• The suspension is as a result of the non-publication of audited financial results for 2021 and 2022 within regulation time.
• Delay in the financial statements audit is due to the prolonged completion of the fair valuation process of assets and liabilities.
• ZCCM-IH has made substantial progress and expects that the audit process should be concluded by end of May 2023.

ZCCM Investment Holdings (ZCCM-IH) says its trading of shares on the London Stock Exchange (LSE) has been temporarily suspended by the Financial Conduct Authority of the United Kingdom.
In a statement, Company Secretary Charles Mjumphi says the suspension is as a result of the non-publication of audited financial results for 2021 and 2022 within regulation time, which is four months from the financial year end.
Mr. Mjumphi attributed the delay in the financial statements audit for the 2021and 2022 to the prolonged completion of the fair valuation process of assets and liabilities related to the acquisition of 90% shares of Mopani Copper Mines PLC as of 31 March 2021.
He said the fair valuation exercise involves critical and complex judgment, but that the Company has made substantial progress and expects that the audit process should be concluded by end of May 2023.
“ZCCM Investment Holdings PLC (ZCCM-IH or the Company) hereby notifies its Shareholders and stakeholders that as a result of the non-compliance with Financial Conduct Authority (FCA) Disclosure and Transparency Rules Sourcebook 4.1.3, which pertains to the publication of audited financial results, the trading of shares of the Company on the London Stock Exchange (LSE) has been temporarily suspended by the Financial Conduct Authority of the United Kingdom.”
“The Company has made substantial progress and expects that the audit process should be concluded by end of May 2023. ZCCM-IH anticipates that the audited 2021 and 2022 financial results will be issued to the market on or before 30 June 2023,” Mr. Mjumphi stated.
He added that following the suspension, ZCCM-IH will engage the London Stock Exchange on corrective measures that can be employed to rectify the situation and will endeavour to keep both Shareholders and stakeholders informed of the developments regarding this suspension.
“In lieu of the audited financials, ZCCM-IH has made efforts to compensate for this delay and provided shareholders with unaudited financial results. In October 2022 both the provisional abridged financial statements for the year 2021 and unaudited half year results for the year 2022 were issued to the market,” he said.
Meanwhile, Mr. Mjumphi has announced the resignation of Dolika Banda as Non-Executive Director and Board Chairperson of the ZCCM-IH effective 5th May 2023.
He revealed that the Board has since appointed Mr. Kakenenwa Muyangwa a mining and financial expert with over 35 years of experience, as Non-Executive Director and Board Chairperson with effect from 5th May 2023.
“Ms. Banda served as Non-Executive Director and Board Chairperson of ZCCM-IH since her appointment on 13th December 2021. The Board would like to take this opportunity to thank Ms. Dolika Banda most sincerely for her immense contribution to the Company during her tenure of office and wishes her success in her future endeavors,” Mr. Mjumphi said.
Speaking after the handover, Mr Muyangwa thanked Ms. Banda for improving and emphasizing good corporate governance practices and business controls in the Company during her tenure that have helped in setting the Company on its growth trajectory and helped improve and strengthen brand prominence, among many other accomplishments.
And in her farewell message, Ms. Banda expressed gratitude for being given the opportunity to serve as Board Chairperson, stating that she greatly believes in the future of ZCCM-IH and that the Company was well positioned to advance Zambia’s economic interest in the mining sector.