Luanshya Mines in K6.4m profit
Published On September 17, 2014 » 1922 Views» By Hildah Lumba » Business, Stories
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CNMC Luanshya Copper Mines plc (CLM)recorded a turnover of K1.7?billion with a profit of K6.4 million in the financial year ended?March 31, 2014.
According to the Zambia Consolidated Copper Mines Investment Holdings?(ZCCM-IH) annual report for 2014, CLM earned K1,695 billion up to?March 31, 2014 compared to K1.093 billion in 2013.
“CNMC Luanshya Copper Mines plc recorded a turnover of K1,695?million for the period to 31 March 2014 (2013: K1,093 million) and?the profit after tax was K6.4 million,” said ZCCM-IH acting chief?executive officer Mabvuto Chipata.
Mr Chipata said CLM planned to produce 43,000 tonnes of copper metal?which included 19,000 tonnes of copper in concentrate from Baluba Mine?and 24,000 tonnes of copper cathode from Muliashi Mine.
He said by the end of the shift on December 31 2013, Baluba Mine and?Muliashi Mine had produced 16,484 tonnes and 24,114 tonnes of copper metal?respectively.
“Thus in 2013 the total copper production was 40,298 tonnes,?representing 93.72 per cent of the annual plan.
“As noted, Muliashi?Mine achieved its annual production target for 2013 whilst Baluba Mine?did not achieve its annual production target,” he said.
Mr Chipata said the failure by Baluba Mine in meeting its production?target was attributed to the breakdown of the long-hole drilling?machine which resulted into heavy losses of ore reserves for mining.

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