ZCCM-IH posted a profit after tax of K729 million during its financial year ending March 31, 2017, from incurring losses of nearly K3 billion in the previous corresponding period.

And ZCCM-IH have expressed optimism in its outlook due to the prevailing high copper prices on the international market that have averaged over US $6,500 per tonne since last year.

According to an audited statement for the financial year ending March 31, 2017, ZCCM-IH posted a massive profit after tax of K729 million, turning around from incurring enormous losses of almost K3 billion in the previous corresponding period in 2016.

Data further shows that the group’s share of losses from equity-accounted investee companies significantly reduced by 91 per cent from K2.2 billion in 2016 to K189 million in 2017 owing to investee companies’ improved performance.

“The profit after tax was K729 million (2016: Loss K2,912 million). Total assets marginally reduced by 2% from K9, 797 million to K9, 579 million largely on account of impairment of Ndola Lime Company Limited (NLC) plant (the 100 per cent subsidiary of ZCCM-IH). As a result of a continuing loss-making position and operational challenges experienced by NLC, assets amounting to K861 million were impaired during the year. During the year, ZCCM-IH increased its equity shareholding in Investrust Bank Plc from 10.6 per cent to 45.4 per cent through the rights offer and to 71 per cent (subsequent to the year under review through of a mandatory offer to Investrust’s minority shareholders),” ZCCM-IH announced in a statement issued in Lusaka.

“The group’s performance improved during the year owing to increase in copper production for most major mining companies. The increased production benefited from stability in energy supply and improvement in copper prices on the world market in the last quarter of 2016 and the first quarter of 2017. Copper prices on the London Metal Exchange (LME) increased from US $4,848/tonne at 31 March 2016 to US $5,858/tonne at 31 March 2017. The group recorded an operating profit of K848 million (2016 Loss: K858 million), largely attributable to the recovery of K1,923 million impairments from investee companies whose performance improved during the year.”

And ZCCM-IH have expressed optimism in its outlook due to the prevailing high copper prices on the international market, which averaged over US $6,500 per tonne since last year.

“Outlook copper prices are expected to increase steadily premised on increased demand from high copper consumer countries. ZCCM-IH’s performance is expected to improve as a result of the increase in copper prices, which drive the performance of the mining portfolio.

Furthermore, as a result of good rains experienced during the 2016/17 season, the generation capacity of hydroelectricity is expected to improve, thereby, stabilising energy supply. In response to the positive outlook, ZCCM-IH will implement its new Strategic Plan hinged on expansion of its investment in various sectors of the economy,” stated ZCCM-IH.

ZCCM-IH further proposed that a final dividend of K0.84 per share be declared for the financial year ended March 31, 2017

According to a writ of Summons Nakacinda has sued Akakulubelwa Akakulubelwa trading as Prime TV, Gerald Shawa trading as Prime TV and Kalani Muchima.

Nakacinda is demanding for an apology and damages that the court may deem fit for the mental strain caused by the defendants among other demands.

“Damages for libel and slander for words uttered in an interview on a program called Oxygen of Democracy broadcasted on Prime Television.

Damages for mental strain and anguish arising from the above false, malicious and serious allegations.

Aggravated or Exemplary damages

A declaration that the plaintiff is entitled to a retraction of the defamatory words and an apology which is to be broadcasted on Prime Television two times within a space of two weeks to be aired at prime times,” reads part of the summons filed at the Lusaka High Court.

Further Nakacinda is demanding for an order of injunction restraining the defendants from publishing the said defamatory words.

Muchima during a paid live television program which he hosts accused Nakacinda of being a convicted criminal.

Dispite Nakacinda’s protestion and saying it was unfair to be grilled on a matter which he was not informed about before coming to the programme.
Nakachinda, further explained to Muchima that he was acquitted upon appeal in the matter.

But Kalan insisted on his line of questioning and outrightly called Nakacinda a thief.

This is contained in a joint resolution between the two governments adopted at the 21st Session of the Intergovernmental Committee for Promoting the Return of the Cultural Property to its Countries of Origin or its Restitution of Illicit Appropriation following a case brought against the UK before the Committee at UNESCO Headquarters in Paris, France on Thursday.

And the Committee has welcomed Zambia’s willingness to engage the UK in bilateral negotiations towards.

Presenting the case on behalf of the Zambian delegation to compel the United Kingdom to return the Broken Hill Skull, National Heritage and Conservation Executive Director Collins Chipote stated that the relic was Zambia’s indigenous and earliest hominine finds.

Mr. Chipote explained that the Skull was discovered in Kabwe on June 17th, 1921 by Tom Zwigglar of the Broken Hill Development Company, during a mining operation after blasting of a kopje and that it was found in association with a number of items including upper jaw, a sacrum, a tibia and two femur fragments.

He added that the skull was of great sentimental value to Zambians and its absence in the country had deprived nationals of the knowledge about technology and human development in the distant past.

Mr. Chipote further stressed skull’s presence in the UK had deprived Zambians of research in human origins leading to inadequate public interest that was needed to pursue the fascinating study of human origins.

He further told the intergovernmental Committee that the justification by the UK that the skull had been placed for public display in the British National History Museum did not address the needs of the Zambian people as most citizens could not afford an air ticket to travel to the museum to view a relic that was in fact theirs.

He said the Skull was taken away from the people who at the time had no say over their property and heritage as colonial authorities presided over affairs of the land now known as Zambia.

After the case presentation, Zambia received overwhelming support from the Committee composed of 22 member states of UNESCO elected by the General Conference at its ordinary sessions including observer states that were in attendance.

Turkey stated that it fully supported Zambia’s case and that it was not justified for the UK to base it’s continued holding onto the relic on legal grounds.

The Turkish delegation stressed the need for bilateral negotiations as fundamental for promoting the return of objects.

Benin who also called for the immediate return of the skull questioned why people needed to go to other continents and not Africa to view or study items related to African heritage.

Earlier, Italy pointed out that the laws could not be used as justification for denying the return of cultural property as they were made by governments and could equally be revised to promote the return of objects to their respective countries of origin.

Other countries that supported Zambia were Argentina, South Africa, Venezuela, Greece, China, Japan, Syria, Iraq, Pakistan, India, Republic of Korea.

Furthermore, the Committee thanked the United Kingdom for its readiness to engage with Zambia on bilateral and mutual basis on the return of the Broken Hill Man Skull and thereby inviting the UNESCO Director-General to assist in convening necessary meetings between the United Kingdom and Zambia aimed at resolving the matter.

And Tourism and Arts Permanent Secretary Reverent Dr. Howard Sikwela thanked the 15 out of 22 Member States that spoke and supported Zambia.

Speaker of the Grand National Assembly of Turkey, Ismail Kahraman has expressed desire to collaborate with the National Assembly of Zambia in advancing common interests of the two legislative institutions to enhance relations between Zambia and Turkey.

Mr Kahraman said the Grand National Assembly of Turkey stands ready to render technical assistance to the National Assembly of Zambia to build institutional capacity.

The Speaker made the pronouncement when he conferred with Deputy Head of Mission at the Embassy of the Republic of Zambia in Turkey, Mr Bwalya Nondo at Parliament buildings in Ankara yesterday.

Mr Kahraman who also expressed concern about the low trade volumes between Zambia and Turkey, called for measures to ensure that the trend was reversed.

He underscored the need for a direct flight between the two countries as one of the catalysts to boost trade levels.

And Mr Nondo stressed the need for institution to institution cooperation between the Grand National Assembly of Turkey and the National Assembly of Zambia to enhance good parliamentary practices and resolution of common challenges.

Mr Nondo stated that the National Assembly of Zambia is currently implementing reforms aimed at enabling the legislature to enhance accountability, transparency and good governance.

He said the Zambian Parliament was seeking cooperation with the Turkish Parliament to strengthen the capacity of Parliamentary Committees in scrutinizing bills and providing oversight to the executive and enhancement of the use of Information and Communication Technologies (ICTs) in parliamentary operations.

Mr Nondo said other areas of cooperation sought included the upgrading of security systems and infrastructure in Parliament and enhancement of the capacity of parliamentary staff in order for them to effectively support the work of Members of Parliament (MPs).

Mr Nondo further thanked Turkey for its increasing role in rendering assistance to developing countries, including Zambia.

He also wished the people of Turkey well in the presidential and parliamentary elections scheduled for June 24, 2018.

Issued by Jerry Munthali
First Secretary (Press)
EMBASSY OF THE REPUBLIC OF ZAMBIA, ANKARA, TURKEY