ZCCM INVESTMENTS HOLDINGS PLC

[Incorporated in the Republic of Zambia]

Company registration number: 771

Share Code: ZCCM-IH

ISIN: ZM0000000037

["ZCCM-IH" or "the Company"]

INTRODUCTION

In compliance with the requirements of the Securities Act No. 41 of 2016, ZCCM Investments Holdings PLC ("ZCCM-IH" or "the Company") announces the financial statements results of the Company and its subsidiaries (Collectively referred to as the ''the Group'') for the year ended 31 December 2024.

STRUCTURE OF THE ZCCM INVESTMENTS HOLDINGS PLC GROUP

The ZCCM-IH Group consists of the following Six (6) companies:

ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY

     ABRIDGED COMPANY STATEMENT OF CHANGES IN EQUITY

1.   KEY FINANCIAL PERFORMANCE HIGHLIGHTS

ZCCM Investments Holdings Plc ("ZCCM-IH") recorded a profit of ZMW 39.85 billion (US$ 1.52 billion) for the year ended 31 December 2024, compared to a loss of ZMW 4.08 billion (US$ 198.59 million) in 2023. The strong performance was primarily driven by the successful Mopani Strategic Equity Partner (SEP) Transaction, which resulted in a one-off net gain of ZMW 32.06 billion (US$ 1.22 billion) recognised under other income. The transaction also enabled the settlement of US$ 1.71 billion in legacy debt owed to Glencore/Carlisa.

Furthermore, the Group recorded ZMW 3.33 billion (US$ 127.25 million) in share of profit from associates.

Following this transaction, ZCCM-HI's interest in Mopani was diluted to 49% through its partnership with International Resources Holdings (IRH) via Delta Mining Limited, resulting in Mopani's reclassification as an associate.

Group total assets declined slightly to ZMW 57.29 billion (US$ 2.05 billion) from ZMW 58.46 billion (US$ 2.27 billion) in 2023, largely due to the Mopani reclassification.

The Group total equity improved significantly to ZMW 52.26 billion (US$ 1.87 billion), up from a negative position in 2023 of ZMW5.69 billion (US$221.03 million).

At Company level, ZCCM-IH recorded a loss of ZMW 4.38 billion (US$ 167.62 million), mainly due to a one-off investment expense of ZMW 3.86 billion (US$ 150 million) related to the Mopani transaction.

Despite the loss, Company assets increased to ZMW 66.91 billion (US$ 2.39 billion) from ZMW 38.47 billion (US$ 1.49 billion) in 2023, driven by higher investment values in Mopani, KCM, and Mingomba. Equity strengthened to ZMW 62.29 billion (US$ 2.23 billion) from ZMW 37.42 billion (US$1.45 billion) in 2023, supported by ZMW 29.53 billion (US$ 1.06 billion) in other comprehensive income.

2.   KEY OPERATIONS AND STRATEGIC DEVELOPMENTS

Mopani Copper Mines Transaction:

In March 2024, ZCCM-IH diluted its interest in Mopani Copper Mines Plc to 49% by Mopani issuing new shares to Delta Mining Limited (a subsidiary of International Resource Holdings), valued at US$1.1 billion. The transaction repositioned Mopani as a viable operation and settled US$1.71 billion in Glencore/Carlisa debt under the ARCA Agreement with IRH/Delta.

The ongoing capital investment in underground development and operational improvements is expected to unlock Mopani's full potential, marking a new chapter for Zambia's mining sector.

Konkola Copper Mines (KCM) Restructuring

Vedanta Resources regained control of KCM after releasing US$250 million, leading to board reconstitution and the end of the liquidation process. A further US$1.2 billion commitment will support expansion, development of the Konkola Deep Mining Project, and financial strengthening.

Investment in Renewable Energy:

ZCCM-IH increased its stake in Copperbelt Energy Corporation (CEC) from 31.07% to 32.41%, reinforcing its role in powering Zambia's industrial and mining sectors. It also invested US$10 million in the second tranche of CEC's US$200 million green bond, backing a 136MW solar project aligned with its energy diversification strategy.

Expansion of Maamba Energy Portfolio

Maamba Energy Limited remains a key player in Zambia's power sector, with its 300MW thermal plant operating at 99.95% efficiency. To expand capacity, ZCCM-IH committed US$50 million to Maamba's Phase II, a US$400 million project that will add 300MW and double output to 600MW, supporting Zambia's energy security and industrialisation goals.

Strategic Realignment

ZCCM-IH continued focusing on mining, energy, and mineral beneficiation by divesting non-core assets.

3.   Outlook 2025    

In 2025, ZCCM-IH will focus on maximising returns from its investee companies, optimising its investment portfolio, developing green energy projects, strengthening capital efficiency, and deepening its ESG impact across Zambia.

By Order of the Board

Charles Mjumphi

Company Secretary,

Issued in Lusaka, Issued on 22 June 2025

                First Issued on 22 June 2025

APPENDICES

US DOLLAR ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME