Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
I will be happy for you if everything goes well for ARC. Just my outside but Zambian regular eye on this article:
- either the chief is pushing for a brown envelope, which is fine as it is customary in the country
- or what he says is true about the pilot, in which case you should question the credibility of the staff...
Usually The Mast gives good information
It has indeed been a long time since I last posted on LSE. As a shareholder of the Zambian company ZCCM-IH, I read Zambian press very regularly. When I read this article today I wanted to inform you... After that you can do what you want with it... I was interested in arc 1 or 2 years ago without more so I do not know the latest good or bad news. It's just information, no bad intentions... If I were you I would have liked to be informed of this type of information because Zambia is not necessarily a restful country
Kanongesha urges govt to find a serious investor for Kalaba Copper Mine
By Staff Reporter on May 2, 2021
SENIOR Chief Kanongesha of the Lunda People of Mwinilunga says any mining activities in his chiefdom should first benefit the local people.
And Kanongesha says he is concerned with the activities at Kalaba mine, whether there is mining or exploration taking place.
The traditional leader has since asked the government, through the Ministry of Mines, to find a serious investor for Kalaba Mine.
Kalaba Mine is owned by Arc Minerals Limited, the majority shareholder in Zamsort.
Arc Minerals Limited, which is listed on the London Stock Exchange, has issued a statement claiming that it has completed construction of a pilot plant at Kalaba Copper Project in Mwinilunga when in fact there is no activity going on at the mine.
But Kanongesha said he had not been informed of any mining activities at Kalaba Mine.
“Well, you have asked if there is mining going on; that I don’t know because I have never seen any activities taking place. Unless they mine at night! It is for this reason that I want the government to find an investor for this mine,” he said.
“Any mining activities that will happen in this district or in my chiefdom should first benefit the local people. If the local people cannot benefit then what is the purpose of having the mine here? I have confidence that the government will find an investor that will put the interest of the local people.”
National Union of Miners and Allied Workers (NUMAW) president James Chansa said mining should at all times benefit the local people.
“That is why the unions are there. So if mining is taking place at Kalaba mine, who are the beneficiaries? Who have they employed? So as a union, we will put our feet down and find out what is happening. We want to first see that the local people are employed,” Chansa said.
He said even local investors were capable of running the mines in Zambia.
Mines permanent secretary Bernaby Mulenga said government was still following up the matter.
In the announcement, Arc Minerals Ltd claimed that it had completed the construction of a pilot plant at the Kalaba copper project in Zambia, which has since been commissioned and has produced a copper-cobalt sulphide concentrate, yet the situation on the ground is totally different as residents in the area and their chief have called on the government to find a serious investor for the mine.
“I am very pleased to report that we delivered on our commitment to complete the construction and commissioning of the small-scale demonstration pilot plant at Kalaba. We have now completed the plant under budget – for less than half a million dollars. It is also an important step regarding Zamsort’s previous commitments in terms of its exploration licenses. In the meantime, we have made major progress regarding our next phase of exploration and our newly identified targets. A more detailed update on this wil
Hi guys, be careful it seems fishy...
https://www.themastonline.com/2021/05/02/kanongesha-urges-govt-to-find-a-serious-investor-for-kalaba-copper-mine/
WELL !!!! cleaning out of the Augean stables is going to begin ??? KCM/VEDANTA the first... ZCCM-IH filed a Claim Form with the English High Court to recover outstanding sums in excess of US$100 million due to it from KCM, pursuant to the terms of the Settlement Agreement entered into in 2013. http://www.zccm-ih.com.zm/zccm-investments-holdings-plc-zccm-ih-commences-legal-proceedings-konkola-copper-mines-plc-kcm/ https://www.lusakatimes.com/2016/06/11/zccm-ih-drags-kcm-court-demands-us100-million/
RNS Number : 1382A ZCCM Invs.Hldgs PLC 27 March 2012  ZCCM INVESTMENTS HOLDINGS Plc And its subsidiary DIRECTORS' INTERIM SUMMARY For the six month period ended 30th 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 (ZCCM-IH) 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. During the period under review, a total of K87, 346 million (US$18, 381, 000) was received in dividends as follows: · K35, 860 million (US$7, 600, 000) from Kansanshi Mines Plc · K23, 628 million (US$5, 000, 000) from Konkola Copper Mines · K19, 858 million (US$4, 161, 000) from Chibuluma Mines as well as · K8, 000 million (US$1, 620, 000) from CEC during the period. In addition, interest earned from treasury placements during the period amounted to K3, 488 million, where as management fees of K1, 675 million were earned from the Government of the Republic of Zambia (GRZ) relating to the Copperbelt Environment Project implementation. The cost of turnover decreased to K106, 484 million for the period to 30th September 2011 from K163, 246 million for the corresponding period to 30th September 2010. This was largely due to only the vertical kiln (at NLC) being operational during the period under review. The operating profit for the period under review of K785, 280 million was K662, 630 million (540%) higher than that for the same period in 2010. This was mainly as a result of the sale of shares in Equinox Minerals Limited for the period under review. For largely the same reason, the retained profit for the period under review of K1, 060, 376 million was K655, 189 million (161%) higher than that for the same period in 2010. The Company's share of profit from Associate Companies for the period to 30th September 2011 of K371, 430 million showed a slight decrease when compared to K372, 760 million for the period to 30th September 2010. During the period under review, ZCCM-IH participated in un
March 29, 2012 By NKOLE CHITALA ZCCM-Investments Holding Plc (ZCCM-IH) has made a part payment of US$55 million towards the pre- privatisation loans owed to Government. The group has also achieved a turnover of K891,764 million during the six-month period ended September 2011 which is 212 percent above the turnover of K265,896 million for six months recorded on September 30, 2010. This is according to unaudited results for the six-month period ended September 30, 2011 released by company secretary Chabby Chabala. Mr Chabala said the money owed to Government was paid during the period under review. He also said the company turnover is 212 percent up compared to K285, 896 million for the six months to September 30, 2010. Mr Chabala attributed the increase mainly to 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. He, however, said the turnover for Ndola Lime Company (NLC) at K105, 254 million declined 41 percent from that of the same period in 2010. He said the decrease is largely due to the shutdown of the rotary kiln on account of a breakdown of the electrostatic precipitator. “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 September 30, 2010,” he said. Meanwhile, ZCCM-IH also says events in the Euro Zone are likely to impact adversely on global commodity demand and prices. Mr Chabala said with lesson learnt from the global financial crisis, a number of mining companies have kept a close watch on unit production costs in order to better manage base metal price fluctuations. “We are keenly observing events in the Euro Zone and the effects being made to address them,” he said. ZCCM-IH is an investment holdings company which is quoted on the Lusaka, London and Euronext Stock exchanges, and has the majority of its investments held in the copper mining sector of Zambia. The company’s shareholders are the Government of the Republic of Zambia with 87.6 per cent shareholding while private equity holders take up 12.4 per cent. Minority shareholders are spread throughout the world in various locations.
ZCCM-IH, the government’s investment holdings company, is all of a sudden becoming very transparent. Only last year, after the change of government, did ZCCM-IH publish audited accounts for 2008, 2009 and 2010 at an AGM organised at very short notice in an “uncharacteristic flourish of activity”, as one international investor put it, followed by first a summary of the six months ended 31 March 2011, and now a summary of the six months ended 30 September 2011. ZCCM-IH is the left-over from the Chiluba government’s gradual privatisation of Zambia Consolidated Copper Mines (ZCCM), starting in the 1990s. ZCCM retained considerable shareholdings in several of the large copper mines such as Kansanshi Copper and Gold Mine (20%), Konkola Copper Mines (20.6%), Mopani Copper Mines (10%) and Luanshya Copper Mines (10%), but has other interests as well such as Ndola Lime Company (100%), Copperbelt Energy Corporation (20%), Maamba Collieries (35%) and oil exploration. Yet, argued the newly elected PF government, ZCCM-IH had not posted profits or dividends since its inception – despite soaring copper prices. This has finally changed, partly because ZCCM-IH has begun to receive its own dividends. Under the MMD government, the large mines seemingly skipped these payments, with the most blatant example being Kansanshi, owned by First Quantum Minerals, owing about K3 trillion in unpaid dividends and price participation payments (which come into effect at high copper prices). In the six months ended 30 September 2011, however, ZCCM-IH received K87.3 billion in dividends, including K35.9 billion from Kansanshi. In the nine months ended 30 September 2010, ZCCM-IH received dividends of K107.6 billion, up from K29.6 billion for the nine months to September 2009. However, what really has improved ZCCM-IH’s turnover !!! in the six-month period in 2011, up by 212% to K891.8 billion compared to the same period in 2010, is the sale of its 2.28% shareholding in Equinox Minerals, the former owner of Lumwana Copper Mine, which was 100% acquired by Barrick Gold last year!!!. As a result, ZCCM-IH’s operating profit (profit before taxation, retained profit!!!) increased by 54% to K785.3 billion compared to the same period in 2010. The funds from the Equinox shares have been invested in Maamba Collieries to maintain an equity shareholding of 35%, in Konkola North Copper (Konnoco) Mine, to secure up to 20% shareholding (depending on further investments), and in Ndola Lime Company as a shareholder loan towards strengthening production. Finally, some of the money has been used to make a part-payment of about K290 billion on pre-privatisation loans owed to government. ZCCM-IH is owned by government (87.6%) and private equity holders, mostly abroad (12.4%). It is listed on the Lusaka (LuSE) and London Stock Exchanges and on the Euronext in Paris. In January, government said it was considering a full listing of ZCCM-IH on
many news and informations on : http://forum.aboutzccmih.com/index.php
ZCCM-IH seeks strategic equity partners By KALONDE NYATI ZCCM-Investment Holdings (IH) says it is looking for equity partners in the exploration of minerals, oil and gas in four provinces as the firm embarks on mining activities. The areas are Northern, Eastern, Central and North-Western provinces. ZCCM-IH mining engineer Moses Chilambe said the firm,which was awarded seven mining licences in Northern, Eastern and Central provinces and four blocks for oil exploration in North-Western Province,wants to engage strategic partners with technical expertise and financial muscle in the mineral and oil fields. “Undertaking such projects is costly and ZCCM-IH wants to attract strategic partners, either foreign or local, with technical expertise and financial muscle,” he said. Mr Chilambe said this in an interview in Lusaka recently. He said ZCCM-IH wants to venture in active mining operations in line with its 2012 -16 strategic plan. “The 2012 -16 strategic plan will place emphasis on ZCCM-IH having to be actively involved in mining across the country and acquire reasonable shareholding in existing mines,” he said. Mr Chilambe said the organisation will also work closely with small-scale miners, especially those in the gemstone sector, a move that will enhance their growth. He said ZCCM-IH will among other things develop a revolving fund but could not disclose how much will be provided to miners as the development is currently at planning stage.
Zambia wants more for GDP from mining Friday, 20 Jan 2012 Mines minister Mr Wylbur Simuusa said that Zambia plans to double the contribution of the mining sector to its gross domestic product to 20% to enable the country to get more benefits from its main natural resource. Copper mining is Zambia's economic lifeblood and a key employer in the southern African country of 13 million people. According to government data from the central statistical office, Switzerland imports the bulk of the country's copper followed by China. At a meeting called to review the law governing mining, Mr Simuusa said the sector currently contributed between 9% and 10%to GDP. He said that "If we can double what we are getting, then we can say we have at least done something without giving a time frame.” He said the government would like State owned Zambia Consolidated Copper Mines Investment Holdings which currently represents the state in mining ventures through equity stakes, to actively participate in the industry by running and owning some mines. He said that government would also revamp small scale mining for it to contribute more to the economy, and would change mining laws to give the government a bigger supervisory role. Mr Simuusa further said that "We are also diversifying into less traditional mining areas instead of just concentrating on copper.” Foreign mining firms in Zambia include Brazil's Vale, Canada's First Quantum Minerals and Barrick Gold and London listed Vedanta Resources and commodity giant Glencore. He added that studies by the World Bank and the International Monetary Fund had shown that Zambia was not getting the due benefits from mining. He further said that "In terms of taxation, mining is contributing only 3% against exports of 60% to 70%, and we are saying that should be changed.”
Mr. Sata's new policies such as controls on copper exports and higher royalties are mainly aimed at delivering on populist campaign polices, but they have already rattled mine investors who fear they threaten to reverse the sector's impressive growth in the past few years. According to Fredrick Bantubonse, director of Zambia's Chamber of Mines, such abrupt policy changes are shaking investor confidence. "A stable fiscal regime is what every investor yearns for and we believe this is being undermined," he said. ZCCM-IH, which replaced the former mining parastatal in the late 1990s following the privatization of the country's mining sector, already holds minority stakes in copper mines including Mopani, Luanshya, Chambishi and Konkola. However the company's participation in the sector remains dismal, hence the need for higher stakes, Mr. Simuusa said. ZCCM-IH hasn't been able to pay dividends to the government since its creation because most of the mines in which it holds stakes either declare losses or continue to plow back profits in expansion projects, company officials said. However, ZCCM-IH has at least $170 million in cash from the sale last year of its stake in Lumwana Copper Mines, which it can use to kick-start a mining project. Currently, ZCCM-IH only operates the Ndola Lime Company, a major supplier of lime to copper and cobalt mines in the copperbelt. Under its revived role, ZCCM-IH could also start by reviving operations Munali Nickel Mine which was closed late last year, amid low global nickel prices, according to Sumuusa. ZCCM-IH is drawing up an alternative plan for the troubled mine, which is currently under care and maintenance as Australia-based Albidon Ltd. is experiencing cash-flow problems due to low global nickel prices. Spurred by an investment boom and higher global copper demand, Zambia's mining sector has made massive progress in the past three years, enabling the country to attain a historic record copper output 820,000 tons in 2010.
KAMPALA, Uganda—The Zambian government is seeking a greater role in the mining sector for state mining company, Zambia Consolidated Copper Mines Investments Holdings, known as ZCCM-IH, according to a senior official, in a move highlighting the new government's continued efforts to gain a bigger share of the profits generated by the sector. Since the September election of Michael Sata as president of Africa's top copper miner, the government has introduced a number of policies aimed at tightening the state's grip on the country's booming mining sector, which is tipped to hit two million metric tons of copper output in the next five years. Analysts see the changes in Zambia as part of a broader African shift toward resource nationalization as global demand for commodities continues to soar, with countries including Zimbabwe, Guinea and South Africa all considering legislation aimed at nationalizing mine projects, but some fear investor confidence will suffer. "Our target is to ensure that ZCCM-IH gets an active role in the mining sector, we want to break foreign dominance," Minister of Mines and Natural Resources Wilber Simuusa said. The government is currently in talks with stakeholders including landowners, tribal chiefs and small-scale miners as it seeks to acquire at least two green field projects to be developed by ZCCM-IH, Mr. Simuusa said. Negotiations are also continuing with mining companies operating in the southern African nation as the government seeks to increase ZCCM-IH's stake in existing copper mines from 10-15% to at least 35%. "In the next two weeks we should be able to conclude talks toward the acquisition of the first green field project," meaning new mines in areas where mining operations haven't previously been conducted, located mainly outside the country's Copperbelt province. Mr. Sata's election victory ended a 20-year dominance of the former ruling party, the Movement For Multiparty Democracy, and the 74-year-old former police officer has quickly attempted to leave a legacy as a champion of populist policies. Mr. Sata premised his campaigns on populist policies such as job creation, increasing mine taxes and increasing the state's stakes in mine projects. Zambia's mining operations are concentrated in the copperbelt, an area some 300 kilometers north of the capital Lusaka near the border with Congo, mainly due to inadequate exploration elsewhere, although some huge discoveries have been made outside the copperbelt in recent years, including Barrick Gold Corp.'s Lumwama and Kansanshi, owned by First Quantum Minerals Ltd. Mr. Simuusa said that ZCCM-IH will also acquire minority stakes in many other green field projects, mainly outside the copperbelt.
By Maimbolwa Mulikelela ZAMBIA Consolidated Copper Mines-Investment Holdings (ZCCM-IH) is discussing with stakeholders to buy 50 per cent shares in Kariba Minerals, the country’s largest amethyst producer. Kariba Minerals Limited, a 50-50 joint venture between Gemfields and the Zambian Government, operates the country’s largest single amethyst mine at Mapatizya in Southern Province. Kariba Minerals has long been a reliable source for quality amethyst for major processors of gemstones and other related products. The company’s market share is estimated at more than 90 per cent and presently, the company exports mainly to China and India including other potential markets in Europe and the US. ZCCM-IH chief executive officer Mukela Muyunda said the Company was seriously looking at investing in Kariba Minerals Limited as part of its diversification programme. Mr Muyunda said currently, the company was in discussion with Kariba Minerals in an effort to buy the 50 per cent stake which would consequently see ZCCM-IH increase its investment portfolio. In an interview in Lusaka, Mr Muyunda said ZCCM-IH was diversifying into the mining sub-sector and would be investing in Kariba Minerals Limited once the discussions are successfully concluded. “We are not only investing in copper mining alone but we are also going into other sub-sectors of mining such as coloured gemstones, so, we are seriously investing in Kariba Minerals Limited in Mapatizya dealing in amethyst,” he said. Mr Muyunda said ZCCM-IH was in the process of reviewing its strategic plan which would stipulate the areas where the firm could diversify into. “Currently, we are in the process of reviewing our strategic plan so that we can see other areas where we can diversify into including some element of manufacturing,” Mr Muyunda said. He said the strategic plan was expected to be finalised by the end of February and it would be much clearer on which other areas to diversify into. Mr Muyunda explained that ZCCM-IH holds 87.6 per cent shares on behalf of the Government, while 12.4 per cent was owned by the private investors, saying it was important to put the investment to good use. Mr Muyunda said, ZCCM-IH also owned 35 per cent shares in Maamba Collieries Limited adding, that it was an integrated project with the element of mining and thermal power. The company plans to set up a 300 MegaWatt thermal power project in Southern Province which will be connected to the national grid. Nava Bharat (Singapore) Property Limited, a subsidiary of Maamba Collieries Limited by the acquisition of 65 per cent equity stake from ZCCM-IH in April 2010 through the privatisation process.
APPOINTMENT OF MR. WILA D. MUNG'OMBA AS EXECUTIVE CHAIRMAN Friday 16 December, 2011 ZCCM Invs.Hldgs PLC Directorate Change RNS Number : 1239U ZCCM Invs.Hldgs PLC 16 December 2011  APPOINTMENT OF MR. WILA D. MUNG'OMBA AS EXECUTIVE CHAIRMAN OF ZCCM-IH In line with Article 74(A) of the Articles of Association of ZCCM Investments Holdings Plc (ZCCM-IH), the Minister of Mines and Natural Resources, Honourable Wylbur Simuusa, MP, on behalf of the Government of the Republic of Zambia, the majority shareholders of ZCCM Investments Holdings Plc (ZCCM-IH,) is pleased to announce the appointment of Mr. Wila D. Mung'omba as Executive Chairman of ZCCM-IH with effect from 1st December 2011. Mr. Mung'omba takes over from Mr. Alfred J Lungu who has served ZCCM-IH for a period of 4½ years. The Minister commends Mr. Lungu for his contributions to the company and the mining sector as a whole. Mr. Mung'omba who is not new to the affairs of the company, has in the past served as Group A Director of ZCCM Limited in 1996-98. Between 1995-1998, Mr. Mung'omba was World Bank's appointed Team Leader in the initial preparation of the ZCCM Limited privatization Report and Plan by the UK based Investment Bank NM, Rothschild & Sons and international law firm Clifford Chance. Later Mr. Mung'omba was involved in the creation of the present ZCCM-IH. Mr. Mung'omba is a distinguished lawyer of many years, a former Executive Director of the International Monetary Fund, and former President of the African Development Bank Group. For five years he served as Non-Executive Director on the initial Board of the Emerging African Infrastructure Fund (EAIF), a donor funded financial instrument to encourage public and private sector partnership in infrastructure development in Sub-Sahara Africa. He is currently Chairman of Cavmont Capital Holdings Zambia Plc and Chairman of Cavmont Bank. Recently at an African Union Ministers of Trade meeting held in Accra Ghana, Mr. Mung'omba was elected Chairman of the Pan African Private Sector Trade Policy Committee. As Chairman, he will coordinate all African private sector Trade Policy negotiations at World Trade Organization (WTO) and at Regional Organizations such as ECOWAS, COMESA and SADC. The Minister congratulates Mr. Mung'omba on this appointment, looks forward to his contributions towards achievement of the Company's strategic objectives and wishes him success in his new role. Dr V. Mutambo Permanent Secretary Ministry of Mines and Natural Resources
ZCCM Investments Holdings Plc Incorporated in the Republic of Zambia NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the 8th Annual General Meeting of members of ZCCM Investments Holdings Plc will be held on Wednesday, 7th December 2011 at Southern Sun Ridgeway Hotel, corner of Church Road and Independence Avenue, Lusaka at 10:00 hours to transact the following business: 1. To consider and adopt the minutes of the Seventh Annual General Meeting held on 23 November 2010. 2. To receive and adopt the audited Financial Statements of the Company for the year ended 30 June 2008, together with Reports of the Directors and the Auditors. 3. To receive and adopt the audited Financial Statements of the Company for the year ended 30 June 2009, together with Reports of the Directors and the Auditors. 4. To receive and adopt the audited Financial Statements of the Company for the nine month period ended 31 March 2010, together with Reports of the Directors and the Auditors. 5. To ratify the Directors' appointment of KPMG as external Auditors for the financial periods ended 30 June 2009, 31 March 2010 and 31 March 2011 following a casual vacancy that arose after the retirement of the previous Auditors who held office until the conclusion of the audit for the period ended 30 June 2008 and to ratify the Auditors' remuneration paid thereof. 6. To consider for ratification, the share sale of 65% of ZCCM-IH's shares in Maamba Collieries Limited to Nava Bharat (Singapore) Pte Limited. 7. To transact any other business that may be properly transacted at an Annual General Meeting. A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend, speak 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 C Chabala Company Secretary Lusaka, Zambia. 3rd November 2011
PORTFOLIO VALUE: ==> The Value of the ZCCM-IH portfolio is superior to $3 billion (represent more than $33/share), without all the valorisations of all participations. ==> If we consider KCM value represent 1/3 of the ZCCM'portfolio value, so the entire ZCCM-IH portfolio would be around $3.8 billion (represent more than $40/share) * DEBTS / LOANS / BORROWINGS In the other hand, we must speak of ZCCM-IH'debts. Exchange rate 01 June 2011: US$ 1 = ZMK 4,764 (source Bank of Zambia www.boz.zm ) Borrowings (Source: Annual Report 2007 (the last Annual Report, since no significant change occurs)) 1) Non-current / Long term borrowings 1.1) GRZ and GRZ related borrowings ZESCO loan: US$19.3 million GRZ Loan: around $204 million (without interest) GRZ/World Bank Loan: US$68.5 million ERIPTA Loan: K12,321 million (without interest) (represent US$2.6 million the 01 June 2011) Total 1.1 GRZ and GRZ related borrowings: around 295 million 1.2) Subordinated loan K865,445 million (without interest) (represent US$181.7 million the 01 June 2011) Total 1 Long term borrowings: around US$477 million (more than 80% without interest) 2) Current Bank borrowings K14,175 million (represent the 01 June 2011, US$3 million) (at the end of 2007) According to the Annual Report 2007, the total borrowings (general) is around US$291.8 million + K891,941 million = (at the 1 st June 2011 exchange rate) K2.28 trillion or US$479 million (represent US$5.37/ZCCM-IH'share, and most of 80% without interests)
ZCCM-IH has the following shareholding interests, with the evaluation for the ZCCM-IH portfolio: Investment superior to $1 billion ¤ Konkola Copper Mines Plc 20.6% - Evaluation around $1.27 to $1.5 billion (for ZCCM) ¤ Kansanshi Copper Mines Plc 20.0% - Evaluation, at least as KCM ($1.5 to $2 billion) Investments between $100 and $300 million ¤ Mopani Copper Mines Plc 10.0% - Evaluation US$263 million ¤ Ndola Lime Company Limited 100.0% - Evaluation NC (may be around US$150 to 250 million in 2 or 3 years) ¤ Equinox Minerals Limited (Lumwana Copper Mines) 2.3% - Evaluation US$171 million ¤ Maamba Collieries Limited 35.0% - NC (around US$100 to 170 million in two years) Investments lower than $100 million ¤ Konnoco Zambia 20.0% - Evaluation US$63 million (and probably the double in 2 years) ¤ Copperbelt Energy Corporation Plc 20.0% - Evaluation US$29 million ¤ Albidon Limited (Munali Nickel Project) 1.0% - Evaluation $0.37 million Investments without evaluation (for the moment) ¤ LCM Luanshya Copper Mines Plc 20.0% - Evaluation NC ¤ NFC Africa Mining Plc 15.0% - Evaluation NC ¤ Chibuluma Mines Plc 15.0% - Evaluation NC ¤ Chambishi Metals Plc 10.0% - Evaluation NC