ZCCM-IH diversifies investment portfolio
ZCCM-IH diversifies investment portfolioBy Kabanda Chulu
Friday July 25, 2008 [04:00]
ZCCM Investment Holdings (ZCCM-IH) acting chief executive officer William Musama yesterday said the company has diversified its investment portfolio to include acquisition of shares in new mining companies. After privatising entities under Zambia Consolidated Copper Mines (ZCCM) in 2000, the government formed ZCCM-IH to maintain its interests in the sold entities and currently ZCCM-IH holds about 15-20 per cent shares in each of the privatised mines.
Giving an update on the status of the 2007 to 2010 ZCCM-IH strategic plan, Musama said the company would soon become a fully-fledged investment company through diversification of portfolio investments and increasing of shareholder’s value for investments.
“Not much progress has been achieved from the inception of the company in 2000 because the focus was on dealing with issues to do with the environment, housing and ex-employees but ZCCM-IH is now actively implementing its strategic plan whose objective is to ensure that the company becomes a fully-fledged investment entity through diversification and increasing of shareholder’s value,” Musama said. “As ZCCM-IH, we have taken a keen interest in all potential investment opportunities. But any new investments are considered after an appraisal process to ensure that it meets our requirements and to protect the interest of shareholders.”
Musama said ZCCM-IH has a stake in Lumwana Mining Company through its share ownership of Equinox Minerals and also has a stake in Albidon Limited which is undertaking the Munali Nickel Project.
Through its investment diversification plan and depending on the viability of the projects, ZCCM-IH would acquire shares in Zambezi Resources, African Eagle Resources, Konkola North Copper Mines, among others.
Notable mining companies where ZCCM-IH holds shares include Konkola Copper Mines, Mopani Copper Mines, First Quantum Minerals, Chambishi Copper Metals, Non-Ferrous China Africa (NFCA) mine, Chibuluma Mines and Luanshya Copper Mines.
Labels: INVESTMENT, ZCCM-IH
posted by MrK @ 2:29 PM
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