The shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”), and other market participants, are referred to the cautionary announcements issued on 10 November 2023 and 30 November 2023 in relation to the Board of Directors of ZCCM-IH (“the Board”) selecting International Resources Holding RSC Limited (“IRH”), as the preferred Strategic Equity Partner (“SEP”) for Mopani Copper Mines Plc (“MCM” or “Mopani”).

The Board is pleased to announce that on 22 December 2023, ZCCM-IH entered into an agreement with IRH pursuant to which IRH has committed to invest a total of US$1.1 billion into MCM as a Strategic Equity Partner (the “Transaction”), subject to the fulfilment of Conditions Precedent defined herein. Consequently, upon the satisfaction of those Conditions Precedent, the relationship between Glencore International AG (“Glencore”) and MCM will be restructured.

ZCCM-IH, in consultation with its Transaction Advisors, is preparing a Transaction Circular providing all the relevant information in respect of the Transaction, including financial and technical information. Shareholders will be able to vote on the Transaction at an Extraordinary General Meeting (“EGM”) due to take place in the first quarter of 2024.

In compliance with the requirements of Section 9 of the Listings Requirements of the Lusaka Securities Exchange (“LuSE”), the key features of the Transaction are set out below.