ZCCM-Investment Holding (ZCCM-IH) has acquired an additional 50% shareholding in Kariba Minerals Limited from Gemfields Limited at a cost of US$2.5m. The acquisition means that ZCCM-IH now owns 100% shares in Kariba Minerals Limited.
According to the directors’ interim unaudited financial results for ZCCM-IH and its subsidiaries for the six month period ended September 30, 2018, transaction completion is subject to regulatory approvals by various regulatory bodies. Going forward, ZCCM-IH will implement a robust strategic plan aimed at improving production, processing and marketing activities to increase profitability of the mine.
On the other hand, plans by ZCCM-IH to acquire Kapiri Glass Manufacturing (KGM) company have been put on hold due to legal action taken against the firm by the current owners.
ZCCM Investments Holdings Plc (ZCCM-IH) owes its continued existence, to the mining industry, where, at the moment, virtually all of its investments are held. As an investment company, having been transformed from a huge operating mining conglomerate involved in sponsoring, among other things, various sporting, athletic, philanthropic and charitable activities, its activities are expected to spurn the entire country where profitable opportunities exist and/or where other opportunities exist in the creation of value for the local communities’ participation in various developmental activities.
