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ZCCM Investments Holdings Plc

("ZCCM-IH" or the "Company")

ZCCM-IH approval clears the way for KCM's US$498 million Nchanga Tailings Leach Plant

The Board of ZCCM Investments Holdings Plc ("ZCCM-IH" or the "Company") has given shareholder approval to the new Tailings Leach Plant ("TLP") at Konkola Copper Mines Plc ("KCM"), in which ZCCM-IH holds a 20.6 per cent stake. The project will reprocess tailings from the TD5 dam at Nchanga to deliver approximately 70,000 tonnes of copper cathode a year at full capacity. Subsequently, on 17 September 2026, KCM signed a US$498 million engineering, procurement and construction ("EPC") agreement with China NERIN Engineering Company Limited ("China NERIN").

Highlights

·    ZCCM-IH, which holds a 20.6 per cent equity stake in KCM, has given approval to KCM's new TLP at Nchanga, with KCM subsequently signing a US$498 million EPC agreement with China NERIN on 17 September 2026. 

·    The plant will be funded by KCM and is outside Vedanta Resources' initial US$1 billion investment programme for KCM. Importantly, the project will not require any capital contribution from ZCCM-IH, as KCM's equity contribution will be financed from internally generated resources.

·    The facility, expected to be the largest tailings leach plant in Africa using latest technology, will produce approximately 70,000 tonnes a year of LME Grade A copper cathode at full capacity by reprocessing 546 million tonnes of historical tailings grading 0.54 per cent copper using proven SX-EW technology, with no new mining required. 

Project overview

Decades of operations at Nchanga have built up a large secondary resource in the TD5 tailings, estimated at 546 million tonnes grading 0.54 per cent copper. Studies have confirmed a commercial recovery rate of 74 per cent using solvent extraction and electrowinning ("SX-EW"), producing LME Grade A cathodes. The plant is designed to process 53,500 tonnes of tailings a day, or 17.7 million tonnes a year.

Under the EPC agreement, China NERIN will deliver the plant on a turnkey basis, building on its prior design work for the project, and will support commissioning, performance testing and training. Implementation is expected to take 24 months, with output rising to full capacity of around 70,000 tonnes a year from the fourth year of operation.

By turning historical tailings into revenue, the TLP adds output from KCM's existing asset base, improves overall resource recovery and adds to Zambia's export earnings, supporting the national target of 3 million metric tonnes of copper a year by 2031 and KCM's ambition to reach 300,000 tonnes a year. The approval is consistent with ZCCM-IH's focus on growing production and value from its existing portfolio.

Commenting on the approval, ZCCM-IH Chief Executive Officer, Mr. Kakenenwa Muyangwa, said:

"Nchanga's tailings are one of the largest secondary copper resources in Africa. Using the latest technology, this plant turns them into around 70,000 tonnes of LME Grade A cathode a year without mining a single new tonne of ore.

It is exactly the growth we want across our portfolio. It means more copper from assets that already exist, in support of Zambia's path to 3 million tonnes and the Grow Zambia agenda."

Ends

About ZCCM Investments Holdings Plc

ZCCM Investments Holdings Plc is Zambia's sovereign-anchored investment holding company, with a triple listing on the Lusaka Securities Exchange, the London Stock Exchange and Euronext Access Paris. The Company holds strategic equity stakes in the country's largest copper producers and energy companies, delivering cash-generative royalties and dividends.

For more information, visit: https://www.zccm-ih.com.zm