Market Announcement – Joint Venture Partnership

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Market Announcement - Joint Venture Partnership

Published Date: 27th December 2019

On 23 December 2019, the Board of Directors of ZCCM-IH approved the proposal to enter into a Joint Venture (JV) partnership with Karma Mining Services and Rural Development Company (“Karma”). The purpose of the JV is to develop a gold processing and trading operation in Zambia (“the Project”). Initially, the JV will source most of the gold ore from Artisanal and Small-Scale Gold Miners. Under the JV, ZCCM-IH and Karma will have 45% and 55% shareholding, respectively.