ZCCM-IH RECORDS K2.1BN LOSS

ZCCM-IH has recorded losses amounting to K2.1 billion as a result of the woes by its subsidiary Mopani Copper Mines which accounted for 97% of the group’s total revenue.

Chabby Chabala the ZCCMIH Company secretary said the board of directors of ZCCMInvestments advised the shareholders that the earnings per share (EPS) for the group unaudited half year ended 30th June were expected to be approximately 270% lower and 481% higher respectively than the unaudited half year results for the period ended 30th June 2021.

“The movement in EPS for the group was primarily attributed to the losses recorded by the subsidiary Mopani Copper Mines PLC of K2.1 billion (US$121 million in the period, as Mopani accounted for 97% of the group’s total revenue,” Mr Chabala said.

He said that while the movement in EPS for the company was attributed to a 931% increase in revenue from k121 million (US$5.4million) to K1.25 billion (US$72.9 million) resulting from a special dividend of K770million from one of the investee companies, Kansanshi Mining PLC.

Recently failure to publish ZCCM-IH Audited books earned ZCCM a European suspension.

ZCCM-IH listed had been relegated to the compartment of junk stocks and risked being delisted.

And this is the first step before the final delisting of ZCCM-IH. This sanction is the consequence of the lack of publication of audited balance sheets for almost 2 years.

And shareholders expressed worry and said the sanctions came at a time when the Government was schmoozing with investors and mining companies and cajoling them.

“We note with bitterness that even the worst partners are spared and treated with consideration, the evolution of the Mopani mine is a glaring example while investors of state owned mining holding company ZCCM-IH are mistreated. We demand that political interference against the interests of our company ZCCM-IH cease and that firmness towards shady partners finally becomes the rule,” the shareholders demanded.