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==Background== | ==Background== | ||
Nationalization of the | Nationalization of the [[Zambia]]n mines began with the ''Matero declaration of 1969'', when the government obtained a 51% shareholding in the then two existing mining companies. These were Roan Selection Trust and Anglo American Corporation, which owned all the operating mines in the country between them. Prior to the [[Matero]] declarations, the government had issued the [[Mulungushi declarations]], under which 51% of the shares in all the major industries (except mines) were put in state hands. This led to the formation of [[INDECO]] as the holding company for these shares. | ||
shareholding in the then two existing mining companies. | |||
These were Roan Selection Trust and Anglo American | The Matero reforms resulted in the formation of a holding company for the mines’ shares to be called [[MINDECO]]. An umbrella company for MINDECO and INDECO was formed and was called [[Zambia Industrial and Mining Corporation]] ([[ZIMCO]]). | ||
Corporation, which owned all the operating mines in the | |||
country between them. Prior to the Matero declarations, the | Roan Selection Trust became Roan Consolidated Copper Mines (RCM), comprising [[Mufurila]], [[Luanshya]], [[Chibuluma]], [[Chambishi]], [[Kalengwa]], and [[Ndola Copper Refinery]]. The Zambian arm of Anglo American Corporation became [[Nchanga Consolidated Copper Mines]] ([[NCCM]]) and was in charge of [[Rhokana]], [[Nchanga]], and [[Konkola|Konkola Mine]] mines. | ||
government had issued the Mulungushi declarations, under | |||
which 51% of the shares in all the major industries (except | |||
mines) were put in state hands. This led to the formation of | |||
INDECO as the holding company for these shares. The Matero reforms resulted in the formation of a holding company for | |||
the mines’ shares to be called MINDECO. An umbrella | |||
company for MINDECO and INDECO was formed and was | |||
called Zambia Industrial and Mining Corporation (ZIMCO). | |||
Roan Selection Trust became Roan Consolidated Copper | |||
Mines (RCM), comprising Mufurila, Luanshya, Chibuluma, | |||
Chambishi, Kalengwa, and Ndola Copper Refinery. The | |||
Zambian arm of Anglo American Corporation became | |||
Nchanga Consolidated Copper Mines (NCCM) and was in | |||
charge of Rhokana, Nchanga, and Konkola mines. | |||
The Matero reforms were implemented in January 1970 | The Matero reforms were implemented in January 1970 | ||
and the government was to pay for those shares over a | and the government was to pay for those shares over a |
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