Zambia Consolidated Copper Mines Investment Holdings
| Zambia Consolidated Copper Mines Investment Holdings | |
|---|---|
| legal form | State company |
| founding | 1999 |
| Seat | Lusaka |
| sales | U.S-$ |
| Branch | Financial industry |
| Website | http://www.worldreport-ind.com/zambia/mining2.htm |
Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) is a public company and financial holding company that has acquired parts of Zambia Consolidated Copper Mines (ZCCM). It was founded in 1999 and is 87.6 percent state-owned by Zambia . The rest of the company's shares are traded on the Lusaka and London stock exchanges.
The company was created in the course and for the purpose of the privatization of the Zambian economy. Their goal is not to operate and maintain copper mining and industry, as is the case with ZCCM, and thus also to extract cobalt, lead and zinc in Zambia, but to maximize profits for the government and an average 12.4 percent stake in companies in these sectors. ZCCM-IH is comparatively small and mainly concerned with checking balance sheets. The reduction in Zambian influence on an investment does not mean that the local management of these companies could be replaced.
The company has taken on very few environmental and social responsibilities that have been considered historically grown.
In 2006, the company had stakes in nine operations. According to The Economist of May 20, 2006, ZCCM-IH's holdings are:
- 20.6 percent in Konkola Copper Mines Plc
- 20 percent in Kansanshi Mines Plc
- 20 percent in Copperbelt Energy Corporation Plc
- 15 percent in Luanshya Copper Mines Plc,
- 15 percent in NFC Africa Mining Plc
- 15 percent in Chibuluma Mines Plc
- 10 percent in Mopani Copper Mines Plc
- 10 percent in Chambishi Metals Plc
- 100 percent owned by Ndola Lime Company
The most important foreign investors in Zambia's copper mining and thus cooperation partners are:
- The Swiss company Glencore International (Mopani Copper Mines)
- J&W Investment (Chambishi Metals),
- Vedanta Resources of the Indian Sterlite Industries Ltd. (Konkola Copper Mines),
- First Quantum Minerals from Canada (Kansanshi and Bwana Mkubwa mines)
- Equinox Minerals (Lumwana Copper-Cobalt Project),
- Metorex of South Africa (Chibuluma Mines)
- The Chinese Non-Ferrous Metals (NFC Africa Mining)
The price of copper on the world market in 2001 was around US $ 1,300 per ton, and in November 2006 it was US $ 8,000 per ton.