KCM scoops $874m in 2017 financial year

Mon, 30 Nov -0001 00:00:00 +0000

By SIABANA KELVIN

KONKOLA Copper Mines (KCM), one of Zambia’s leading copper producers, generated revenues of US$874.3 million  in the financial year of 2017 on the  total finished copper production of 180,000 tonnes.

Announcing the results, KCM chief executive officer Steven Din noted that the 2017 financial year was ‘‘an extremely challenging year for copper producers’’, particularly Zambia.

“I would like to thank the KCM team who have been relentless in driving operational efficiency across the business; we anticipate that these efforts, combined with the recovery in the copper price, will put KCM on a much stronger path in the financial year of 2018,” said Mr Din.

Mr Din said despite the challenging operating environment and depressed copper prices, averaging only US$5,152 per tonne in 2017, KCM maintained its strong commitment to sustainability, directing US$13.2 million into community initiatives and investing in environmental projects as of its Going Green Strategy.

The external operating environment has improved in recent months with a 15 percent reduction in power tariffs announced by Copperbelt Energy Corporation Plc (CEC) effective from January 1, 2017.

He said the water levels at Kariba dam were improving and were currently at 50 percent, compared with 23 percent at the end of the financial year of 2016 which should lead to greater reliability of power supply.

“Targeted process improvements are being made across the business, which are yielding results and placing the company on a stronger footing in financial year of 2018…,’’ said Mr Din.