Chambishi Metals Plc

Substantial cobalt and copper reserves & mining, refining & tolling of cobalt and copper

Chambishi Metals Plc is involved in the mining, refining and tolling of cobalt and copper. As part of the privatisation process of Zambia Consolidated Copper Mines Limited (“ZCCM Ltd”), Anglovaal Mining Limited (“Anglovaal”) acquired the Chambishi cobalt and acid plants and the Nkana slag dumps in 1998. In 2003, ENYA Holdings BV (“ENYA”) acquired Chambishi from Anglovaal, following which ENYA itself was acquired by the London listed Eurasian Natural Resources Company (“ENRC”) in 2010 for US$ 300mn in a related-party transaction; the founding shareholders of ENYA held approximately 15% of the shares of ENRC during the time of acquisition. ENRC, through its shareholding in ENYA, currently holds a 90% shareholding stake in Chambishi, whilst ZCCM-IH holds the remaining 10% shareholding.