Message Lun 6 Oct 2014 08:51

ZCCM-IH to acquire ‘black mountain’

KABANDA CHULU, Lusaka
ZCCM Investments Holdings (ZCCM-IH) is negotiating with the Nkana Slag Dump owners (Wusakile Black Mountain) in Kitwe to buy off the slag material that has remained idle for a long time and has been an environmental concern.
ZCCM-IH has since 2011 been in discussion with ENRC, Chambishi Metals Plc and Tianjin Maolin on the possible sale and transfer of the slag material previously owned by Chambishi Metals to its subsidiary Nkana Alloy Smelting Company Limited (Nkana Alloy).
This is contained in the 2014 financial statements and annual report that will be discussed at the annual general meeting by shareholders.
The company was created to exploit the Nkana Slag Dump material that has remained idle for a long time and has been an environmental concern
“ENRC Africa BV sold its 90 percent stake in Nkana Alloy to Tianjin Maolin Technology Limited, and ZCCM-IH has maintained its 10 percent shareholding…The sale transaction between Tianjin and ENRC was concluded in February 2014. Hitherto, the mining and surface rights have been transferred to Nkana Alloy,” it stated.
Processing of the slag is expected to start in the latter part of 2014.
Meanwhile, ZCCM-IH has finally incorporated its subsidiary Nkandabwe Coal Mines to operate the Collum Coal Mining Industries, previously owned by Chinese investors and so far K16.5 million has been spent on care and maintenance.
The ZCCM-IH Group, which controls minority shareholding in the mining companies on behalf of Government, has also sold its shares in Albidon Limited for K53 million (US$8,474.57) following the acquisition of the mine by Jinchuan Group Resources Limited.
ZCCM-IH Group recorded a turnover of over K1 billion compared to K520 million in 2013 and an operating profit of K871 million compared to K376 million in 2013.
The Group also reported a profit after tax of K277 million compared to K762 million in 2013.