Kariba Minerals

Annual Report Summaries, Investee Companies

Kariba Minerals Limited (KML) Extract from 2023 Annual Report

Kariba Minerals Ltd, a subsidiary of ZCCM Investments Holdings (ZCCM-IH), is renowned for producing some of the world’s quality amethyst, a semi-precious gemstone. The company primarily exports to China and India among others and during the year under review, KML produced a total of 1,392.52 tonnes of amethyst which comprised of 374.12 tonnes medium and high grade, and 1,018.40 tonnes commercial grade (2022: 1,503.58 tonnes – 327 tonnes medium and high grade, and 1,175.76 tonnes commercial grade.)  

For the year ended 31st December 2023, Kariba Minerals Limited (KML) reported total revenues of ZMW29.87 million (2022: ZMW23.04 million) with a net profit of ZMW0.55 million (2022: net loss of ZMW5.19 million).  

The ZCCM-IH Board approved funding amounting of US$4.077 million for the execution of the Kariba Minerals Limited’s Turnaround Plan. This funding aims to improve the company’s production capabilities, fostering market development and expansion, strengthening the balance sheet, enhancing operational efficiency, and improving its overall financial performance going forward. The overarching objective is to transform the company from loss making to profit making.  

There were no dividends declared during the year (2022: Nil).
Archived Jobs, ZCCM-IH

Job Advertisement: Internal Auditor Kariba Minerals Limited.

Kariba Minerals Limited is a wholly owned subsidiary of ZCCM Investments Holdings Plc, mining high-quality Amethyst. The company’s market share is estimated at over 90% of the Amethyst originating from Zambia, and they are arguably the largest single Amethyst producer in the world. Presently, the company exports its products mainly to international markets. Worldwide, it is one of the oldest mines for semi-precious stones and one of the largest sources of quality amethysts. Kariba mine is based in Mapatizya which is approximately 110km from Kalomo in the Southern Province.

The Company invites applications from suitably qualified and experienced persons who are innovative, energetic and performance driven to fill the position of Internal Auditor.

Applications together with copies of certificates and detailed curriculum vitae should be addressed to:

Chief Human Resource & Administration Officer
ZCCM Investments Holdings Plc
P. O Box 30048,
Stand No. 16806, Alick Nkhata Road,
Mass Media Complex Area
Lusaka, Zambia

and forwarded to jobs@zccmnew.wpenginepowered.com

The Application should reach the undersigned not later than Friday 28th October 2022.

*Women are strongly encouraged to apply.

Please refer to the job description below for detailed information about the position.

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JOB DESCRIPTION - INTERNAL AUDIT - KML

Annual Report Summaries, Investee Companies

Kariba Minerals Limited (KML) Extract from 2022 Annual Report

For the year ended 31st December 2022, Kariba Minerals Limited (KML) reported total revenues of ZMW23.04 million (2021: ZMW26.12 million) with a net loss of ZMW5.19 million (2021: ZMW7.4 million net profit).  

During the period under review, KML produced a total of 1,503.58 tonnes of amethyst which comprised of 327 tonnes medium and high grade, and 1,175.76 tonnes commercial grade (2021: 1,044.70 tonnes – 306 tonnes medium and high grade, and 837.88 tonnes commercial grade.)  

The retail store at the Kenneth Kaunda International Airport was completed during the year. The Company has prepared a turnaround plan that is envisaged to tackle some of the bottlenecks in mining, production, process and marketing thereby transforming the company from loss making to profit making.  

There were no dividends declared during the financial year under review (2021: Nil).  
Investee Companies, Investee Company News

KARIBA MINERALS LTD EXCEEDS EXCEED OUTPUT TARGET

Easing of COVID restrictions sees firm producing 1, 600 tonnes of amethyst

Kariba Minerals Limited (KML) produced 1, 600 tonnes of amethyst last year against a target of 1,200 tonnes following relaxation of coronavirus restrictions in China and India.

The company, which is a subsidiary of ZCCM- Investments Holdings (ZCCM-IH) has been operating for over 60 years, producing over 90% of amethyst in Mapatizya and Sinazongwe in Southern Province.

ZCCM-IH corporate affairs manager, Loisa Mbatha said in a statement of Friday that COVID-19 affected the company’s sales, which fell by 50% in 2020.

“However, by 2021, markets in Asia, in particular China and India, started opening up and the company started exporting in the fourth quarter of 2021 resulting in an increase of production last year,” Ms Mbatha said.

KML recently expanded its value-addition projects to include gemstone cutting and polishing such as cabochon, facets, carvings, beads and gemstone trading.

Ms Mbatha said plans are in the pipeline to open a jewellery retail store and firm has secured an outlet at Kenneth Kaunda International Airport in Lusaka.

KML is also manufacturing amethyst stone tops such as kitchen tops, tabletops, tiles, and tombstones, among others.

It has commenced local sales for low-grade amethyst which has created over 150 jobs.

Ms Mbatha said KML is also creating opportunities by partnering with local mine licence owners to increase production and supply to international markets.

 

 

 

 
Annual Report Summaries, Investee Companies

Kariba Minerals Limited(KML) Extract from 2021 Annual Report

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). 
Annual Report Summaries, Investee Companies

Kariba Minerals Limited (KLM) Extract from 2020 Annual Report

For the period under review, Kariba Minerals Limited (Kariba) reported total revenues of ZMW12.44 million (2019: ZMW4.18 million) with a net loss of ZMW11.19 million (2019: ZMW48.64 million profit).  

During the period under review, ZCCM-IH provided an extension on the USD550,000 cash cover for Kariba’s USD500,000 working capital facility with Investrust Bank Plc. The facility was set to expire during the period under review, and KML requested for the extension of the facility for an additional 12 months. This was requested due to challenges the business faced during the financial year caused by the adverse effects of the Covid-19 pandemic and the suspension of exports for a prolonged period.  

There were no dividends declared during the year under review (December 2019: Nil).  
Annual Report Summaries

Kariba Minerals Ltd Extract from 2019 Annual Report

Kariba Minerals Limited (KML) reported total revenue of ZMW20.95 million for the year ended 31 March 2019 (2018: ZMW17.18 million). KML reported a net loss of ZMW11.77 million
during the financial period under review (2018: ZMW10.22 million loss).
For the financial year ended 31st December 2018, Kariba Minerals produced a total of 804,124 Kg of rough amethyst. During the same financial year, Kariba held one auction in February 2018 in Jaipur, India. Due to regulatory changes in India’s gemstone industry, no further auctions were held for the year. Revenue for the period is attributable to direct sales of Kariba’s established clientele.
Subsequent to the year end, ZCCM-IH increased its stake in KML to 100% by acquiring a further 50% shares.
There were no dividends declared during the financial year under review (2018: Nil).
Investee Company News

Gemfields Progresses Disposals, Considers Larger Share Buyback

SE-listed Gemfields on Thursday announced that it had completed the first tranche of the sale of its shares in ASX-listed Jupiter Mines.

The company on April 15 informed shareholders of its decision to sell its stake in Jupiter in two tranches. The second tranche is expected to be completed by November.

Gemfields has proposed paying a special dividend of $24.69-million to shareholders, representing a distribution of $0.0175 a share.

However, it plans to use a portion of those funds to fund a larger share buyback.

Gemfields earlier this month initiated a share buyback, as the company’s board and management believed the recent trading range of the company’s share price undervalued it.

The 30-day volume weighted average price per Gemfields share has fallen by about 11% from R1.77 on April 15 to R1.58 at the close of trading on June 26 and has recently traded as low as R1.27 on June 7.

During the last 12 months, the Gemfields share price had fallen by about 40%. Shareholder feedback had indicated a preference that greater emphasis be placed on a share buyback, particularly given the discount to the company’s net asset value.

Gemfields is authorised to repurchase about 143-million shares, representing about 10% of its shares in issue. Any repurchased shares will be cancelled.

Meanwhile, the gemstone producer on Wednesday also announced that it had received $2.3-million in payment from ZCCM Investment Holdings, which bought Gemfields’ 50% interest in Kariba Minerals, which owns an amethyst mine, in Zambia.

Gemfields sold its interest in Kariba Minerals to focus on emeralds, rubies and sapphires.

Gemfields is the operator and 75% owner of the Kagem emerald mine, in Zambia, and the Montepuez ruby mine, in Mozambique. It also holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar.

Source: Mining Weekly
Investee Company News

ZCCM-IH Owns 100% Shares in Kariba

ZCCM-Investment Holding (ZCCM-IH) has acquired an additional 50 percent shareholding in Kariba Minerals Limited from Gemfields Limited at a cost of US$2.5 million.
The acquisition means that ZCCM-IH now owns 100 percent shares in Kariba Minerals Limited.
According to the directors’ interim unaudited financial results for ZCCM-IH and its subsidiaries for the six months period ended September 30, 2018, transaction completion is subject to regulatory approvals by various regulatory bodies
“Going forward, ZCCM-IH will implement a robust strategic plan aimed at improving production, processing and marketing activities to increase profitability of the mine,” the report reads.
Meanwhile, plans by ZCCM-IH to acquire Kapiri Glass Manufacturing (KGM) company have been put on hold due to legal action taken against the firm by the current owners https://epaper.daily-mail.co.zm/
Investee Company News, ZCCM-IH News

ZCCM-IH owns 100% shares in Kariba

TRYNESS TEMBO, Lusaka
ZCCM-Investment Holding (ZCCM-IH) has acquired an additional 50 percent shareholding in Kariba Minerals Limited from Gemfields Limited at a cost of US$2.5 million.

The acquisition means that ZCCM-IH now owns 100 percent shares in Kariba Minerals Limited.

According to the directors’ interim unaudited financial results for ZCCM-IH and its subsidiaries for the six months period ended September 30, 2018, transaction completion is subject to regulatory approvals by various regulatory bodies.

“Going forward, ZCCM-IH will implement a robust strategic plan aimed at improving production, processing and marketing activities to increase profitability of the mine,” the report reads.

Meanwhile, plans by ZCCM-IH to acquire Kapiri Glass Manufacturing (KGM) company have been put on hold due to legal action taken against the firm by the current owners https://epaper.daily-mail.co.zm/

Source: Daily Mail