Luanshya Copper Mines

China Nonferrous Metal Mining Group (CNMC) - CNMC acquired an 85% stake in Luanshya Copper Mines (“LCM”) in 2009 for US$ 50 million from Enya Holdings BV (“Enya”) following the suspension of operations at Baluba Centre Mine in the advent of the Global Financial Crisis. Immediately post-acquisition, CNMC changed the name of the mine to CNMC Luanshya Copper Mines (“CNMC-LCM”), and it initially held an 85% shareholding stake in CNMC-LCM, and later transferred a 5% stake to Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) to achieve a 80 %: 20% shareholding structure per the terms of the acquisition. Therefore, ZCCM-IH currently holds a 20% stake whilst CNMC holds an 80% stake. Luanshya Copper Mines, located in Zambia’s Copperbelt Province, is one of the country’s oldest copper mining assets, dating back to the early 20th century. The mine has long been central to the town of Luanshya, but over the years, it experienced periods of closure and ownership changes due to fluctuating copper prices, under-investment, and operational challenges. By the early 2000s, the Baluba underground mine—then the main producing asset—was struggling financially. After a series of privatizations and failed turnarounds, the mine was eventually shut down in 2008 by its then-owner, Enya Holdings, citing the global financial crisis and operational losses.In 2009, China Nonferrous Metal Mining Group (CNMC), a Chinese state-owned enterprise, entered the picture and the mine has been operational producing copper.