Zambia Consolidated Copper Mines Limited (ZCCM) the 2023 financial results with post-tax losses increasing to over $222 million about K4, 000 million.
According to the financial statement seen by the Zambian Business – ZBT, in 2023, the Group faced financial challenges, with post-tax losses increasing from ZMW3,786 million (US$222.03 million) in 2022 to ZMW4,076 million (US$198.59 million).
The group has attributed this to the underperformance of Mopani Copper Mine Plc, which reported a significant loss of ZMW8.97 billion (US$436.94 million).
“Mopani’s lower copper production and operational issues were key contributors to this decline.”
Meanwhile, the Group’s total assets grew from ZMW48.92 billion (US$2.81 billion) in 2022 to ZMW58.46 billion (US$2.30 billion) in 2023, though the value in US Dollars decreased due to currency depreciation.
“Liabilities also increased, primarily due to the interest accrued on Mopani’s loan from Glencore and the resulting foreign exchange losses.”
Meanwhile, retained earnings were in a deficit of ZMW16.462 billion (US$639.40 million) by the end of 2023, worsening from the previous year’s deficit of ZMW11.44 billion (US$561.56 million).
“Mopani Copper Mines plc (MCM) recorded a significant loss of ZMW 8.9 billion (US$436.94 million) in 2023, up from ZMW 5.05 billion (US$296.36 million) the previous year. This was due to decreased copper production, low equipment availability, delayed development, and multiple plant outages. In response, US$35 million was invested in sustaining and expanding projects, with full commissioning of expansion projects expected by 2027. In March 2024, a strategic investment of US$1.2 billion by International Resources Holding Limited (IRH), through its wholly-owned subsidiary Delta Mining Limited, was approved to enhance Mopani’s financial and operational resilience.”
