Il est temps pour le gouvernement de devenir beaucoup plus ferme avec Mopani.
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"MCM Plc’s financial performance fluctuated in the period under review with the total sales that peaked at US$1.1 billion in 2007 dropping steadily to US$596 million in 2009 before rising again to US$869 million in 2010. The net profits also depicted a similar trend."
"MCM has embarked upon an expansion strategy, through the development of the Synclinorium Shaft, as a result of a very limited life of mine estimate of not more than four years, and low ore grade reserves. Indeed implementation of the synclinorium shaft is the future of the company.
The original budget for the project which was at US$206 million, has since been revised to US$240 million, and other major funding requirements including the Smelter Phase III 1st Converter project, purchase of a new converter and refurbishment of another, are to cost US$68 million bringing capital expenditure to a certain minimum of US$308 million during the next three years.
Further MCM have advised of the intention to develop the deeps section to ensure sustainability of mining at Mufulira Mine, as well as the ongoing development of the Luansobe Orebody and the Mufulira East ore body. The current mineral reserves from the Mufulira Deep have a mine life of 10 years and opportunity to extend the life of Mufulira mine up to 1540 m level with mineral resources of the mine life by a further 38 years when the resources are translated into reserves using available infrastructure and resources.
Projections relating to the above undertakings are yet to be availed to enable assessment of dividend payment and/or capital gains.
MCM’s dividend policy states that the shareholders will procure that the full amount of KCM profits arising or accumulated from the business of MCM in each year of operation shall be distributed to the shareholders, after :
- the provision of working capital as determined by the board of directors;
- the making of such transfers to reserves and provisions as in the opinion of the board of directors ought reasonably to be made:
- taking into account the obligation to service all debt and to comply with any financing agreement to which the Company is party; and
- taking into account the interests of the shareholders in minimising the taxation liabilities.
The ZCCM-IH strategy for MCM during the Strategic Planning period will be hold in the interim, with consideration for a negotiated sale as long as the company does not realise value for ZCCM-IH in terms of dividend receipts, capital gains nor plans to list on the LuSE".
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On ne peut que s'interroger sur la faible profitabilité de la mine au regard des chiffres d'autres participations.
Les comptes annuels de Glencore (
www.glencore.com) sont pour le moins opaques en l'absence de détails par mine ou de répartition géographique suffisamment précise. Voilà une participation pour laquelle l’État, via ZCCM-IH, ne devrait pas hésiter à monter autoritairement à plus de 35 % si les audits actuellement menés confirment les soupçons.