ZCCM Investments Holdings
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| Lusaka: ZCCM-IH | |
| ISIN | ZM0000000037 |
| Industry | mining |
| Founded | 2000 |
| Headquarters | , |
| Products | Investments |
| Revenue |
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| Owners | Government of Zambia 77.7%; Minority shareholders 22.3% |
Number of employees |
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| Website | www |
ZCCM Investments Holdings (ZCCM-IH) is a mining investment and operational firm based in Lusaka, Zambia. The firm is primarily listed on the Lusaka Securities Exchange and secondarily listed on the London Stock Exchange.[1] ZCCM-IH succeeded the country's state-owned mining company, Zambia Consolidated Copper Mines Limited (ZCCM Ltd) in 2000 as a result of series of privatisation measures, retaining minority interest across a number of individual mines throughout the country.[2]
In 2025, Kakenenwa Muyangwa was appointed the CEO of ZCCM-IH after serving as the chairperson of the board.[3] In December 2025, the firm disclosed earnings of $6.47 million USD, a decrease from $122.7 million in 2024, driven by a large transaction for Mopani mine in the Copperbelt region.[4]
Background
[edit source]Zambia has rich mineral reserves, particularly copper, that have been a critical component of the country's economic and political development. The first mines were opened by the British and began operating in 1904.[5] The country retains about 2.1% of global copper reserves.[6] The investment firm today was born out of the state owned mining company, ZCCM, formed in the late 1960s by a gradual process of nationalisation and corporate consolidation under President Kenneth Kaunda.[7] The investment firm today plays a role in retaining an interest in Zambia's mineral wealth while encouraging investment in the Zambian economy.[2]
Total holdings by ZCCM-IH have been increasing in recent years. This has been driven by a growing demand in copper, and subsequent rise in prices; listing earnings. Contrasting the growing price of commodities, a strengthening of the Zambian kwacha has driven down foreign exchange earnings, deflating financials in 2025.[8][9] ZCCM-IH continues to attract investment despite a plateau in investment during early 2020s, agreeing to sell a majority stake of a lime and cement company to Chinese-held Wonderful Group of Companies Ltd, one of South Africa's largest conglomerates, in May 2026.[10]
Investments are concentrated in the copper, cobalt and gold sectors, making up 73% of total holdings. The majority of remaining assets, 26%, are in the energy sector. The firm's goal is to increase returns on their domestic investments and build confidence in the investment climate within Zambia.[11]
History
[edit source]With strong commodity growth, President Kenneth Kaunda, in an attempt to assert sovereignty over the country's future growth implemented the Mulungushi Reforms, beginning in April 1968.[12] The Zambian government declare ownership over the two largest mines at the start of 1969, then owned by Anglo American Corporation and the Roan Select Trust (RST), and acquired a 51% majority stake in all mines operating in the country.[7] By January 1970, the Anglo American and RST holdings respectively became Nchanga Consolidated Copper Mines (NCCM) and Roan Consolidated Mines (RCM).
State ownership (1970-1990)
[edit source]The Zambian government then created a new parastatal body, the Mining Development Corporation (MINDECO). At the same time, the Finance and Development Corporation (FINDECO) further enabled Zambian government to gain control of insurance companies and building societies with a growing political demand to provide welfare to citizens through productive assets. Nationalisation was a part of the broader independence movement and social and political reforms by the new governing party.[5] However, foreign-owned banks, such as Barclays, Standard Chartered and Grindlays, successfully resisted takeover. In 1971, INDECO, MINDECO, and FINDECO were brought together under an omnibus parastatal, the Zambia Industrial and Mining Corporation (ZIMCO), to create one of the largest companies in sub-Saharan Africa, with the country's president, Kenneth Kaunda as chairman of the board. The management contracts under which day-to-day operations of the mines had been carried out by Anglo American and RST were ended in 1973. In 1982 NCCM and RCM were merged into the giant ZCCM Ltd.[13][14] At the time, Anglo American still held a 23.7% majority stake in the conglomerate.[15]
ZCCM Ltd operated ten mines, three smelters, two refineries and a tailings leach plant. ZCCM was owned by ZIMCO (60.3%), an Anglo-American subsidiary ZCI Holdings (27.2%), RST International (7.0%) and the public (5.5%). After nationalisation, copper prices declined due to changing global macroeconomics conditions, particularly the 1973 oil price spike, which drove up production costs. Copper production subsequently plummeted from its peak of 708,000 metric tonnes in 1969 to a low of 259,573 metric tonnes in 2000.[16]
Privatisation (1990s)
[edit source] | This section needs to be updated. (June 2026) |
Privatisation began gradually, and under discussion with a number of domestic and foreign actors between 1992-1996 after the election of Frederik Chiluba, and the wider adoption of outgoing president Kaunda's 1990 reforms. Kaunda was pressured into adopting a series of reforms by the World Bank, International Monetary Fund and other donors, focused primarily in non-strategic sectors outside of mining.[15]
The privatisation of ZCCM commenced in 1996, after GRZ and the Boards of ZCCM and the Zambia Privatisation Agency (ZPA) approved the ZCCM Limited Privatisation Report and Plan presented by UK based financial and legal advisors, NM Rothschild & Sons and Clifford Chance, respectively.[citation needed]
The objectives, which the Government was seeking to achieve through the privatisation of ZCCM, were to:
- Transfer control of and operating responsibilities for ZCCM's operations to private sector mining companies as quickly as practicable;
- Mobilise substantial amounts of committed new capital for ZCCM's operations;
- Ensure that ZCCM realised value for its assets and retained a significant minority interest in principal mining operations;
- Transfer or extinguish ZCCM's liabilities, including its third party debt;
- Diversify ownership of Copperbelt assets;
- Promote Zambian participation in the ownership and management of the mining assets; and
- Conduct the privatisation as quickly and transparently as consistent with good order, respecting other objectives and observing ZCCM Ltd's existing contractual obligations[17][citation needed]
As part of the privatization process, the company's mining assets were unbundled and sold off as separate new entities or business packages to the private sector. The reason for unbundling the ZCCM Ltd into business packages was to promote diversity of ownership and minimise political and economic risks. A two-stage privatisation process was adopted. First, majority interests in the packages relating to certain of ZCCM Ltd's mining and power distribution operations were offered to trade buyers, which was to leave the transformed ZCCM Ltd as an Investments Holdings Company, with minority interest in each of these packages. Through the newly formed ZCCM Investments Holdings Plc., the government would retain a minority interests of not more than 21% within each of the business packages.
ZCCM was sold in 1998 for US$627 million, split into 7 units, including Konkola Copper Mine ($25 million), Kansanshi Mine ($28 million), Luanshya Mine ($35 million), Chibuluma Mine ($17.5 million), Chambishi Mine ($20 million) and others. Stage two of the privatisation of ZCCM envisaged GRZ disposing of some or all of its shareholding, with part of this being earmarked for Zambian institutional and private investors as a way of promoting Zambian participation in the mining sector.
GRZ obtained the support of the World Bank and the Nordic Development Fund for the Copperbelt Environment Project (CEP), to address environmental liabilities and obligations remaining with GRZ/ZCCM-IH following the privatization of mining assets. The Environmental Management Facility (EMF) which is composed of multiple stakeholders, working as the EMF Steering Committee, was established by the Minister of Finance and National Planning as provided for by the protocols, for the purpose of prioritizing and approving subprojects of the CEP for funding. The project which became effective on 31 July 2003 ends in August 2008. Apart from environmental responsibilities ZCCM-IH has the additional responsibility of managing the ex ZCCM employees trust fund and also the finalization sale of ZCCM properties. In November 2011, the role and importance of ZCCM-IH have been highlighted, led then Minister of Mines Wylbur Simuusa, representing the government as a major stakeholder. In a public statement he said:
"Through its state mining investment company, Zambia Consolidated Copper Mines Investment Holdings, the government is finalizing plans to start negotiations with mining companies aimed at increasing its stakes in projects to as much as 35%...There is need for the country to have increased ownership in the mines and ZCCM-IH is an engine which can facilitate the process. ZCCM-IH is an important unit which if properly managed, can help the country realise huge benefits from the mining resources."
Modern organisation (2010s-)
[edit source]In 2011, Patriotic Front politician Michael Sata was elected as president. Sata appointed Wila D. Mung'omba was appointed as Executive Chairman of ZCCM-IH with effect from 1 December 2011. Mung'omba came with experience, as he previously served as Group A Director of ZCCM Limited in 1996 to 1998. At the same time, between 1995 and 1998, Mung'omba was appointed as the World Bank team lead in the initial preparation of the ZCCM Limited privatisation reforms. He then helped create the present form of ZCCM-IH.[18][citation needed] For five years he served as non-executive director on the initial board of the Emerging African Infrastructure Fund (EAIF), a donor funded financial instrument to encourage public and private sector partnership in infrastructure development in Sub-Saharan Africa.[19][citation needed]
Once critique of privatisation was the worry that social spending on health, education, urban infrastructure on the Copperbelt had been negatively impacted.[citation needed]
Corporate structure and asset ownership
[edit source]Assets
[edit source]According to the 2024 Annual report published by the organization, ZCCM-IH currently holds an interest in 24 assets across Zambia.[11] 73.6% of assets are in gold, copper and cobalt, while 26% are energy assets. The remaining .4% are services, including commercial banking. A comprehensive list of assets are below.
| Asset Name | Interest share (%) | Sector (broad) |
|---|---|---|
| Limestone Resources Limited | 100 | Limeston |
| Ndola Lime Company | 100 | Limestone |
| Nkandabwe Coal Mine Limited | 100 | Coal |
| Misenge Environmental and Technical Services Limited | 100 | Services in mining |
| Kariba Minerals Limited | 100 | Amethyst |
| Mushe Milling Limited | 100 | Milling |
| Kabundi Resources Limited | 100 | Manganese |
| Investrust Bank Plc | 71.4 | Commercial banking |
| Zambia Gold Company Limited | 51 | Gold |
| Mopani Copper Mines Plc | 40 | Copper |
| Central African Cement Limited | 49 | Cement, thermal power |
| Rembrandt Properties Limited | 49 | Real estate |
| Maamba Energy Limited | 35 | Coal, thermal power |
| Copperbelt Energy Corporation Plc | 32.41 | Energy distribution |
| Konkola Copper Mines Plc | 20.60 | Copper, cobalt |
| Lubambe Copper Mine Plc | 20 | Copper |
| CNMC Luashya Copper Mines Plc | 20 | Copper |
| Kansanshi Mine Plc | 20 | Copper, gold |
| Mingomba Mining Limited | 20 | Copper |
| Copper Tree Minerals Limited | 15.60 | Copper |
| NFCA Africa Mining Plc | 15 | Copper |
| Chibuluma Mines Plc | 15 | Copper |
| Nkana Alloy | 15 | Copper |
| Chambishi Metals Plc | 10 | Copper, cobalt |
ZCCM-IH acquired 90% shareholding of MCM previously held by Glencore Corporation through Carlisa Investment Corporation (73.1%) and First Quantum Mining (16.9%), giving ZCCMIH 100% control of the Mopani mining asset. The Government of Zambia and Glencore Corporation signed an off-take arrangement deal, such that producer and buyer agree to purchase or sell all or portions of the producer's forthcoming goods or commodities to the market. In this case, Glencore Corporation agreed to sell 90% of its shares to ZCCM-IH, which will fully own the mines after the transaction has been fully settled. ZCCM-IH and Glencore deal is based on a no-cash transfer basis.
Shareholders
[edit source]Prior to privatization in 2000, ZCCM Ltd was a consolidated copper-mining conglomerate, majority-owned by the Government of the Republic of Zambia (GRZ). Until 31 March 2000, ZCCM Ltd was a 60.3% state-owned, mine-operating company in which Zambia Copper Investments Ltd (ZCI), an associate company of Anglo American Plc, held 27.3% of shares, with the balance of 12.4% of shares held by private investors.
Since the privatisation of ZCCM, and the creation of the modern state investment company today, there is a mix of share classes available to purchase. The company is now publicly listed on the Lusaka Stock Exchange, the London Stock Exchange and on Euronext in Paris. The majority of its investments held in the copper mining sector of Zambia.
Shares are held by either Class A or Class B investors. The Industrial Development Corporation (IDC) of Zambia owns 60.28% (96,926,669 shares) of shares. IDC is a Class A shareholder. The GRZ owns 17.25% (27,735,173 shares) of shares, and is a Class B shareholder. The National Pension Scheme Authority (NAPSA) owns another 15% of shares (24,120,043 shares), and is also a Class B shareholder. Minority shareholders also hold Class B shares and constitute the remaining 7.47% (12,018,401 shares) of shares.[20]
Minority shareholders are spread throughout the world, in various locations.
- Within Europe: England, Belgium, France, Netherlands, Scotland, Switzerland, Greece, Channel Islands, Irish Republic, Portugal, Norway and the Principality of Monaco.
- Within Africa: South Africa, Zambia, Zimbabwe, Botswana, Tunisia, Egypt, Nigeria, Algeria, Republique Du Congo and Morocco.
- Within Australasia and other regions: Australia, New Zealand, India, Oman, Pakistan, Sri Lanka, Jamaica, Bahamas and USA.
Financial disclosures
[edit source] | This section needs to be updated. (November 2024) |
ZCCM Investment Holdings Plc, as a publicly traded firm must disclose its financial reports. The financial summary for the previous five years, including trend on income, balance sheet and cash flow are available through public disclosure.
Statement of income extract for the last 5 years
All values in Zambian kwacha.[21]
| 31 Dec 20 | 31 Dec 21 | 31 Dec 22 | 31 Dec 23 | 31 Dec 24 | |
|---|---|---|---|---|---|
| Total comprehensive income | 13,465,775,000 | 25,113,888,000 | |||
| Atrributable PAT | (4,075,823,000) | 39,846,651,000 |
Statement of financial position for the last 5 years
All values in Zambian Kwacha.[22]
| 31 March 15 | 31 March 16 | 31 March 17 | 31 March 18 | 31 March 19 | |
|---|---|---|---|---|---|
| Shareholders funds | 7,369,959,000 | 8,326,228,000 | 8,013,913,000 | 8,940,346,000 | 11,124,784,000 |
| Net interest bearing debt | 223,671,000 | 257,113,000 | 13,131,000 | (205,683,000) | 29,877,000 |
| Cash on hand | 43,782,000 | 35,850,000 | 178,931,000 | 339,386,000 | 74,480,000 |
| Interest bearing debt | 267,453,000 | 292,963,000 | 192,062,000 | 133,703,000 | 104,357,000 |
| Net current assets | 94,857,000 | (179,282,000) | 261,490,000 | 628,946,000 | (169,196,000) |
See also
[edit source]References
[edit source]- ↑ "Company Overview". ZCCM Investments Holdings Plc. Retrieved 6 July 2026.
- 1 2 "ZCCM-IH Background and History". ZCCM Investments Holdings Plc. 7 March 2021. Retrieved 6 July 2026.
- ↑ Nakamba, Kwizukanji (10 June 2025). "ZCCM-IH appoints Muyangwa as new CEO". Zambia: News Diggers!. Retrieved 6 July 2026.
- ↑ Plc, ZCCM Investments Holdings. "ZCCM Investments Holdings Plc (ZCCM.zm) 2025 Abridged Report". AfricanFinancials. Retrieved 6 July 2026.
- 1 2 Musonda, James; Larmer, Miles (4 May 2023). "Resource Nationalism and Political Change: Mine Nationalisation and the 2021 Zambian Election". Journal of Southern African Studies. 49 (3): 397–414. doi:10.1080/03057070.2023.2265736. ISSN 0305-7070.
- ↑ "Zambia - African Green Minerals Observatory". www.africangreenminerals.com. Retrieved 6 July 2026.
- 1 2 Lungu, John (2008). "Copper Mining Agreements in Zambia: Renegotiation or Law Reform?". Review of African Political Economy. 35 (117): 403–415. ISSN 0305-6244.
- ↑ ZZCM-IH PLC Ltd. (December 2023). "Integrated Annual Report" (PDF). annualreports.com. Retrieved 6 July 2026.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Zambia's ZCCM says CopperTech IPO could speed up $2.7bn expansion project". Mining Weekly. 19 June 2026. Retrieved 6 July 2026.
- ↑ Hill, Matthew (27 May 2026). "Zambia State Mining Firm Strikes Lime Deal With Chinese Operator". Bloomberg. Retrieved 6 July 2026.
{{cite web}}: CS1 maint: url-status (link) - 1 2 ZCCM-IH (2025). 2024 Integrated Annual Report for the year ending December 2024. https://zccm-ih.financifi.com/download/integrated-annual-report-3/
- ↑ Thomas, Philip A. (1 January 1968). "Zambian Economic Reforms". Canadian Journal of African Studies / Revue canadienne des études africaines. 2 (1): 13–26. doi:10.1080/00083968.1968.10803496. ISSN 0008-3968.
- ↑ "ZCCM-IH Background and History". ZCCM Investments Holdings Plc. 7 March 2021. Retrieved 19 May 2021.
- ↑ Sikamo, J.; Mwanza, A.; Mweemba, C. (2016). "Copper mining in Zambia - history and future". Journal of the Southern African Institute of Mining and Metallurgy. 116 (6): 491–496. doi:10.17159/2411-9717/2016/v116n6a1. ISSN 2225-6253.
- 1 2 Craig, John (September 2001). "Putting privatisation into practice: the case of Zambia Consolidated Copper Mines Limited". Journal of Modern African Studies. 39 (3): 389–410. doi:10.1017/S0022278X01003652. ISSN 0022-278X – via EBSCOHost.
- ↑ ZamStats (2024). Historical copper production (1960-2023).
- ↑ Silungwe, Dr Wilson (January 2019). "Implications of the Structural Adjustment Program on Human Security in Zambia". International Journal for Management and Commerce Innovations.
- ↑ "zccm in a sentence - zccm sentence". eng.ichacha.net. Retrieved 19 May 2021.
- ↑ Bank, African Development (25 February 2019). "AfDB Launches Zambia Field Office". Banque africaine de développement - Bâtir aujourd'hui, une meilleure Afrique demain (in French). Retrieved 19 May 2021.
- ↑ "Company Overview". ZCCM Investments Holdings Plc. Retrieved 15 July 2026.
- ↑ "Financial Summary". ZCCM-IH Investor Relations Portal. Retrieved 28 May 2020.
- ↑ "Financial Summary". ZCCM-IH Investor Relations Portal. Retrieved 28 May 2020.
External links
[edit source]- Official ZCCM Ltd-IH website
- 2024 Integrated Annual Report (2025)
- US Government Paper: Mining in Zambia (1999)—(in English)
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