Zambia’s ZCCM-IH Plans London Stock Exchange Comeback to Raise Mining Investment

Zambia’s state-owned mining investment company, ZCCM Investments Holdings (ZCCM-IH), is preparing to restore trading of its shares on the London Stock Exchange as part of a broader strategy to attract international investment, increase copper production and expand into metals trading.

The move forms part of Zambia’s wider ambition to position itself as a leading global supplier of copper while strengthening investor confidence in its mining sector.

Restoring Investor Confidence

ZCCM-IH Chief Executive Officer Kakenenwa Muyangwa said the company is working to resolve outstanding financial reporting issues that have repeatedly resulted in the suspension of its London-listed shares.

The company expects to publish its audited 2025 financial results and resume trading in London within the coming months, marking an important milestone in its efforts to reconnect with international capital markets.

To support the relisting process, ZCCM-IH has appointed advisers to improve the structure and attractiveness of its listed securities.

Modernising the Share Register

One of the company’s priorities is modernising its shareholder register by identifying and digitising more than 2,000 paper share certificates, many dating back to the 1970s.

The company is also considering an odd-lot share buyback programme that would allow holders of small paper shareholdings to sell their shares more easily, improving market liquidity and simplifying ownership records.

Plans to Increase Free Float

As part of its long-term capital markets strategy, ZCCM-IH is exploring increasing its publicly traded shares from approximately 7% to as much as 25%.

The company is also evaluating whether to switch its financial reporting currency from the Zambian kwacha to the US dollar, a move that could make its financial reporting more accessible to international investors.

Chief Executive Muyangwa has outlined an ambitious goal of growing the company’s market capitalisation from approximately US$1.4 billion to US$7 billion over the next decade.

Strong Position in Zambia’s Copper Industry

ZCCM-IH holds strategic minority stakes in many of Zambia’s largest mining operations, including Mopani Copper Mines, Konkola Copper Mines and Kansanshi Mine.

These investments place the company at the centre of Zambia’s plans to significantly increase national copper production over the coming years.

Although the company reported a first-half loss in 2025, losses narrowed substantially compared with the previous year as restructuring costs at Mopani Copper Mines declined.

Zambia Targets Higher Copper Production

The relisting initiative aligns with President Hakainde Hichilema’s strategy to revitalise Zambia’s mining industry and attract greater foreign investment following the country’s debt restructuring.

The government aims to increase annual copper production from approximately 890,000 tonnes to 3 million tonnes by 2031 as global demand continues to rise for copper used in electric vehicles, renewable energy systems and power infrastructure.

However, industry analysts note that achieving this target will require addressing challenges including electricity supply constraints and transport infrastructure bottlenecks.

Positioning Zambia for Global Investment

By restoring its London listing, improving corporate governance and increasing liquidity, ZCCM-IH hopes to strengthen its international profile and secure the investment needed to support mine expansion, metals trading and Zambia’s long-term mining growth strategy.

The planned reforms signal Zambia’s continued commitment to rebuilding investor confidence and positioning its mining sector for sustained growth in the global energy transition economy.