ZCCM-IH Reports Stronger Investment Income as Portfolio Value Reaches US$1.91 Billion
ZCCM-IH Investment Income Rises 40% as Market Capitalisation Surpasses US$1 Billion
LUSAKA, 20 August 2026 — ZCCM Investments Holdings Plc (ZCCM-IH) has reported a 40% increase in investment income to ZMW3.4 billion for the year ended 31 December 2025, supported by higher Kansanshi royalty income and the first dividend payment from Maamba Energy.
The company’s audited financial statements also show that the fair value of its investment portfolio increased by US$122 million to US$1.91 billion, while its market capitalisation surpassed US$1 billion in August 2025, reflecting stronger investor confidence.
ZCCM-IH Chief Executive Officer Kakenenwa Muyangwa said 2025 was a year of execution and delivery, with the company focused on converting strategic investments into sustainable cash returns.
Higher Royalty and Dividend Income
Royalty income from ZCCM-IH’s Kansanshi royalty interest rose to ZMW1.58 billion (US$64.5 million) following the commissioning of the Kansanshi S3 expansion.
Dividend income doubled to ZMW1.57 billion (US$63.8 million), including maiden dividends of US$39.2 million from Maamba Energy and US$21.2 million from Copperbelt Energy Corporation (CEC).
The increase contributed significantly to total investment income of ZMW3.4 billion.
Portfolio Value Strengthens
CEC was the largest contributor to the increase in portfolio value. The market value of ZCCM-IH’s 33.51% interest in CEC increased from approximately US$261 million to US$475 million.
Its 49% interest in Mopani Copper Mines was valued at US$335 million, compared with US$311 million in 2024.
Together with International Resources Holding (IRH), ZCCM-IH has advanced approximately US$640 million towards Mopani’s recapitalisation and development programme since the partnership began.
The company’s Kansanshi royalty interest was valued at US$728 million, while the Mingomba copper project, being developed with KoBold Metals, was valued at US$60.2 million.
These gains were partly offset by lower carrying values at Konkola Copper Mines and CNMC Luanshya, where recapitalisation and redevelopment programmes remain underway.
Maamba Energy is also progressing with its fully funded Phase II expansion, which is expected to add 300MW of generation capacity from 2026.
Mopani Accounting Change
Following the completion of the Mopani strategic equity transaction, Mopani Copper Mines is accounted for as an associate rather than a subsidiary from 2025.
This reduced reported Group revenue because Mopani’s mining operations are no longer consolidated.
ZCCM-IH said the change is an accounting presentation issue and does not represent a decline in the underlying value of the portfolio.
Group Reports ZMW4.92 Billion Loss
ZCCM-IH recorded a Group loss of ZMW4.92 billion, compared with a profit of ZMW39.85 billion in 2024.
The sharp difference was mainly due to exceptional, non-cash gains recognised in 2024 from the Mopani transaction, which were not repeated in 2025.
The 2025 results were also affected by valuation movements, finance costs, foreign exchange effects following the appreciation of the kwacha and a one-off legal provision related to the Trafigura arbitration.
At Company level, the loss more than halved to ZMW1.94 billion.
Trafigura Arbitration
The financial statements include a US$92.9 million (ZMW2.1 billion) provision relating to the final arbitration award issued in favour of Trafigura Pte Ltd.
The award, issued on 22 May 2026, relates to a guarantee issued in 2021 concerning prepayment agreements between Trafigura and Konkola Copper Mines. The award included a principal amount of US$69.3 million, plus interest and costs.
ZCCM-IH said up to US$50 million of the settlement amount will be recovered from KCM under a Tripartite Reimbursement Agreement involving ZCCM-IH, KCM and the Government of Zambia.
During the year, the Government of Zambia mandated ZCCM-IH to lead the formalisation and development of the gold sub-sector, expanding the company’s role across the country’s mineral value chain.
The Board has also approved measures to strengthen financial reporting and controls. These include implementing internal controls over financial reporting, appointing an external auditor for 2026–2028, adopting IFRS S1 and IFRS S2 sustainability disclosure standards, migrating to a new enterprise resource planning system and conducting quarterly fair-value assessments of investee companies.
Proposed Dividend and LSE Trading
The Board has proposed a dividend of ZMW1.13 per share, compared with ZMW3.29 in 2024.
Following publication of the audited results, ZCCM-IH has also applied for the restoration of trading in its shares on the London Stock Exchange.
Board Chairperson Phesto Musonda said the results demonstrated progress towards building a stronger portfolio, increasing investment income and restoring investor confidence, while improved financial controls would support more timely reporting in future.
