ZCCM-IH | Director’s Half Year Summary to 31 March 2013

In compliance with the requirements of the “Securities Act, Cap 354 of the Laws of Zambia” and the Listing Rules of the Lusaka Stock Exchange, ZCCM Investments Holdings Plc announces the unaudited results for the six months period ended 31st March 2013.

The Group achieved a turnover of ZMW141.5 million during the six month period ended 31 March 2013 which was 13% above the turnover of ZMW 124.9 million for the six months to 31 March 2012. The turnover for Ndola Lime Company Limited (NLC) increased by 16% to ZMW107.5 million (2012: ZMW 92.5 million) The increase in turnover was as a result of improved production levels following the successful repair of the electrostatic precipitator at the beginning of 2012.

Total Dividend income earned was ZMW 8.9 million (2012:ZMW23.3 million). Dividends were earned from Chibuluma Mines Plc (ZMW 5.5 million) and Copperbelt Energy Corporation Plc (ZMW 3.4 million).


Download the full Directors’ interim summary for the six months ended 31 March 2013 below:

Directors’ interim summary for the six months ended 31 March 2013

ZCCM-IH | Notice of Extraordinary General Meeting

NOTICE IS HEREBY given that an Extraordinary General Meeting of the members of ZCCM Investments Holdings Plc will be held on Friday, 17th May 2013 at 10:00 hours at Southern Sun Ridgeway Hotel, corner of Church Road and Independence Avenue, Lusaka, Zambia for the following business:

  1. To receive and adopt the audited Financial Statements of the Group for the year ended 31st March 2012, together with the Reports of the Directors and the Auditors to the Shareholders.
  2. To ratify the appointment of Directors.
  3. To ratify the appointment of Auditors for the financial year ended 31st March 2013 and to authorise Directors to fix their remuneration thereof.

A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and, on a poll, to vote in his/her stead. The proxy need not be a member of the Company. The instrument appointing a proxy must be deposited at the office of the Company Secretary not less than 48 hours before the time appointed for holding the meeting.

By Order of the Board


Download the full notice and agenda of the meeting below:

Notice and Agenda of the Extraordinary General Meeting

ZCCM-IH | Settlement Agreement Announcement

The market and shareholders are advised of the following new
developments relating to the Company.

PRICE PARTICIPATION SETTLEMENT AGREEMENT
WITH KONKOLA COPPER MINES PLC

ZCCM Investment Holdings Plc (“ZCCM-IH“) and Konkola Copper Mines (“KCM“) announce that they have entered into an agreement (the “Settlement Agreement“) pursuant to which certain outstanding payments owed by KCM to ZCCM-IH and certain other contingent amounts payable, in each case, under existing price participation arrangements (the “Price Participation Agreements“) which date back to March 2000 have been settled on the terms summarised below

Concurrently with the entry into the Settlement Agreement on 11 February 2013, the Price Participation Agreements dated 31 March 2000 were terminated.

The Price Participation Agreements were put in place at the time of the privatisation of Zambia’s copper mining industry as part of the consideration and were designed to allow ZCCM-IH to benefit from an increase in the price of copper over the long term.

Due to the complex mechanics for calculating the amount due and payable under the Price Participation Agreements and the contingent nature of payments likely to arise in the remaining life of the Price Participation Agreements, the parties have worked to put in place a new agreement with an unconditional and clear payment plan.

Under the Settlement Agreement, US$46,324,655 is required to be paid by KCM (via installments) to ZCCM-IH on or before 31 August 2013, and a further US$73,420,000 (via installments) on or before 30 September 2016.

The total amount payable under the Settlement Agreement remains broadly unchanged (in dollar amount terms) from the amounts that were due and would likely have become payable under the Price Participation Agreements over time. However, ZCCM-IH considers the increased certainty of the payment obligations as additional cash-flow benefits that will assist ZCCM-IH in its day-to-day business operations and future investment plans.

Contact

For further information, please contact:
Mr. Chabby Chabala,
Company Secretary
Telephone: + 260 211 221023 / 220540
Email: cchabala@zccmnew.wpenginepowered.com

08 April 2013

Lusaka – Zambia

ZCCM-IH | Appointments

Ms Mutale Chanda is the new Chief Operating Officer of ZCCM-IH Plc. Ms Chanda’s career started at Barclays Bank Zambia Limited where she worked to the position of Priority Banking Manager before leaving for the United Kingdom to pursue her studies. Whilst in the United Kingdom she obtained a Bachelor of Financial Services Degree and an MBA. After completing her studies, Ms Chanda worked in various organizations as a Financial Accountant before becoming Assistant Financial Controller for Associated Spring, a UK based subsidiary company of Barnes – a NYSE listed company. Before coming back to Zambia Ms Chanda worked as Head of Financial Accounts for the NHS.

Mr Joseph Lungu is the new Investor Relations Officer. He has a BEng in Mechanical Engineering from Manchester University and while in the UK he worked in various roles for News Corporation Plc, Royal Mail, Virgin Media Plc and Sage Plc  in Customer Services and Finance. Before joining ZCCM-IH Plc he worked as an Investment Advisor and Securities Trader at Intermarket Securities Ltd.

By Management

ZCCM Investments Holdings

ZCCM-IH | Director’s Half Year Summary to 30 September 2012

In compliance with the requirements of the “Securities Act, Cap 354 of the Laws of Zambia” and the Listing Rules of the Lusaka Stock Exchange, ZCCM Investments Holdings Plc announces the unaudited results for the six months period ended 30th September 2012.

The Group achieved a turnover of K375,833 million during the six month period ended 30th September 2012 which was 58% below the turnover of K891,764 million for the six months to 30th September 2011. During the six months period ended 30th September 2011 the high turnover was influenced by the sale of ZCCM‐IH shares in Equinox Minerals Limited (Equinox) which transaction resulted in a capital gain of K699, 137 million.

However, turnover for Ndola Lime Company Limited increased by 17% to K111,120 million for the period ended 30th September 2012 from K95, 136 million achieved at the end of 30th September 2011. The increase in turnover was as a result of improved production levels following the successful repair of the electrostatic precipitator at the beginning of 2012.


Download the full Directors’ interim summary for the six months ended 30 September 2012 below:

Directors’ interim summary for the six months ended 30 September 2012

ZCCM-IH | Status of appointment of a director to represent minority shareholders on the ZCCM-IH Board

Status of appointment of a director to represent minority shareholders on the ZCCM-IH Board.

The company has been in discussions with the Government of the Republic of Zambia (GRZ) over loans that ZCCM-IH owes GRZ amounting to K2,139 billion as reflected in the 2011 Annual Report. Recently GRZ accepted proposals to convert all or part of the loans to equity through a rights issue.

Following the impending debt-equity conversion via a rights issue referred to above, the Board of ZCCM-IH resolved that the appointment of a director to represent minority shareholders on the ZCCM-IH Board be deferred awaiting the conclusion of this transaction and further consultation with GRZ. Shareholders are therefore informed that this matter will await the completion of consultations with GRZ concerning the GRZ debt-equity conversion via a rights issue.

By Order of the Board

C Chabala

Company Secretary

ZCCM | Market update and further cautionary announcement

Further to the cautionary announcement issued on 12 December 2012, shareholders and the market are advised of the following further and on – going developments relating to the Company and are advised to continue exercising caution when dealing in ZCCM-IH shares.

INTRODUCTION
ZCCM Investments Holdings PLC (“ZCCM-IH”) is an investments holdings company with diversified interests in metals,mining, power and other sectors of the Zambian economy. The Company has a primary listing on the Lusaka Stock Exchange(“LuSE”) in Zambia and a currently non active secondary listing on the London Stock Exchange and some shares are traded on the Euronext stock exchange in Paris.

ZCCM-IH is the privatized entity formerly known as Zambia Consolidated Copper Mines Limited (“ZCCM”). In 2000 ZCCM was privatized by the Government of the Republic of Zambia(“GRZ”). ZCCM-IH emerged from the privatization of ZCCM as an investments holdings company with equity stakes of between 10 to 20.6% in the new companies that were formed from the unbundling of ZCCM…


Download the full market update below:

Market update on the internal restructuring and repositioning strategy and further cautionary announcement

ZCCM-IH | Restructuring of the Balance Sheet

The market and shareholders are advised of the following new developments relating to the company.

Restructuring of the ZCCM-IH Balance Sheet

ZCCM-IH currently has significant loans mainly arising from the restructuring programs undertaken prior to and during the company’s privatisation in 2000. The majority of these loans are owed to the Government of the Republic of Zambia (“GRZ”) and continue to be carried on the books of the company. As at 31 March 2011, the ZCCM-IH Financial Statements reflected loans amounting to K2, 139 billion (approximately US$425 million) owed to the GRZ.

These loans have placed a significant burden on the company with the result that ZCCM-IH has had a weak balance sheet from 2000.

The company has been in discussions with the GRZ over these loans and recently the GRZ accepted proposals to convert all or part of the loans to equity through a rights issue transaction. The main objective, amongst others, of the proposed debt-equity conversion is to clean the ZCCM-IH balance sheet.

ZCCM-IH is currently liaising with the GRZ to agree the terms of the transaction.

ZCCM –IH shares are listed on the Lusaka Stock Exchange (LuSE) and also traded on the Paris Bourse in France.

In compliance with the Securities Act, Cap 354 of the Laws of Zambia and the Listing Rules of the LuSE, further announcements will be made to inform the shareholders and the investing public as the transaction progresses.

Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until a full announcement is made.

12 December 2012

ZCCM-IH | Director’s Half Year Summary to 30 September 2011

In compliance with the requirements of the “Securities Act, Cap 354 of the Laws of Zambia” and the listing rules of the Lusaka Stock Exchange, ZCCM Investments Holdings Plc (ZCCM­IH) announces the unaudited results for the six month period ended 30th September 2011.

The Group achieved a turnover of K891, 764 million during the six month period ended 30th September 2011 which was 212% above the turnover of K285,896 million for the six months to 30th September 2010. This was mainly as a result of a profit of K699, 137 million [proceeds of K802, 357 million (US$167,507 million) less cost of K103, 220 million] from the sale of shares in Equinox Minerals Limited. However, the turnover for Ndola Lime Company (NLC) at K105,254 million, declined 41% from that of the same period in 2010. This decrease was largely due to the shutdown of the rotary kiln on account of a breakdown of the Electrostatic Precipitator (ESP). With only the vertical kiln being operational, there was reduced production which in turn resulted in reduced turnover and cost of sales compared to that for the period ended 30th September 2010.


Download the full Directors’ interim summary for the six months ended 30 September 2011 below:

Directors’ interim summary for the six months ended 30 September 2011

ZCCM-IH | Cautionary Announcement

ZCCM INVESTMENTS HOLDINGS PLC
ANNOUNCEMENT
REGARDING ITS INVESTMENT IN EQUINOX
MINERALS LIMITED

Further to the Cautionary Announcement issued on 6 May 2011, ZCCM‐IH now advises its Shareholders as follows:

Equinox Minerals Limited (“Equinox”) is an international mining company that is dual listed in Canada and Australia on the Toronto Stock Exchange and the Australian Securities Exchange. Equinox has 100% interest in Lumwana Mining Company (LMC) located in Zambia and 100% interest in the Jabal Sayid copper‐ gold project in the Kingdom of Saudi Arabia.

Barrick Gold Corporation (Barrick), a Canadian company, and the leading gold mining company in the world in terms of production, reserves and market capitalisation, recently made an offer (the “Offer”) through its wholly owned subsidiary, Barrick Canada Inc., to purchase all of the issued and outstanding common shares of Equinox by way of negotiated take‐over bid at a cash price of Cdn$8.15 per share. The Equinox Board, after consultation with its financial and legal advisors and on receipt of a recommendation of its special committee, has unanimously determined that the Offer is in the best interests of Equinox and the Shareholders and, accordingly, the Equinox Board has agreed to unanimously recommend that Shareholders accept the offer and deposit their Shares under the Offer.

This development has been of significant interest to ZCCM Investments Holdings Plc (ZCCM‐IH) as the Company owns 2.28% shareholding in Equinox (as at 21 March 2011). This means that ZCCM‐IH has an indirect interest of 2.28% in LMC and 2.28% in Jabal Sayid.

Given that ZCCM‐IH’s interest in Equinox is registered on the Toronto Stock Exchange, the transaction involving Barrick is being conducted according to the rules and regulations of Canada.

After due consideration and consultation, the Board of ZCCM‐IH has accepted the offer which will result in a cash realisation in excess of US$160 million. The initial investment for ZCCM‐IH cost US$30 million in 2006 and therefore the potential return on investment is in excess of 400% during the period 2006 to 2011.

If within 120 days after the date of the Offer (or such longer period as a court may permit), the Offer has been accepted by holders of not less than 90% of the outstanding Shares as at the Expiry Time, excluding Shares held at the date of the Offer by or on behalf of the Offer or or an “affiliate” or an “associate” of the Offeror, the Offeror shall, to the extent possible, acquire the remainder of the Shares from those Shareholders who have not accepted the Offer on the same terms as the shares acquired under the Offer pursuant to the provisions of Section 206 of the Canadian Business Corporations Act. This will in effect be a Compulsory Acquisition.

The offer by Barrick to all shareholders of Equinox represents an opportunity for ZCCM‐IH to realise value from its investment. Upon receipt of the funds from Barrick, ZCCM‐IH will ensure that the funds are prudently managed while exploring all investment avenues within and outside of Zambia. It must be noted that as a listed investment company on the Lusaka Stock Exchange, ZCCM‐IH seeks to enhance value for its shareholders. The Board and Management of ZCCM‐IH will therefore ensure that the principle of realising value for the shareholders is maintained in their daily operations.

Accordingly shareholders are advised to exercise caution when dealing in the company’s securities until a full announcement is made.

Lusaka, Zambia ‐ 01 June 2011