ZCCM-IH records K448m profit in 2019

ZCCM Investment Holdings has recorded a group profit of K448 million in 2019.

ZCCM-IH chief financial officer Chilandu Sakala said this was due to increased revenue mainly the income arising from Investrust bank PLC.

Ms.Chilandu said the increase in ZCCM-IH group profits was also due to Increase in share of profits due to profits recorded by Maamba Collieries and other investment portfolios.

And ZCCM-IH chief executive officer Mabvuto Chipata said a dividend of K53 million will be paid to shareholders for 2019.

He said in order to instill confidence in shareholders, ZCCM-IH will continue paying dividends.

Mr.Chipata expressed happinesses that the share price on the Lusaka stock exchange has remained stable over the years

He adds that ZCCM-IH will diversify within the mining sector and venture in gold and manganese mining.

He said a processing plant has since being set up in Rufunsa district and will soon be operational.

Meanwhile ZCCM-IH Board Chairperson Eric Silwamba disclosed that the the stability in coopper prices reported in 2017 continued in 2018.

He said the coming om board of new mining projects improved production during the year 2019.

He added that the ramp up in production at kalumbila improved plant availability and utilization at the tailings leach plant at KCM coupled with higher grades and commissioning of the synclinorium shaft at mopani copper mines PLC leading to increase volume of ore being hoisted resulted in a marginal increased in copper production by around 8% to about 862,000 tonnes at the end of 2018

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