ZCCM Investments Holdings Plc, Zambia’s majority state-owned mining investor, is considering selling a stake in the company that holds minority interests in most of the country’s major copper mines, its CEO Kakenenwa Muyangwa announced.
The potential sale aims to comply with the local stock exchange’s requirement that at least 25% of ZCCM’s shares be readily tradable. Other shareholders, including the national pension fund, may also reduce their holdings to meet this threshold. Muyangwa indicated that any stake sale could take place within the next year or two.
ZCCM is owned 77.5% by the Zambian government, 15% by the national pension fund, and 7.5% by minority investors. The company holds minority stakes ranging from 10% to 49% in several of Zambia’s largest copper mines, including assets operated by Vedanta Resources and First Quantum Minerals, alongside investments in electricity generation.
The timing of this move coincides with record-high copper prices, which support significant investment in Zambia, Africa’s second-largest copper producer. Muyangwa also revealed plans to revive trading of ZCCM shares in London, currently suspended due to delayed financial statements. The company expects to resolve the filings within weeks, viewing London as a strategic market for its future growth.
Looking ahead, ZCCM aims to grow its market capitalization from approximately US$1 billion today to US$7 billion over the next decade, reflecting its ambitions to expand and deepen its role in Zambia’s mining sector.
“London’s established mining investment market will be crucial for our growth plans,” Muyangwa said. “We are confident that by increasing market liquidity and enhancing transparency, we can unlock significant value for all shareholders.”
