ZCCM Investments

What ZCCM Investments does

ZCCM Investments Holdings Plc (ZCCM-IH) is a Zambian state-owned public investment holding company that originated as Zambia Consolidated Copper Mines (ZCCM) in 1982 and was restructured into its current holding-company form in 2000. It is primarily listed on the Lusaka Securities Exchange (LuSE) with secondary listings on Paris Euronext Access and the London Stock Exchange (currently suspended). The Government of the Republic of Zambia holds 77.53% (17.25% directly through the Ministry of Finance and 60.28% indirectly through the Industrial Development Corporation), with the remaining ~22.47% held by approximately 4,300 institutional and individual shareholders across 29+ countries.

The company manages a diversified portfolio across mining, energy, manufacturing, financial services, and real estate. The mining portfolio includes copper-cobalt operations (Mopani, Konkola, Kansanshi, Lubambe, NFC Africa, Chambishi Metals, Chibuluma Mines, CNMC Luanshya, Mingomba), gold ventures (Zambia Gold Company, Kyalo Goldfields, Consolidated Gold Company of Zambia), amethyst (Kariba Minerals), manganese (Kabundi Resources), and limestone (Limestone Resources/Ndola Lime). Energy assets comprise Copperbelt Energy Corporation (power transmission) and Maamba Collieries Ltd (Zambia's largest coal mine with a 300 MW thermal power plant, plus solar expansion). Additional holdings span cement manufacturing (Central African Cement), banking (Investrust Bank), environmental and technical consultancy (Misenge), real estate (Rembrandt Properties), and milling (Mushe Milling).

ZCCM-IH's revenue model is principally dividend and royalty income from portfolio companies plus transactional returns from capital appreciation and selective divestitures. Reported FY2025 Group Revenue was ZMW 11.7 billion, with FY2025 net loss of ZMW 2.79 billion (US$110.72 million) versus a ZMW 39.85 billion net profit in FY2024 driven by a non-recurring Mopani transaction gain. Group total assets stand at ZMW 58.46 billion as of FY2025, the company has paid dividends for 10 consecutive years (over K2.2 billion cumulative), completed full repayment of US$150 million Glencore legacy debt in April 2026, and faces a US$92 million Trafigura arbitration award. Go-to-market is capital-markets oriented: investor relations, exchange communications, Annual General Meetings, Investor Days, and shareholder open days rather than conventional B2B sales motions.

Name

ZCCM Investments

Legal name

ZCCM Investments Holdings Plc

Website

http://www.zccm-ih.com.zm/

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

ZCCM Investments Holdings Plc is a Zambian state-owned investment holding company managing a diversified portfolio of copper mining, gold, energy, manufacturing, and financial services assets, primarily serving the Government of Zambia and approximately 4,300 institutional and individual shareholders across the Lusaka, Paris, and London exchanges.

Ownership category

akta.pro rank

Headquarters

HQ city

Lusaka

HQ country

Zambia

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Dividend Income: ZCCM-IH generates revenue primarily through dividends received from its portfolio of mining and energy investee companies, including copper mines, gold operations, and power generation assets.
2. Royalty Income: The company receives royalty payments from portfolio companies, with Kansanshi Mining Plc contributing ZMW 1.2 billion in royalty income in 2023.
3. Capital Gains: Returns generated through appreciation in value of portfolio company stakes and strategic divestitures.
4. Asset Divestiture: Revenue from sale of stakes in portfolio companies such as Consolidated Gold Company of Zambia (CGCZ) divestiture approved by board.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

ZCCM Investments Holdings Plc is a Zambian state-owned investment holding company that manages a diversified portfolio of mining, energy, and manufacturing assets. The company earns revenue primarily through dividends, royalties, and capital appreciation from its minority and majority stakes in copper mining operations (Mopani, Konkola, Kansanshi, Lubambe, NFC Africa, Chambishi, Chibuluma, CNMC Luanshya), gold ventures (Zambia Gold Company, Kyalo Goldfields, Consolidated Gold Company of Zambia), coal mining and thermal power generation (Maamba Collieries' 300 MW plant), electricity transmission (Copperbelt Energy Corporation), and cement/lime manufacturing (Limestone Resources, Central African Cement) across Zambia.

Product overview

ZCCM Investments Holdings Plc is a diversified state-owned investment company primarily listed on the Lusaka Securities Exchange with secondary listings in Paris and London. The company operates as a holding company managing a portfolio of mining, energy, manufacturing, financial services, and real estate assets across Zambia. The mining portfolio includes copper mining operations (Chambishi Metals, Chibuluma Mines, CNMC Luanshya, Kansanshi, Konkola Copper Mines, Lubambe, Mopani, NFC Africa), gold ventures (Zambia Gold Company, Kyalo Goldfields, Consolidated Gold Company), amethyst mining (Kariba Minerals), and limestone production (Limestone Resources/Ndola Lime). The energy portfolio comprises the Copperbelt Energy Corporation and Maamba Collieries (300 MW coal-fired power plant with solar expansion). The company also holds stakes in financial services (Investrust Bank), manufacturing (Central African Cement, Mushe Milling), technical consultancy (Misenge), and real estate (Rembrandt Properties). ZCCM-IH's investment strategy focuses on extracting value from tier-one mining assets, diversifying into gold and critical minerals, and expanding energy generation capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• Mopani Copper Mines Plc Major copper and cobalt mining company in Mufulira and Nkana, Zambia, one of ZCCM-IH's flagship assets. Underwent a landmark $1.5 billion transaction in 2024 involving cash payment and retained equity stake, with Rothschild & Co supporting the strategic review. Customers are global copper buyers and cobalt consumers including industrial manufacturers.
• Konkola Copper Mines Plc Large copper mining operation in Zambia undergoing expansion through the Konkola Deep Mine Programme, targeting 300,000 tonnes of annual copper output by 2031 through Vedanta Resources' $1 billion five-year commitment and CopperTech Metals' planned US IPO. Customers are global copper concentrate and refined copper buyers.
• Kansanshi Mining Plc Major copper and gold mining operation in Zambia's North-Western Province operated by First Quantum, generating the largest single source of royalty income for ZCCM-IH. Customers include global copper smelters and gold refiners.
• Lubambe Copper Mines Plc Copper mining operation in Zambia with ZCCM-IH holding 30% stake following the 2024 acquisition of an additional 10% from JCHX. The asset includes the Mingomba copper project separated for independent development.
• NFC Africa Mining Plc Copper mining company in Zambia developing the South East Ore Body project to extend mine life by 20 years. Customers are copper concentrate off-takers and smelting operators.
• Chambishi Metals Plc Copper and cobalt mining operations in Zambia's Copperbelt region. Customers include battery materials manufacturers, copper smelters, and cobalt refiners globally.
• Chibuluma Mines Plc Copper mining company operating in Zambia's Copperbelt province. Customers are copper concentrate buyers and smelting operators.
• CNMC Luanshya Copper Mines Plc Copper mining operations in Luanshya district, with a $500 million investment plan to revitalize the old Luanshya Mine. Customers include copper smelting and refining operators.
• Zambia Gold Company Ltd State-owned entity mandated to formalize Zambia's gold sector through trading, processing, and regulatory oversight of gold production. Customers include gold refineries and international bullion traders.
• Kyalo Goldfields Limited Joint venture gold exploration and mining company incorporated 6 May 2026 by ZCCM-IH (51%) and Mining Mineral Resources SAS (49%) for gold exploration and mining at the Kikonge Mining Area in Mufumbwe District, North-Western Province. Customers include gold refineries and international bullion traders.
• Consolidated Gold Company of Zambia Gold processing and trading hub established in 2020, with ZCCM-IH holding a 45% stake. Operates as a gold trading and processing platform serving the Zambian gold sector with a board-approved divestiture in progress. Customers include gold refineries and international bullion traders.
• Kariba Minerals Ltd Amethyst gemstone mining company wholly owned by ZCCM-IH, producing semi-precious stones primarily for export to China and India. Customers include gemstone cutters, jewellery manufacturers, and international gemstone wholesalers.
• Mingomba Mining Ltd High-potential copper mining project separated from Lubambe Copper Mines, with ZCCM-IH retaining a 20% stake. The asset is supported by Kobold Metals' US$35 million exploration commitment and targets copper concentrate markets.
• Kabundi Resources Ltd Manganese mining operation in Serenje district. Customers include steel alloy manufacturers, battery materials producers, and ferroalloy smelters globally.
• Copper Trees Minerals Ltd Mining asset within the ZCCM-IH portfolio, supporting diversification of the company's mining interests beyond the dominant copper assets.
• Maamba Collieries Ltd Zambia's largest coal mine operating a 300 MW (2x150 MW) coal-fired thermal power plant with cumulative investment exceeding US$919 million since 2010. Nava Bharat Singapore holds 65%, with ZCCM-IH holding 35%. Customers include ZESCO (Zambia's national power utility), industrial mining operations, and thermal coal buyers.
• Maamba Solar Energy Limited Renewable energy investment in solar power generation extending the Maamba energy complex beyond its existing thermal operations. Supports Zambia's energy transition and decarbonization of mining-supplying power.
• Copperbelt Energy Corporation Plc Power generation and transmission company providing electricity supply to mining operations across Zambia's Copperbelt. Customers include ZCCM-IH's mining portfolio (Konkola, Lubambe, Chambishi) and other industrial mining off-takers.
• Limestone Resources Limited (formerly Ndola Lime Company) Limestone and lime production facility formerly known as Ndola Lime Company, revived through a $30 million joint venture with Chinese-owned Wonderful Group of Companies Ltd that took a 55% majority stake. Customers include cement manufacturers, steel producers, water treatment operators, and agricultural lime buyers in Zambia's Copperbelt.
• Central African Cement Ltd Cement manufacturing operation within the ZCCM-IH portfolio. Customers include construction companies, infrastructure developers, and ready-mix concrete producers across Zambia and the broader Central African region.
• Mushe Milling Ltd Milling operation within the ZCCM-IH portfolio, processing grain and agricultural products. Customers include food manufacturers, animal feed producers, and agricultural wholesalers.
• Investrust Bank Plc Financial services institution within the ZCCM-IH investment portfolio, providing banking services in Zambia. Customers include corporate clients, government entities, and retail banking customers.
• Misenge Environmental & Technical Services Ltd Wholly-owned provider of environmental, analytical, radiation safety, and engineering services for Zambia's mining industry. Customers include mining operators, mineral processors, and regulatory bodies requiring technical and environmental compliance services.
• Rembrandt Properties Ltd Wholly-owned real estate holdings and property management subsidiary within the ZCCM-IH portfolio, managing corporate properties and real estate investments. Customers include commercial tenants and property occupiers.

Quantifiable outcome

• Achieved $1 billion market capitalization milestone in August 2025, with share price rising 131% from K65 to K150
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Wonderful Group of Companies LtdcoreStrategic or Co-development Partner · 27 May 2026ZCCM-IH partnered with Chinese-owned Wonderful Group to revive Ndola Lime through a $30 million investment ($25 million for 55% stake plus $5 million loan). The joint venture aims to restore operations at the near-century-old lime and cement production facility in Zambia's Copperbelt. Ndola Lime entered insolvency in 2018.
• Trafigura Pte LimitedminorOthers · 27 May 2026Arbitration dispute over prepayment agreement with Konkola Copper Mines. Final award issued May 22, 2026 ordered ZCCM-IH to pay approximately $92 million ($69.3 million principal, $19.7 million interest, plus legal costs). ZCCM-IH is evaluating legal options.
• Mining Mineral Resources SAScoreStrategic or Co-development Partner · 19 December 2025ZCCM-IH incorporated Kyalo Goldfields Limited (May 6, 2026) as a 51%/49% joint venture for gold exploration and mining in Zambia's North Western Province (Kikonge Mining Area, Mufumbwe District). The venture will conduct exploration, mechanized mining, gold processing, and support formalization of artisanal mining.
• Sino Great Group LtdminorStrategic or Co-development Partner · 23 May 2025ZCCM-IH entered transaction with Sino Great Group in partnership with Wonderful Group to develop an integrated closed circuit phosphate fertiliser plant. Sino Great is Chinese-owned with subsidiary Sino Great Chemical Company active in Zambia's industrial and agricultural development.
• Jinchengxin Mining Management Company Ltd (JCHX)coreStrategic or Co-development Partner · 28 August 2024ZCCM-IH acquired additional 10% stake in Lubambe Copper Mines from JCHX, increasing ownership from 20% to 30% for US$1. JCHX retains 70% and intends to invest approximately US$300 million for operations and life of mine extension. ZCCM-IH gained marketing rights to copper concentrate output proportional to shareholding.
• Vedanta Resources / CopperTech MetalscoreStrategic or Co-development PartnerVedanta-controlled CopperTech Metals is preparing a US IPO targeting $3.57 billion valuation to finance Konkola Deep expansion from 80,000 to 300,000 tonnes copper annually by 2031. ZCCM-IH estimates the IPO could compress project timeline by up to three years. Vedanta committed $1 billion investment over five years and $250 million for scheme of arrangement.
• African Mining WeekminorOthersAfrican Mining Week 2026 will host African National Mining Companies Forum in Cape Town October 14-16, bringing together state-owned mining enterprises to discuss unlocking Africa's estimated $8.5 trillion in untapped mineral resources.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Codelco: Chilean state-owned copper mining company, the world's largest copper producer. Most direct structural comparable to ZCCM-IH as a government-controlled investment vehicle managing tier-one copper mining assets and distributing returns to the state.
• First Quantum Minerals: Canadian-listed copper miner that operates Kansanshi and Sentinel mines in Zambia — both key ZCCM-IH portfolio assets. Directly comparable business model in copper mining on the Zambian Copperbelt with overlapping geographic exposure.
• Ivanhoe Mines: Canadian-listed copper miner operating the Kamoa-Kakula complex in the DRC, directly adjacent to Zambia's Copperbelt. Closest geographic and geological peer with comparable tier-one copper asset profile and African mining exposure.
• Vedanta Resources: Diversified mining operator that controls Konkola Copper Mines (KCM) via CopperTech Metals and is preparing a US IPO for the $2.7B Konkola Deep expansion. Direct operator-peer relationship with ZCCM-IH across copper assets in Zambia.
• Ma'aden (Saudi Arabian Mining Company): Saudi state-owned mining investment company listed on Tadawul. Direct structural comparable to ZCCM-IH as a government-controlled mining holding vehicle managing diversified mineral and metals assets for national development.
• Barrick Gold: Canadian-listed gold and copper miner with major African operations. Direct peer given ZCCM-IH's expanding gold portfolio (Zambia Gold Company, Kyalo Goldfields) and the company's mandate to lead Zambia's gold sector formalisation.

Broad incumbents

• Anglo American: Global diversified mining major with copper, iron ore, and platinum exposure. Broad incumbent in the copper space and relevant benchmark for institutional copper-mining valuation.
• Glencore: Swiss-listed diversified mining and commodity trading major, formerly the operator of Mopani Copper Mines and historic ZCCM-IH creditor (recently repaid $150M legacy debt). Broad incumbent in copper and a key counterparty across ZCCM-IH's portfolio.
• Sibanye-Stillwater: South African-listed diversified miner with African platinum, gold and battery-metal exposure. Broad incumbent providing a comparable African mining investment-vehicle template.
• KGHM Polska Miedź: Polish state-controlled copper and silver producer listed on the Warsaw Stock Exchange. Direct structural comparable to ZCCM-IH as a state-influenced, publicly-listed copper-focused investment vehicle.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ZCCMIHPLC

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries25 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ZCCM Investments