ZCCM Investments Holdings: Difference between revisions

The company, ZCCM, was formed by a gradual process of [[nationalization]] and corporate concatenation which began in January 1970; the process is more completely described in the article [[Economy of Zambia]].

A major switch in the structure of Zambia's economy came with the Mulungushi Reforms of April 1968: the government declared its intention to acquire equity holdings (usually 51% or more) in a number of key foreign-owned firms, to be controlled by a parastatal conglomerate named the Industrial Development Corporation (INDECO). By January 1970, Zambia had acquired majority holding in the Zambian operations of the two major foreign mining corporations, the [[Anglo American Corporation]] and the Rhodesia Selection Trust (RST); the two became the Nchanga Consolidated Copper Mines (NCCM) and Roan Consolidated Mines (RCM), respectively. The Zambian government then created a new parastatal body, the Mining Development Corporation (MINDECO). The Finance and Development Corporation (FINDECO) allowed the Zambian government to gain control of [[insurance companies]] and [[building societies]]. However, foreign-owned banks (such as [[Barclays]], [[Standard Chartered]] and [[Grindlays]]) successfully resisted takeover. In 1971, INDECO, MINDECO, and FINDECO were brought together under an omnibus parastatal, the Zambia Industrial and Mining Corporation (ZIMCO), to create one of the largest companies in sub-Saharan Africa, with the country's president, [[Kenneth Kaunda]] as Chairman of the Board. The management contracts under which day-to-day operations of the mines had been carried out by Anglo American and RST were ended in 1973. In 1982 NCCM and RCM were merged into the giant '''Zambia Consolidated Copper Mines Ltd''' (ZCCM).