Zambia's ZCCM-IH targets 35% equity participation, copper in

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Message Mar 29 Jan 2013 22:40

Zambia's ZCCM-IH targets 35% equity participation, copper in

 
Zambia's ZCCM-IH targets 35% equity participation, copper investments consolidation

January 29, 2013 - 18:15 GMT Location: Windhoek

Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) wants to raise equity holdings in copper miners in the country to up to 35%, but has no plans to gain majority interest or management control in mining projects.
The Zambian government holds an 87.6% stake in ZCCM-IH, which is listed in Lusaka, London and Paris.

ZCCM-IH holds stakes in Konkola Copper Mines (20.6%), Kansanshi Mine (20%), Lubambe Mine (20%), Chibuluma Mine, (15%), NFC Africa (15%) and Luanshya Copper Mines (15%), along with 10% stakes in both Mopani Copper Mines and Chambishi Metals.

It also wholly owns Ndola Lime Company and has a 35% stake in Maamba Collieries, a 20% stake in Copperbelt Energy and a 0.97% stake in Munali Nickel Mine.

As investment in new mining projects and production surges in Africa’s top copper producer, ZCCM-IH will align its investments with the sector’s growth trajectory, ceo Mukela Muyunda told Metal Bulletin.

“The mining industry in Zambia has continued its growth, with several new mining projects being set up and also existing companies ramping up production. ZCCM-IH will participate in this growth by investing in new ventures and continually enhancing the value of its current investments,” Muyunda said.

“While this is being done, ZCCM-IH will continue its role as a minority shareholder in investee companies, that is, holding up to 35% equity stakes,” Muyunda told Metal Bulletin.

He did not disclose how the Zambian company would finance acquisition of additional equity in mining companies.

Muyunda said that ZCCM-IH still has a lot of ground to cover to “convert opportunities the mining sector offers into real and tangible wealth for shareholders”.

In this regard, ZCCM-IH is “currently revisiting its investment model as well as its involvement in investee companies”.

A recently approved 2012-2016 strategy says that the company will review the markets in which it is listed, with a view to ensuring that it lists its shares “on the correct markets consistent with its status”.

Key to the strategic plan is consolidating existing investments in copper while pursuing other copper assets, Muyunda said.

Although it rules out creating standalone projects, ZCCM-IH says it will broaden investments into manganese and gemstone mining, support small-scale miners and hold mineral rights on behalf of the government.

“While presently heavily invested in copper assets, ZCCM-IH, as part of its strategic plan, will look to diversify into other minerals, such as manganese and other base metals, emeralds, amethyst, diamonds and other gemstones and precious metals such as gold,” Muyunda said.

He said that Zambia will continue to be a major global supplier of copper, citing new projects such as First Quantum Minerals’ Trident, the Konkola Deep Mining Project and Lubambe.

“PricewaterhouseCoopers estimates Zambia’s 2012 copper production at 1 million tonnes, increasing to 1.5 million tonnes in 2013. As outlined in our strategic plan, ZCCM-IH will also participate in copper value addition and selling these products on both local and international markets,” Muyunda said.

Felix Njini
editorial@metalbulletin.com[/quote]
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