ZCCM-IH Emerges as a Billion-Dollar Giant on the LuSE
ZCCM Investments Holdings Plc (ZCCM-IH) has crossed the historic US$1 billion market capitalisation milestone, cementing its position as the second largest company on the Lusaka Securities Exchange (LuSE) after Copperbelt Energy Corporation (CEC).
The diversified mining and energy holding company, which also trades on the Euronext Access Exchange in Paris, has seen its market value surge to US$1.02 billion in August 2025, with its share price gaining 131% in the first eight months of the year. CEC remains the largest listed company with a market capitalisation of US$1.78 billion.
For the financial year ended 31 December 2024, ZCCM-IH posted a turnover of ZMW3.21 billion (US$115.5 million), reflecting its strengthened financial position.
ZCCM-IH was formed in 2000 following the privatisation of Zambia Consolidated Copper Mines Limited (ZCCM). At inception, it inherited US$400 million in legacy debt, leaving it technically insolvent for its first decade of operations.
The turning point came in 2012–2013, when the debt was expunged, freeing the company to benefit from dividend inflows from its investee companies, such as CEC. Since 2015, ZCCM-IH has paid regular dividends to shareholders, except in 2016, restoring investor confidence.
Market analysts attribute the company’s recent share price rally largely to retail investor activity on relatively low volumes, with local investors particularly attracted to dividend income streams.
In addition, ZCCM-IH has over the past decade redefined its strategic focus into four core sectors: Base metals, Precious metals, Industrials and Energy.
This streamlining has allowed the company to consolidate its strengths while expanding income sources. A key new driver is the royalty model linked to turnover from Kansanshi Copper Mines, which guarantees ZCCM-IH a regular revenue stream.
The combination of a cleaned balance sheet, consistent dividend payments, a refined strategy, and the royalty-based revenue model has positioned ZCCM-IH as one of the most valuable companies on the LuSE.
“ZCCM-IH’s emergence as a billion-dollar company represents a defining moment in Zambia’s capital markets,” noted Stockbrokers Zambia Limited, which released the analysis.
With its renewed financial strength, ZCCM-IH is now firmly established as a leading player in Zambia’s mining and energy sectors, and a giant of the Lusaka bourse.
