China Nonferrous refutes $80bn claim over Zambia dam incident

China Nonferrous Mining Corporation Limited addressed a tailings dam incident at its subsidiary, Sino-Metals Leach Zambia Limited (SML), which occurred on February 18, 2025. The company attributed the collapse to theft and damage of the anti-seepage membrane and heavy rainfall, leading to partial tailings leakage. Damage was rectified by 3:30 am on February 19, 2025, with the source effectively controlled. The Zambian government reported on August 7, 2025, that the situation had returned to normal, with water pH levels normalized and heavy metal concentrations decreasing. The vice president of Zambia commended SML on September 10, 2025, for its timely response.

The company noted recent media reports of a petition filed by over one hundred local residents, requesting SML to set up an environmental restoration escrow account with $80 billion and provide an additional $200 million for emergency relief and health/environmental assessment. The company deems this claim "clearly unfounded" and has engaged a local legal team.

The company maintains the incident has not had a significant impact on its operations or financial condition and does not constitute inside information. Shareholders and investors are advised to rely solely on information released by the company on the Stock Exchange's website.