ZCCM-IH ANNUAL REPORTS

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bingogo

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Message Mar 12 Juil 2011 12:26

ZCCM-IH ANNUAL REPORTS

539. Mr Simuusa (Nchanga) asked the Minister of Mines and Minerals Development:

(a)when the Zambia Consolidated Copper Mines-Investments Holdings (ZCCM-IH) last produced its annual report;

(b)when the outstanding reports, if any, would be produced; and

(c)what had caused the delay, if any, in producing the annual reports timely.

The Deputy Minister of Mines and Minerals Development (Mr Nkhata): Mr Speaker, the ZCCM-IH last produced its report in 2007.

Mr Speaker, progress on the outstanding reports for 2008, 2009 and 2010 is as follows:

(i)2008 Annual Report – The audit work on the 2008 Annual Report is complete and it will be presented to the Annual General Meeting this month;
(i) 2009 Annual Report – KPMG have completed their audit work on the 2009 Annual Report and it is expected to be presented to the AGM this month; and

(ii)2010 Annual Report – The audit files for the 2010 Financial Year are complete and await commencement of the audit.

Mr Speaker, the delay in the production of the annual reports is as a result of the following factors:

(i)the need to fulfil the requirement of presenting investments in the balance sheet in a more accurate manner and also to comply with the changes to International Accounting Standard No. 39 (IAS39), in 2006 and the ZCCM-IH retained Deloitte and Touche to value ZCCM-IH investments in all companies in which it held shares.

The external auditors, Price Waterhouse Coopers (PWC), though initially agreeable to the valuation methodology and approach adopted by Deloitte and Touche, changed their position. This situation led to the delay in producing the 2006 and 2007 Annual Reports which were only completed in October, 2010.

(ii)the delay in producing the 2008 Annual Report is attributable, largely, to the PWC’s inability to complete their part of the process in time.

The ZCCM-IH has brought its concerns to PWC’s attention on many occasions. The continued delays on the part of the PWC necessitated ZCCM-IH’s involvement of the regulator of the Accounting Profession in Zambia, the Zambia Institute of Chartered Accountants (ZICA), in the matter to compel the external auditors to complete this exercise. This matter is still before the ZICA Disciplinary Committee.

Mr Speaker, I thank you.

The Deputy Chairperson: The hon. Member for Roan.

Mr Kambwili: Thank you, Mr Speaker …

The Deputy Chairperson: Sorry, I was calling upon the hon. Member for Nchanga.

Mr Kambwili: Ninjamba kale!

Laughter

The Deputy Chairperson: Order!

Mr Simuusa: Mr Speaker, in the absence of audited reports for ZCCM-IH, on what basis will the hon. Minister of Finance and National Planning or, indeed, the hon. Minister of Mines and Minerals Development determine the debts of ZCCM-IH from the proceeds of the sale of shares in Lumwana Mine after the deal with Barrick Gold? On what will the debts be determined?

The Minister of Mines and Minerals Development (Mr M. B. Mwale): Mr Speaker, what we know is that companies continue to operate with or without audit reports because management is in place and it takes stock of the debts that they may have. However, it is desirable that audit reports are updated so that the public is availed actual information.

I thank you, Sir.

Mr Kambwili: Mr Speaker, it is mandatory for all parastatal bodies to produce annual reports. May I know what action has been taken against the ZCCM-IH for failing to meet this obligation?

Mr M. B. Mwale: Mr Speaker, I hope the hon. Member did listen to the response we gave because we have been very categorical that the ZCCM-IH has even complained to the Zambia Institute of Chartered Accountants about the delay in producing the audit reports.

I thank you, Sir.

Mr Lumba (Solwezi Central): Mr Speaker, in his reply, the hon. Deputy Minister mentioned all the big three auditing and accounting firms, KPMG, Deloitte and Touche, and Price Waterhouse Coopers. May I know the auditors of the ZCCM-IH and who appointed them without even holding an AGM?

Hon. Opposition Member: Hear, hear!

Mr M. B. Mwale: Mr Speaker, we have clearly indicated that the ZCCM-IH has even gone to an extent of reporting the PWC to ZICA for the delay in producing the audit report, meaning that the PWC are the auditors of the ZCCM-IH.

I thank you, Sir.

Mr Mukanga: Mr Speaker, what action is taken against parastatal bodies which fail to comply with the law in as far as production of annual reports and audit reports is concerned?

Mr M. B. Mwale: Mr Speaker, if the hon. Member has issues with the management of the ZCCM-IH, he may take them there.

I thank you, Sir.
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cvarvois

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Message Mar 12 Juil 2011 12:29

Re: ZCCM-IH ANNUAL REPORTS

Merci Bingogo.
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Le Niçois

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Inscription: Lun 7 Sep 2009 22:10

Message Mar 12 Juil 2011 18:44

Re: ZCCM-IH ANNUAL REPORTS

thks Bingogo.

On va avoir donc 2008 et 2009 ce mois-ci.
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LesCrozes

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Message Mar 12 Juil 2011 18:55

Re: ZCCM-IH ANNUAL REPORTS

Le Niçois a écrit:thks Bingogo.

On va avoir donc 2008 et 2009 ce mois-ci.


Non, je doute que cela soit ainsi. En effet les entreprises doivent annoncer une AGM 21 jours francs avant la tenue de celle-ci. Les politiques restent des politiques et sont assez peu versés dans le fonctionnement des entreprises. De là à ce qu'ils aient confondu AGM et Board Meeting pour la validation des comptes, il n'y a pas loin.
Nous attendons par ailleurs l'annonce de la date des élections présidentielles. Cette date pourrait avoir une incidence sur la date de l'AGM.
Ce que l'on conçoit bien, s'énonce clairement, Et les mots pour le dire arrivent aisément. BOILEAU
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mgauthi4

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Inscription: Dim 6 Sep 2009 20:50

Message Mar 12 Juil 2011 20:14

Re: ZCCM-IH ANNUAL REPORTS

la suiteMINING COMPANIES PROFITS

541. Mr Simuusa asked the Minister of Mines and Minerals Development:

(a) How profit was recorded by the following companies from 2005 to March, 2011:

(i)Kansanshi Mine Plc;
(ii)Konkola Copper Mines Plc;
(iii)Mopani Copper Mines Plc;
(iv)Chibuluma South Mine; and
(v)Ndola Lime Compamy; and

(b) how much, in dividends, was paid to the shareholders of each company in the same period.

The Deputy Minister of Mines and Minerals Development (Mr Chikwakwa): Mr Speaker, the mining companies listed in the question made the following profits from 2005 to 2011:

Profits/Losses (US$’M)

Name of Company 2005 2006 2007 2008 2009 2010 2011

Kansanshi Mine 95.11 308.16 525.2 397.4 281.17 394.06 233.64

Konkola Copper
Mine 50.0 114.0 301.0 134.0 165.0 20.0 170.0

Mopani Copper
Mine 28.08 116.09 109.25 171.31 139.504 - -

Chibuluma Mines 3.4 16.0 36.4 43.3 5.3 44.3 10.1

Mr Speaker, the 2010 figures for Mopani Copper Mines are still in the process of being finalised for signing off by the company’s auditors and directors, following an external audit, while the 2011 figures will be available after the financial year comes to an end.

Profits/Losses (K’000)

Company 2005 2006 2007 2008 2009 2010 2011

Ndola Lime
Company 8,138,797 10,043,583 5,254,996 13,603,963 16,937,990 28,258,240 32,276,111

Dividends Paid to Shareholders (US$’M)

Name of 2005 2006 2007 2008 2009 2010 2011
Company

Kansanshi
Mine
Plc 0 0 0 0 15.0 115.0 38.0

Konkola
Copper
Mine Plc 0 0 6.0 9.0 9.0 0 25.0

Mopani
Copper
Mine Plc 0 0 0 0 0 0 0

Chibuluma
Mines 0 0 3.2 14.4 0 7.0 0

Mr Speaker, Ndola Lime Company declared a dividend of K8.25 billion in 2006. Since then the company has not declared any dividends.

I thank you, Sir.

Mr Simuusa: Mr Speaker, going by the answer from the hon. Minister, it is very clear that the mining companies have been making profits from 2005, and yet when you look, there are no dividends paid. I wish to find out from the hon. Minister what dividends policy this Government has allowed these mines to operate under. Why is the Government allowing these mines to make profits, but not pay dividends to the ZCCM-IH which is a major shareholder in all these mining operations and through which we, as Zambians, benefit from the mining companies? What is our dividends policy as a nation?

Mr M. B. Mwale: Mr Speaker, I am sure that the hon. Member is fully aware that the payment of dividends is a management decision that is dependent on what projects will be undertaken in a particular year. For example, between 2005 and 2007, Mopani Copper Mines invested well over US$680 million in capital projects, thereby making it impossible for it to pay dividends or else it would have accumulated more debts.

I thank you, Sir.

Mr Chisala: Mr Speaker, may I know the social benefits for the people of Ndola got from Ndola Lime Company during the period under review.

Mr M. B. Mwale: Mr Speaker, first of all, the hon. Member for Chilubi should appreciate the fact that Ndola Lime Company is a fully owned Zambian company. The people of Ndola are assured of employment as he knows fully well that Ndola is depressed economically.

I thank you, Sir.

Mr Kambwili: Mr Speaker, the purpose of the ZCCM-IH having shares in these major mining companies is to get dividends on behalf of the people of Zambia. May I know what benefits the people of Zambia are deriving from this arrangement when mining companies are reinvesting the profits in capital projects instead of paying out dividends? Is this not the reason we are failing to meet the socio-economic needs of our people?

Hon. Opposition Members: hear, hear!

Mr M. B. Mwale: Mr Speaker, it is quite clear that the hon. Member does not know the history of our mining industry fully.

Interruptions

Mr M. B. Mwale: Mr Speaker, if he did, he would be aware that the mining sector suffered a lot in terms of lack of recapitalisation and that it only became vibrant after privatisation.

Mr Speaker, the people of the Copperbelt Province have been assured of continued job security which is a good thing because, without jobs, their esteem will diminish. We will continue to ensure that there is life on the Copperbelt by creating more jobs. Furthermore, what should be understood is that the recapitalisation of any operation is critical to ensuring that there are continued operations.

I thank you, Sir.

y a un truc qui leur reste en travers de la gorge ....
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plegoff3

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Inscription: Mer 2 Sep 2009 21:58

Message Mar 12 Juil 2011 22:32

Re: ZCCM-IH ANNUAL REPORTS

LesCrozes a écrit:
Le Niçois a écrit:thks Bingogo.

On va avoir donc 2008 et 2009 ce mois-ci.


Non, je doute que cela soit ainsi. En effet les entreprises doivent annoncer une AGM 21 jours francs avant la tenue de celle-ci. Les politiques restent des politiques et sont assez peu versés dans le fonctionnement des entreprises. De là à ce qu'ils aient confondu AGM et Board Meeting pour la validation des comptes, il n'y a pas loin.
Nous attendons par ailleurs l'annonce de la date des élections présidentielles. Cette date pourrait avoir une incidence sur la date de l'AGM.


Si je te suis les crozes tu penses que l'AG ne pourrait avoir lieu qu'après les élections présidentielles?
Dans ce cas ce ne serait pas véritablement une bonne nouvelle!!
merci de préciser ta vision des choses.
Bonne soirée.
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LesCrozes

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Message Mer 13 Juil 2011 00:44

Re: ZCCM-IH ANNUAL REPORTS

Bonsoir Plegoff3,

Quand j'écris "Cette date pourrait avoir une incidence sur la date de l'AGM.", en fait je pense que soit le Président BANDA pourrait vouloir une AGM avant les élections pour des raisons électoralistes, soit ZCCM-IH pourrait prendre en compte les élections et choisir un moment pour l'AGM en dehors des élections (soit avant, soit après, mais pas en même temps).
Compte tenu de l'incertitude concernant la date des élections et de l'état exact d'avancement des comptes, il est difficile d'aller plus loin dans les hypothèses.
Ce que l'on conçoit bien, s'énonce clairement, Et les mots pour le dire arrivent aisément. BOILEAU

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