The minority Shareholders of ZCCM-IH have welcomed the appointment of Mr Mabvuto Chipata as the new Chief Executive Officer. In a statement released to Lusakatimes the Euronext Minority Shareholders said they are relieved that the Pius Kasolo page has been definitively turned.

Below is the full press statement

The minority Shareholders of ZCCM-IH welcome the appointment of Mr Mabvuto Chipata as the new Chief Executive Officer. We are relieved that the Pius Kasolo page has been definitively turned.

After several years of hazardous, inconsistent and disastrous investments, in a few months as acting CEO, Mr Chipata has refocused investments on our core business, mining operations as an operator. This is the only way to no longer depend on our indelicate and unfair partners. We encourage him to continue along this path.

The challenges facing Mr Chipata are many: managing the KCM case in the best possible way,twisting the arm of many mining companies that have supposedly made no profit all these years and are not paying ZCCM-IH any dividends, recovering our share of Kansanshi retained profits from First Quantum Minerals, intervening in the Zesco/CEC/Maamba case where ZCCM-IH is involved and weakened.

In addition, despite current overcapacity in cement production, fierce competition between the various players, the construction of new cement plants by competitors by 2022 doubling production capacity in Zambia, a difficult economic situation in the country and more generally worldwide, the majority shareholder of ZCCM-IH, the Government of Zambia, has nevertheless decided to complete the $600 million CAC cement plant project.

We estimate ZCCM-IH’s share of CAPEX required to be between $50 million and $60 million while ZCCM-IH injects its last meagre resources into KCM. How will our company be able to finance this cement plant? After the bankruptcy of Ndola Lime, the bankruptcy of KCM, various disastrous investments, will we see another bankruptcy? We fear this very much.

We rely on our CEO’s sound knowledge of the company, his skills and his teams in order to pursue this project without economic rationality and the future business as little damage as possible to our company, which is already in a very delicate financial situation.

Thierry CHARLES on behalf of Euronext Minority Shareholders of ZCCM-IH
FRANCE, October 20th 2019

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8 COMMENTS

  1. Dear Mr Thierry CHARLES on behalf of Euronext Minority Shareholders of ZCCM-IH, this statement by your minority shareholders is somewhat incoherent. As for your rude comment on the Most Excellent Mr Pius kasolo’,s performance, it’s unprofessional.

    But your greedy dictate that your purpose is to dig out mines against economic logic, is correctly representative of s company called Euronext….. as in ……NEXT!

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  2. I doubt this was written with a blessing of minority share holders. This is some propaganda to humiliate individuals. Shame!!!!

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    • @ I love Zed. This is the problem on this blog. There are too many people who comment out of ignorance, triba.l and political bias on things that are straight forward. Hi

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  3. @ Patriot Abroad & I love
    facts just facts… bankruptcy of Ndola Lime, bankruptcy of KCM, Investrust, Mushe milling, Kapiri glass, … no dividend from its investee mining companies,…
    before commenting on the press release and being outraged, you should read about what was happening at ZCCM-IH and what is still happening there…… speech is silver but silence is golden… especially when you don’t know absolutly anything about the situation ! >;-)

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    • You seem to have a lot of information on this matter. But why didn’t you come out and inform the Zambian public about all these short comings. Remember Zambians have every right to know such. Otherwise we will just speculate.

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  4. As a share holder off the company I have personally not seen a dividend check nor an appreciation of the stock since I bought it. Which as an investor I use to gauge the performance of the CEO so this is a welcome change I am an investor and I invest to grow my money but looking at the comments above we seem to be blinded by our personal opinions without having skin in the game…

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  5. @MikeTe, @OldSchool, and zccm-ih shareholder (fake),

    The answer is simply not about who YOU are as stated. The facts are:
    1). ZCCM-IH. The Company’s majority shareholder is the Industrial Development Corporation Ltd (IDC), an investment company wholly owned by the ZAMBIAN GOVDRNMENT and the rest of the shareholders include institutions and private shareholders spread across the world.
    2). That means EVERY Zambian citizen is a majority shareholder.
    3). We don’t need to know much about the nuts and bolts of the company because the government does that for us.
    Happy Independence Day. Zambian Soil is Ours (including mining contents). Thanks.

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