The Directors of Copperbelt Energy Corporation Plc (CEC) are pleased to announce the release of the Group’s 2010 annual report for the year ended 31 December 2010. Below is a brief extract of the Chairman’s Statement from the annual report

Chairman’s Statement

The year 2010, whose results I am pleased to report, was eventful for the Copperbelt Energy Corporation Plc (CEC). Commendable progress was made on various fronts, building on the efforts of previous years. The period ended 31st December 2010 recorded increased turnover of 9% over the previous period, earnings per share were up by 7%, and average load sales volume rose 8% over the comparable period…

Safety, Health and Environment (SHE)

During the year, the Company continued its pursuit of achieving SHE Excellence with emphasis on SHE Cultural Change, again, being the top most SHE driver…

Business Environment & Performance Highlights

It was most encouraging to see growth returning across economic sectors, particularly mining, in 2010. Confidence within our mining customers continued to be buoyed by the prevailing high commodity prices, translating in increased production…

Stakeholder Relations

Two interim dividends, totaling US$10 million [K48.19 per share], were paid out to eligible shareholders of the company during the year, underscoring the Company’s desire to create value for our shareholders…

Corporate Responsibility

In 2010, the major part of our donation budget went to help young people through education sector assistance and sport, particularly the Power Dynamos Football Club, in so far as the latter was concerned…

Recognition

During the period under review, CEC added to its trophy cabinet – marking another year of local and international accolades for exceptional performance in different spheres of the business…

Board Appointments & Operation

During the year, Helen Tarnoy, who served as Deputy Chairperson of the board resigned from the board while Peter Mumba, who represented the Zambian Government through the Ministry of Energy and Water Development, also left the board…

Business Outlook

We have a positive outlook for 2011, backed by the developments taking place on the mining landscape not only in Zambia but across the region and the impressive rally of the global metal prices, particularly copper and cobalt…

Conclusion

We are positive about the business going into 2011 and of the prospects already in the pipeline. We remain confident of the value that the projects being pursued will bring to the business and have a solid team, in all the Directors and staff, to deliver this value.

To download full 2010 annual in PDF format or view the report in flash format please click on the links below.

2010 Annual report.pdf