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Cnmc Luanshya Copper Mines Plc Euronext share price: 0.85 EUR 0.00 CNMC LUANSHYA COPPER MINES PLC Nonferrous metal mining resources & development related trade and service CNMC acquired an 85% stake in Luanshya Copper Mines (“LCM”) in 2009 for US$ 50 million from Enya Holdings BV (“Enya”) following the suspension of operations at Baluba Centre Mine in the advent of the Global Financial Crisis. Immediately post-acquisition, CNMC changed the name of the mine to CNMC Luanshya Copper Mines (“CNMC-LCM”), and it initially held an 85% shareholding stake in CNMC-LCM, and later transferred a 5% stake to ZCCM-IH to achieve a 80% : 20% shareholding structure per the terms of the acquisition. Therefore, ZCCM-IH currently holds a 20% stake whilst CNMC holds an 80% stake. Operations CNMC-LCM operates the Baluba Centre Mine and Muliashi Project. The Baluba Centre Mine produces copper concentrate, whilst the Muliashi Project is an integrated mining and leaching project comprising the Muliashi North Mine and the Muliashi Leach Plant. Development Following the acquisition of Luanshya, CNMC upgraded the Baluba Centre Mine equipment which saw production resume in December 2009 following the shutdown in 2008. The construction of the Muliashi Project was initiated in 2010 with production commencing in 2012. Downloads Start 2014 …annual 2R0e1p4o …rCt NCMNCM CS.upsdtfainable Development Report.pdf Extract from 2015 annual report CNMC Luanshya Copper Mines plc (CNMC) recorded a turnover of K1, 838.8 million (US$282.7 million) for the year ended 31st December 2014 (2013: K1, 485 million (US$268.1 million)). The profit after tax was US$5.5 million (2013: US$5.9 million). CNMC planned to produce 43,600t of copper metal which included 15,600t copper in concentrate from Baluba Mine and 28,000t of copper cathode from Muliashi Mine. By the end of 31 December 2014, Baluba Mine and Muliashi Mine produced 15,312t and 29,482t of copper metal respectively. Thus in 2014 the total copper production was 44,795t, representing 102.74% of the annual plan. As noted, Muliashi Mine exceeded its annual production target for 2014 whilst Baluba Mine did not achieve its annual production target. The failure is attributed to the difficulty in mining the gently inclined thin ore body with its variable structure and the increasing reclaimed tonnage and decreasing geological grade. There were no dividends declared during the year ended 31st December 2014 (2013: Nil). Extract from 2014 annual report CNMC Luanshya Copper Mines plc (CNMC) recorded a turnover of K1,695 million for the period to 31 March 2014 (2013: K1,093 million). The profit after tax was K6.4 million (2013: K7.9 loss). CNMC planned to produce 43,000t of copper metal which included 19,000t copper in concentrate from Baluba Mine and 24,000t of copper cathode from Muliashi Mine. By the end of the shift on 31 December 2013, Baluba Mine and Muliashi Mine produced 16,484t and 24,114t of copper metal respectively. Thus in 2013 the total copper production was 40,298t, representing 93.72% of the annual plan. As noted, Muliashi Mine achieved its annual production target for 2013 whilst Baluba Mine did not achieve its annual production target. The failure is attributed to the breakdown of the long-hole drilling machine which resulted into heavy losses of ore reserves for mining. To keep the mine production continuous, the cut-off grade was reduced from 1% to 0.8%. Secondly, since the mining tonnage was not enough, a lot of low-grade ore was reclaimed from old stopes which made the head ore grade lower than the annual target. Other than the two reasons, high operating costs and the low ore grade also made Baluba Mine difficult to operate. On 21 May 2013, the majority shareholder CNMC officially approved the Copper Slag Reclamation Project. On 28 December 2013, construction of the Copper Slag Reclamation Project was officially launched. The total investment for this project is expected to be US$20 million and, the project is expected to be put into trial production in 2014 with 200,000t copper slag and 1,200t copper metal in concentrate designed to be processed. Pressure on production at Baluba will then be reduced and will improve the cost structure and extend the life of Baluba. It will also ensure employment opportunities for the local people and eliminate the environmental risks for the slag storage on surface for a long time. There were no dividends declared during the year (2013:Nil). Copper Extracting value from tier one assets by improving efficiencies and operations. Read more Copper, Cobalt & Gold Kansanshi Mining Mopani Copper Mines Konkola Copper Mines Lubambe Copper Mine NFC Africa Mining Chibuluma Mines Chambishi Metals CNMC Luanshya Copper Mines Energy & Coal Maamba Collieries Copperbelt Energy Corporation Lime Stone & Cement Ndola Lime Company Environmental & Technical Services Misenge Environmental and Technical Services Real Estate Trinity Park Investments House Other properties Gemstone Kariba Minerals Financial Services Investrust Bank ZCCM-IH Address Mukuba Pension House, 5309 Dedan Kimathi Road, P O Box 30048, Lusaka 10101, Zambia Phone: +260 (01) 221023 Email: [email protected] Web: www.zccm-ih.com.zm Copyright 2016 ZCCM-IH | All Rights Reserved | Website by African Is Cool .
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