Zambia Consolidated Copper Mines Investment Holdings (ZCCM), the state-owned mining company, is moving to revive its listing on the London Stock Exchange and increase the liquidity of its shares as part of a broader strategy to attract international investment. The company aims to tap global capital markets to support production growth and expand into metals trading.
Kakwenza Muyangwa, ZCCM’s chief executive, confirmed that the company has appointed advisers to enhance the appeal of its securities. A key part of the plan involves locating and digitizing approximately 2,000 physical share certificates that have remained in circulation since the group’s initial London listing in the 1970s. ZCCM is also exploring an odd-lot auction mechanism to buy out smaller shareholders, aiming to consolidate ownership and simplify the registry.
Currently listed primarily on the Lusaka Stock Exchange, with secondary listings in Paris and London, ZCCM’s shares in the UK have faced repeated suspensions due to delays in filing audited financial statements. The most recent suspension occurred last month after the company failed to publish its 2025 accounts, continuing a pattern that affected the preceding three years. Muyangwa acknowledged challenges in obtaining timely financial data from some of ZCCM’s investment companies and said improving accounting systems to meet reporting deadlines is a priority. The company anticipates releasing the 2025 audited accounts and resuming trading on the London Stock Exchange within approximately two months.
As part of its restructuring and growth strategy, ZCCM is considering increasing its free float from the current 7 percent to as much as 25 percent and may change the currency used in its financial reporting to the US dollar. Muyangwa expressed optimism about the timing, noting the potential to raise the group’s market capitalization from around $1.4 billion to $7 billion over the next decade.
These efforts align with the priorities of President Hakainde Hichilema, who has cultivated a more business-friendly reputation and is focused on attracting investment to Zambia’s mining sector. This push comes after Zambia’s debt restructuring in 2024, which had affected the country’s access to international capital markets.
Financially, ZCCM has made strides in reducing its losses. The company reported a $7 million loss in the first half of last year, a significant improvement from a $168 million loss in 2024, partly due to restructuring costs at its Mopani mine.
By addressing regulatory hurdles and modernizing its shareholder registry, ZCCM aims to restore investor confidence and access crucial capital for its expansion plans amid ongoing sector reforms.