ZCCM-IH ACQUIRES ADDITIONAL 10% SHAREHOLDING IN LUBAMBE COPPER MINES
✅ ZCCM Investments Holdings PLC (ZCCM-IH) has reached an agreement with Jinchengxin Mining Management Company Ltd (JCHX) to acquire an additional 10% shareholding at US$1 in Lubambe Copper Mines Ltd.
✅ According to a press statement issued by ZCCM-IH Corporate Affairs Manager Loisa Mbatha, the transaction will increase ZCCM-IH’s ownership in Lubambe from 20% to 30%, and upon completion, JCHX’s stake will adjust from 80% to 70%.
✅ The transaction is expected to be finalised in the next six months.
✅ The 10% share increment will give ZCCM-IH marketing rights to copper ore concentrate output in proportion to its shareholding.
✅ The innovative arrangement is first of its kind within ZCCM-IH portfolio and will ensure greater value extraction from the asset.
✅ The current Shareholder’s Agreement shall be revised accordingly to include other value extraction strategies for ZCCM-IH.
✅ The increased equity will strengthen ZCCM-IH’s role in the governance, management and development of Lubambe Copper Mines, ensuring greater alignment with the interests of ZCCM-IH’s shareholders and Zambia’s national interests.
✅ JCHX intends to invest approximately US$300 million into Lubambe for operations and extension of the mine life.
✅ The mine is currently implementing initiatives to boost productivity and operational efficiency, and this partnership will support these goals.