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ZCCM-IH’s group net profit rose to US$1.52 billion in 2024, reversing a post-tax loss of US$198.59 million in 2023, driven by the Mopani strategic transaction that provided financial stability and restructured the company’s balance sheet.
This is according to the 2024 annual report for the financial year ended December 2024.
The report stated that the turnaround also stemmed from the settlement of the US$1.7 billion Glencore/Carlisle legacy debt through an amendment, restatement and consolidation agreement with IRH/Delta.
The report highlighted an increase in profit from equity-accounted investment of US$127.25 million, up from US$110.17 million in 2023.
Despite the strong group performance, at company level ZCCM-IH reported a loss of US$167.62 million, driven by a one-off investment expense of US$150 million linked to the restructuring of Mopani Copper Mines (MCM).
The report noted that total assets increased by 74 percent to US$2.39 billion, up from US$1.49 billion in 2023, reinforcing the company’s financial resilience and growth trajectory.
Additionally, the company transitioned its strategic ethos from “mining smartly” to “investing smartly,” emphasising sustainability, proactive investment management, timely decision-making and long-term value creation.
“As part of our strategic review, we realigned our focus towards four key priorities namely financial excellence and sustainability, operational excellence and business focus, strengthening stakeholders relation,” said company Chief Executive Officer Kakenewa Muyangwa.
Muyangwa said the firm was also investing in people development, fostering innovation and embedding a high-performance culture.
He said looking ahead, ZCCM-IH’s focus remained on restructuring its subsidiaries to ensure sustainable profit and expanding critical mineral exploration and beneficiation projects.
“We are strengthening our energy investments to support Zambia’s industrialisation agenda and driving Environmental, Social, and Governance leadership, embedding sustainability into our operations,” Muyangwa said.
He added that with Zambia targeting 3 million tonnes of copper production annually by 2031, ZCCM-IH was positioned as a key enabler of that vision.
Muyangwa said the company’s commitment to operational efficiency, capital discipline and long-term sustainability had enabled it to deliver strong results despite global market uncertainties.
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