ZCCM Investments Holdings PLC Releases Abridged Provisional Unaudited Financial Statements for 2023
ZCCM Investments Holdings PLC has unveiled its provisional financial statements for the fiscal year ending 31st December 2023, in accordance with the Securities Act No. 41 of 2016.
These results encompass the performance of the Company and its subsidiaries, collectively referred to as the ZCCM-IH Group.
Overview of the ZCCM-IH Group’s Structure
The ZCCM-IH Group encompasses nine companies, each contributing to its diversified portfolio:
1.Mopani Copper Mine PLC
2.Ndola Lime Company Limited (In liquidation)
3.Kariba Minerals Limited
4.Misenge Environmental and Technical Services Limited
4.Mushe Milling Limited (In liquidation)
1.Kabundi Resources Limited
5.Limestone Resources Limited
6.Investrust Bank PLC
6.Zambia Gold Company Limited
Additionally, the Company holds interests in various other ventures, including Rembrandt Properties, Central African Cement Limited, Maamba Collieries Limited, and more.
Key Financial Highlights
.Revenue for 2023 totaled ZMW 11,746,920, a slight decrease from the previous year.
.The Group reported a loss before tax of ZMW 3,517,236, attributed primarily to operational challenges within its subsidiary, Mopani Copper Mine PLC.
.Despite these challenges, the Company itself recorded a profit for the year, indicating resilience amidst broader financial difficulties within the Group.
Operational Insights and Strategic Developments
1.Mopani Copper Mines PLC (MCM): Mopani reported a substantial loss in 2023 due to decreased copper production and operational challenges.
However, strategic investments by International Resources Holding Limited (IRH) are expected to bolster Mopani’s financial and operational resilience.
.Kansanshi Royalty Model: ZCCM-IH approved a royalty transaction with First Quantum Minerals Limited, converting its equity interest in Kansanshi Mining Plc into a life of mine royalty.
.Shareholding Increase in Copperbelt Energy Corporation Plc (CEC): ZCCM-IH increased its stake in CEC to 31.07%, reflecting confidence in CEC’s growth potential.
.Restructuring with Vedanta Resources Group: ZCCM-IH and Vedanta Resources Group reached agreements to reset their relationship, resolving all disputes and legal proceedings.
.Exploration Efforts by Mingomba Mining Limited: Mingomba Mining Limited, a partnership involving ZCCM-IH, is actively engaged in exploration activities in the Chililabombwe region, employing innovative techniques like Artificial Intelligence (A.I.) to expedite the exploration process.
Outlook and Future Endeavors
Despite the challenges faced in 2023, ZCCM-IH remains committed to pursuing opportunities in the mining sector. The Company aims to forge mutually beneficial partnerships that contribute to Zambia’s economic development and create value for stakeholders.
As ZCCM-IH continues its strategic focus on mining-related investments, it remains poised for growth and resilience in the face of evolving market dynamics.
