Zambia Consolidated Copper Mines

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Zambia Consolidated Copper Mines
legal form State company
founding 1982
Seat Lusaka
sales U.S-$
Branch Mining

Zambia Consolidated Copper Mines Ltd (ZCCM) was the largest copper mining company in Zambia . It was 85% government owned. The remaining shares were traded on the Lusaka, London and Paris (Euronext) stock exchanges. Zambia Consolidated Copper Mines was partially transferred to Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) and private investors in the course of privatization .

ZCCM was built up gradually with the nationalization of copper mining, which began in January 1970.

A fundamental structural change in the Zambian economy took place with the Mulungushi Reform in April 1968: the government declared its intention to acquire shares in certain companies, usually 51 percent, which would then be controlled by the semi-public Industrial Development Corporation (INDECO). In January 1970, the Zambian government acquired the majority of shares in the Zambian companies of the two foreign groups Anglo American Corporation and The Rhodesia Selection Trust (RST), for which these two received the Nchanga Consolidated Copper Mines (NCCM) and the Roan Consolidated Mines (RCM). After that, the Zambian government started another semi-public company, the Mining Development Corporation (MINDECO). Finally, there was the Finance and Development Corporation (FINDECO), which allowed the Zambian government to take control of the insurance and construction sectors. Foreign-owned banks such as Barclays Bank Zambia , Standard Chartered Bank and Grindlays Bank have successfully resisted nationalization. In 1971, INDECO, MINDECO and FINDECO were combined under a semi-state holding company, the Zambia Industrial and Mining Corporation (ZIMCO), which became one of the largest companies in sub-Saharan Africa. The then President Kenneth Kaunda became its chairman . The contracts with the management that worked for Anglo American and RST were terminated in 1973. In 1982 the NCCM and RCM were merged into the gigantic Zambia Consolidated Copper Mines Ltd (ZCCM).

Holdings

ZCCM owns significant shares in the following copper processing and mining companies:

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