Nature of business

ZCI Limited (“ZCI”) is incorporated in Bermuda with its ordinary shares being listed on the Johannesburg Stock Exchange (“JSE”) and on Euronext. ZCI owns 73.4 % of the ordinary shares in African Copper Plc (“ACU”) which is a base metals company, incorporated in England and Wales.

The Group’s main project, through its subsidiary Messina Copper (Botswana) (Pty) Ltd (“Messina”), includes the copper-producing open pits at the Mowana pit and Thakadu pit, and the Mowana plant (collectively referred to as the “Mowana Mine”) which are all located close to Botswana’s second largest city, Francistown, in the north-eastern part of the country.

Mowana Mine and all current estimated mineral resources and reserves are part of the Dukwe Project, comprising mining license 2006/53L, with an area of 32.7sq km and valid until the end of 2031 as well as other properties in the area. Thakadu Pit is situated within mining license 2010/96L, which is valid until the end of 2017. Messina is currently on care and maintenance owing to ongoing liquidation proceedings.

The Group also, through its subsidiary Matsitama Minerals (Pty) Ltd (“Matsitama”), holds the Matsitama Project, consisting of prospecting licences contiguous with the Mowana Mine deposit and in which the group is exploring for IOCG and similar deposits.