Breaking NewsBusinessMining

ZCCM-IH Denies Misleading Information About Kansanshi Mine Royalties

ZCCM Investments Holdings Plc (ZCCM-IH) is addressing a recent social media video containing false information about their royalty agreement with Kansanshi Mining Plc.

ZCCM-IH refutes all claims made in the video, calling them “misleading, inaccurate, and devoid of factual basis.” They clarify their role, stating they are not shareholders in First Quantum Minerals (FQM) but hold an interest in the Kansanshi Mine, where FQM is the majority owner.

The video reportedly misrepresents financial figures by using FQM’s global operations data instead of focusing solely on Kansanshi. Production numbers presented are said to exceed the mine’s actual capacity, making the claims impossible.

Additionally, ZCCM-IH highlights that Kansanshi did not declare dividends to FQM for 2023, as confirmed by FQM’s annual report. This means even under their previous dividend model, ZCCM-IH wouldn’t have received any revenue in 2023.

Despite the lack of dividends, ZCCM-IH emphasizes that their current royalty agreement secured them $58.84 million in revenue from Kansanshi for the 2023 financial year.

The public is urged to disregard the misleading video and its unfounded claims. ZCCM-IH remains committed to transparency in all communications regarding their operations and financial dealings.

This is contained in an official statement issued by  Loisa Mbatha Corporate Affairs Manager ZCCM Investments Holdings Plc.

Leave a Reply

Your email address will not be published. Required fields are marked *