ZCCM-IH formally announces Mopani Transaction

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Mopani MINE

ZCCM-IH formally announces Mopani Transaction

Board is pleased to announce that on 22 December 2023, ZCCM-IH entered into an agreement with IRH pursuant to which IRH, through its wholly owned subsidiary Delta Mining Limited (“Delta”) has committed up to US$1.1 billion for a 51% interest in MCM and the formation of a strategic partnership with ZCCM-IH.

This investment comprises of U$$620 million in new equity capital, up to U$$100 million in
settlement of existing third-party letters of credit and up to U$$380 million of shareholder loans into MCM as a SEP (the “Transaction”), subject to the fulfiment of Conditions Precedent defined herein.

Consequently, upon the satisfaction of those Conditions Precedent, the relationship between Glencore Intemational AG (“Glencore”] and MCM wll be restructured.

ZCCM-IH, in consultation with it transaction advisors, is preparing a Transaction circular providing all the relevant information in respect of the Transaction, including financial and technical information.

Shareholders will be able to vote on the Transaction at an extraordinary general meeting (“EGM”) due to take place in the first quarter of 2024.

In compliance with the requirements of Section 9 of the Listings Requirements of the Lusaka Securities
Exchange (“LUSE””), the key features of the Transaction are set out below.

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