspiration for ZCCM-IH is “to see a ZCCM-IH Group that claims and earns its rightful status as the engine and driver of a new, transformational, solutions-driven and inclusive economy – underpinned by awareness of the global issues of today and good governance”. She underscores that success will be that the intrinsic value of the ZCCM-IH Group will be reflected in its relevance, healthy relationships with its strategic partners, and ultimately, in its global market price.
Ms. Banda has assured ZCCM-IH shareholders that she will endeavor to lead the Board such that the decisions will always be in the best interest of the Company. She further states that despite the many challenges faced by the Company in the past “there is now a wave of a positive confluence of key influencing factors such as political goodwill, coupled with international confidence, shareholder optimism and patience, and positive demographic dynamics” to spur the Company to growth.
ZCCM-IH now has a fully constituted eight-member Board including Directors representing NAPSA, the minority shareholders, and the IDC.

Issued by:

Loisa Mbatha
Corporate Affairs Manager
ZCCM INVESTMENTS HOLDINGS PLC
corporate@zccmnew.wpenginepowered.com
+260 211 388 000/228690/91/95

Download the Full press release here: Statement on new ZCCM-IH Board Chairperson and Board Members
ZCCM-IH, ZCCM-IH News

DOLIKA BANDA IS NEW ZCCM-IH BOARD CHAIR

The Industrial Development Corporation has announced the appointment of Dolika Banda as Chairperson of the ZCCM-IH Board.

Ms. Banda is also a Non Executive Director at the CDC Group plc, a development finance institution owned by the UK government.

She is also an independent Non-executive Director at Harith Infrastructure Investment and a Global Ambassador for The Global Steering Group for Impact Investment.

She is the former CEO of African Risk Capacity Insurance Ltd and has held Non-Executive Director positions at Ecobank Transnational and the UK Department for International Development’s Financial Sector Deepening Africa programme.

Daughter to former President Rupiah Banda, Dolika has many years experience in international finance and banking and has worked across the world in Africa, Europe, Latin America, the Caribbean and the US.

A former Director at the IFC, and a former Regional Director for Africa at CDC Group, Ms. Banda’s involvement in development finance followed a successful career in banking in which she held senior positions at Barclays Bank Zambia in corporate and merchant banking and at Citibank Zambia in financial control, credit, treasury and international relationships.

She holds a Master’s in International Business from Schiller University.

She is the first female Board Chairperson to head ZCCM-IH.

Commenting on her appointment, Ms. Banda says she is honoured to be awarded an opportunity to serve the country through this position saying she does not underestimate the challenges that lie ahead.

ZCCM-IH now has a fully constituted eight-member Board including Directors representing NAPSA, the minority shareholders and the IDC.

Others appointed to the Board are Gregory Kabwe, currently serving as Director – Investment and Debt Management under the Ministry of Finance and National Planning; Moses Nyirenda, the Director Human Resource and Administration at the Ministry of Mines and Minerals Development; and Bishop John Mambo who has served in various capacities in the private and public sectors.

Source: https://www.lusakatimes.com/2021/12/16/dolika-banda-is-new-zccm-ih-board-chair/
ZCCM-IH, ZCCM-IH News

ZAMBIA HAS ACHIEVED A HIGH OVERALL SCORE IN IMPLEMENTING THE 2019 EITI STANDARD

Board decision in full

Zambia has achieved a high overall score in implementing the 2019 EITI Standard (90 points). The overall score reflects an average of the three component scores on Stakeholder engagement, Transparency and Outcomes and impact.

The EITI Board commends Zambia for achieving a very high score on Outcomes and impact (93 points), and recognises the progress in ensuring the effectiveness and sustainability of EITI implementation. Zambia EITI’s work in informing changes in the government’s extractive sector policies as well as both government and company practices in extractive governance. Validation has highlighted how industry and government stakeholders have come to rely on Zambia EITI for public awareness, public debate, and policy consultations related to the mining sector.

Zambia has achieved a very high score on Stakeholder engagements (93 points), with strong engagement by government, civil society and companies. The EITI Board recognises that the MSG, the Zambia EITI council (ZEC), has established itself as a robust and flexible platform to oversee all aspects of implementation, including in resolving disputes between various constituencies and stakeholders engaged in extractive industry governance. Consultations indicate that civil society is using EITI data for public debate. Government and industry representatives also actively use their engagements with civil society to inform local communities on extractive sector governance, and the ZEITI Secretariat appears to be actively coordinating capacity building and engagements between several different government entities. While the government has contributed funding for Zambia EITI activities, sustainability of EITI implementation in Zambia will require increased government support. Gender representation on the MSG is not yet balanced, although ZEITI is implementing a plan to address this.

Finally, the EITI Board finds that Zambia has a moderate score on the Transparency component (85 points). The ZEC have leveraged the multi-stakeholder approach to use a risk-based approach to reconciliation in their latest disclosures, addressing stakeholder information needs on the impact of the pandemic on the sector and on government revenues. The EITI Board recognises Zambia’s progress on corrective actions from previous Validations that have strengthened the use of EITI as a diagnostic tool of extractive governance. Further efforts to address requirements of the EITI Standard related to contracts (for Phase II of Validation), beneficial ownership, production and export data as well as disaggregated disclosures of government extractive revenues can facilitate more complex analyses of EITI data to inform reforms in fiscal terms, oversight of state-owned enterprises and other sector reforms. These disclosures can help ensure that governments and companies are effectively monitoring extractive operations and help build public trust in public disclosures. The Board recognises Zambia’s efforts to exceed basic requirements of the EITI Standard in its participation in an ongoing EITI review of government mechanisms for monitoring production and export data related to industrial and energy minerals, as well as gemstones.

The Board has determined that Zambia will have until a next Validation commencing on 1 October 2024 to carry out corrective actions regarding contracts (Requirement 2.4), beneficial ownership (Requirement 2.5), production data (Requirement 3.2), export data (Requirement 3.3) and on disaggregation (Requirement 4.7) of revenue data.

Failure to demonstrate progress on Transparency in the next Validation may result in temporary suspension in accordance with Article 6 of the EITI Standard. In accordance with the EITI Standard, the Zambia EITI Council may request an extension of this timeframe or request that Validation commences earlier than scheduled.

Read the full article here: https://eiti.org/board-decision/2021-73
ZCCM-IH News

ZCCM-IH DISMISSES BIAS ALLEGATIONS IN LEAD POISONING CASE

THE ZCCM-Investment Holdings (ZCCM-IH) has denied allegations that it has been uncooperative to lawyers who have sued Anglo American South Africa Limited (AASA) in a class action on behalf of 100,000 alleged victims of lead contamination in Kabwe.

Describing the allegation as incorrect and malicious, ZCCM-IH corporate affairs manager, Loisa Mbatha says as before, the lawyers and their agents are free to access the archives at any time for whatever period without any restrictions.

Source: http://www.times.co.zm/?p=113320 
Archived Jobs, ZCCM-IH

Job Advertisement – November 2021

ZCCM Investments Holdings PLC is an investments holdings company with diversified interests in mining, energy, and other sectors of the Zambian economy.  The Company’s majority shareholder is the Industrial Development Corporation Ltd (IDC), an investment company wholly owned by the Zambian Government and the rest of the shareholders include institutions and private shareholders spread across the world.

The mission of the Company is to “to maximize shareholder value with due regard to the interests of all stakeholders”.  In order to achieve this 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. Metallurgist (x1)
  2. Project Geologist – Energy (x1)

PROCUREMENT DEPARTMENT

  1. Assistant Procurement Officer (x1)

FINANCE DIRECTORATE

  1. Financial Accountant (x1)
  2. Accounts Assistant-Payroll (x1)
  3. Cashier (x1)

INVESTMENTS DIRECTORATE

  1. Portfolio Analyst – Non-Mining Assets (x1)
  2. Business Development Analyst (x1)

ICT DIRECTORATE

  1. Chief ICT Officer (x1)
  2. Systems Administrator (x1)

INTERNAL AUDIT DIRECTORATE

  1. Internal Auditor (x1)
  2. Assistant Internal Auditor (x1)

HUMAN RESOURCES & ADMINISTRATION DIRECTORATE

  1. Chief Human Resources & Admin Officer (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 10th December 2021.

A/Chief Human Resources & Administration Officer
ZCCM Investments Holdings Plc
ZCCM IH Office Park

P O Box 30040
LUSAKA

 

Download Full Job details Below:

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Metallurgist

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Assistant Procurement Officer

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Accounts Assistant-Payroll

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JD - Assistant Internal Auditor

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Business Development Analyst

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Chief ICT Officer

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JD - Financial Accountant

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JD - ZCCM ICT System Administrator

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JD - Cashier

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JD - Chief Human Resource and Administration Officer

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JD - Portfolio Analyst-Non-Mining Assets

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Project Geologist Energy

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Internal Auditor

 
ZCCM-IH News

Kasenseli mine closure derails BoZ gold reserves build up

The continued suspension of the Kasenseli gold mine operating license and therefore mining activities by the new Mines Minister Paul Kabuswe from late October 2021 is putting the central bank’s gold reserve build-up target for 2021 in jeopardy.

Bank of Zambia (BoZ) has disclosed to the Zambian Business Times – ZBT that’s the Central bank has so far spent about US$37 million on buying up refined gold from First Quantum’s Kansanshi mine since the gold-buying programme commenced in January, this year.

Kasenseli Gold Mine’s operations in Mwinilunga, North-Western Province was suspended following a Ministerial directive from the Minister of Mines and Minerals Development to suspend operations and address concerns relating to Kasenseli Mine’s license conditions and safety regulations.

The ministry of mines did not give timelines for sorting out what was referred to as “concerns relating to Kasenseli Mine’s license conditions and safety regulations”. This continued suspension without timelines for re-opening will drag down the gold annual production for the country.

 And the central bank – BoZ has confirmed that they will resume gold purchases from Kasenseli Gold Mine once its suspension is lifted. BoZ had purchased 283 kilograms of gold at a total cost of over K345 million from Kansanshi Mine and the Zambia Gold Company by the end of the first quarter of this year.

BoZ plans to purchase around 25,200 ounces of London Good Delivery gold from Kansanshi and 21,000 ounces of dore gold with a minimum of 88 per cent purity from Zambia Gold Company in 2021.

Responding to a ZBT inquiry, BoZ Assistant Director, Communications Besnat Mwanza conformed that the central bank’s refined gold purchases from Kansanshi, an FQM subsidiary, had so far climbed to about US$37 million or K646 million compared to K345 million by the end of the first quarter.

“The Bank of Zambia has been purchasing dore gold from Kasenseli Mine since December 2020, through the Zambia Gold Company and refined gold from Kansanshi Mine from January, 2021. The Bank has so far purchased 20,600 ounces of refined gold valued at US $37 million,” Mwanza said.

And she revealed that the central bank would continue to augment its reserves through gold purchases from Kasenseli Mine once the suspension is lifted. Kasenseli Mine is operated by Zambia Gold Company Ltd, a subsidiary of ZCCM-IH, a state-owned entity.

The concerns raised by the Ministry of Mines when suspending operations chiefly related to safety and security concerns, among others, was effective October 22, 2021, and has remain in force. No timelines have been given as to the issues should be resolved as the minister of mines only indicated that until all issues highlighted in the Ministerial directive are closed out.

BOZ told ZBT that “In April, 2021, the projection was to accumulate 21,000 ounces for 2021, but forecasts are dependent on levels of production. In view of this, this projection was later revised downwards as production levels declined later in the year. Targets are, therefore, based on the gold mined and if this declines or stops, gold purchases are obviously impacted directly,” explained Mwanza.

When asked when BOZ would start buying from Zambia Gold Company, the Central bank stated that “Kasenseli Mine is under the regulatory supervision of the Ministry of Mines and details of its resumption would be best provided by the Ministry and ZCCM-IH. The Bank [BoZ] will continue to augment its reserves through gold purchases from Kasenseli Mine once the suspension is lifted. The Bank continues to buy gold from Kansanshi Mine and a total of 25,200 ounces is projected to be bought in 2021.”

BoZ added the build-up of gold reserves to shore up the country’s ability to safeguard its currency the Kwacha. Apart from holding US dollar reserves that can be drawn upon to fund emergency imports as well as support the local currency – gold reserves can also provide an alternative reserve buffer.

Source: https://zambianbusinesstimes.com/kasenseli-mine-closure-derails-boz-gold-reserves-build-up/

 
ZCCM-IH News

Invest in job rich sectors-Finance Minister urges IDC

Minister of Finance and National Planning Dr. Situmbeko Musokotwane says the IDC Group of Companies should take advantage of their numbers and invest more in job-rich sectors of tourism and construction, to foster economic transformation and wealth creation.

Speaking during the official opening of the 5th IDC Annual Group Conference held at Avani Hotel in Livingstone over the weekend, Dr. Musokotwane said that it was the Government’s plan that the IDC takes the lead in spearheading value addition and job creation in the key priority sectors of tourism, manufacturing, agriculture and mining.

He encouraged Chief Executive Officers and the Board Members, who were delegates at the Conference, to seize opportunities in the Multi-Facility Economic Zones, farming blocks and other growth projects to move their organizations to the next level.

Meanwhile, speaking earlier, Mr. David Kombe, who is the Chairperson of the Finance and Administration Committee of the IDC Board, said that despite some challenges recorded, including the Covid-19 pandemic, a good number of companies had demonstrated resilience, judging by their overall performance in the 2020 and 2021 financial years.

Mr. Kombe commended the IDC Group Chief Executive Officer as well as Boards and Management teams of the subsidiaries and investee companies, who worked hard to adjust their operations and adapt quickly to the changing business environmental.

Source: https://www.lusakatimes.com/2021/11/29/invest-in-job-rich-sectors-finance-minister-urges-idc/
ZCCM-IH News

ZCCM IH and Kansanshi Mining Plc Arbitration by Kansanshi Holdings Limited Still On Going

Further to the cautionary announcements dated 25 November 2020 and 23 June 2021, the Board of ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company” or “the Board”) hereby wishes to inform shareholders and the market that arbitration proceedings against ZCCM-IH and Kansanshi Mining Plc (“KMP”) by Kansanshi Holdings Limited (“KHL”) are yet to be disposed of.

There have been no further developments regarding the said proceedings since the last announcement. As the matter is still ongoing, shareholders are advised that it may still have a material effect on the price of the Company’s securities. Shareholders are, therefore, advised to exercise caution when dealing in securities of the Company. Shareholders will be informed once the Final Award is delivered.

Source: https://fizambia.com/zccm-ih-and-kansanshi-mining-plc-arbitration-by-kansanshi-holdings-limited-still-on-going/
ZCCM-IH, ZCCM-IH News

ZCCM to offload non mining investments

ZCCM Investment Holdings has indicated that it will offload all its non-mining investments as they were not profitable.

ZCCM-IH Chief Executive Officer Mabvuto Chipata said when he appeared before the National Assembly Committee on parastatals, the firm would only focus on its companies that were involved in mining.

This was after the committee chaired by Zambezi East MP Brian Kambita inquired on the status quo of Ivestrust Bank and Ndola Lime which were not making profits and did not have any liquidity.
Mr Chipata said that ZCCM-IH would just focus on its mining firms and that it had restructured Ndola Lime and was looking for an equity partner to help the business be more viable.

“Our focus now will just be our mining investments while we are going to let go of other ventures that are not related,” he said.
And Mr Chipata said that ZCCM-IH would completely do away with Investrust Bank because it was not performing well.

He told the committee that some mining firms were failing to pay dividends for some time which irked Roan MP Joel Chibuye who indicated that CNMC mines was making profits and that it was not possible that they could fail to pay dividends.

Source: https://dailynationzambia.com/2021/11/zccm-to-offload-non-mining-investments/
ZCCM-IH News

Copper Price Hits $11,000 Per Tonne

COPPER prices have hit the US $11,000 per metric tonne threshold for the first time, mainly triggered by supply constraints of the commodity on the back of heightened demand.

Prices of the red metal breached the psychological US $11,000 per metric tonne threshold for the first time ever, boosted by tight supply of the commodity on the back of heightened demand.