Zambia Consolidated Copper Mines
Encyclopedia
ZCCM Investments Holdings (formerly Zambia Consolidated Copper Mines Ltd, ZCCM) is a principal operator of copper
mines in Zambia
. The government of Zambia owns over 85% of the company's stock. The stock is listed on the Lusaka Stock Exchange
, the London Stock Exchange
and on Euronext
in Paris
.
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).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).
of the following subsidiary
Zambian copper mining companies:
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
mines in Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
. The government of Zambia owns over 85% of the company's stock. The stock is listed on the Lusaka Stock Exchange
Lusaka Stock Exchange
The Lusaka Stock Exchange is the principal stock exchange of Zambia. Founded in 1993, it is located in Lusaka. The LuSE is a member of the African Stock Exchanges Association.Background...
, the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and on Euronext
Euronext
Euronext N.V. is a pan-European stock exchange based in Amsterdam and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. In addition to equities and derivatives markets, the Euronext group provides clearing and information services...
in Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
.
History
The company, ZCCM, was formed by a gradual process of nationalizationNationalization
Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being...
and corporate concatenation which began in January 1970; the process is more completely described in the article Economy of Zambia
Economy of Zambia
Zambia is one of Sub-Saharan Africa's most highly urbanized countries. About one-half of the country's 11.5 million people are concentrated in a few urban zones strung along the major transportation corridors, while rural areas are under-populated. Unemployment and underemployment are serious...
:
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).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
Kenneth Kaunda
Kenneth David Kaunda, known as KK, served as the first President of Zambia, from 1964 to 1991.-Early life:Kaunda was the youngest of eight children. He was born at Lubwa Mission in Chinsali, Northern Province of Northern Rhodesia, now Zambia...
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).
Related organizations
ZCCM owns a significant amount of the stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of the following subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
Zambian copper mining companies:
- Chambishi Metals (10%)
- Chibuluma Mines plc Zambia(15%) in KalulushiKalulushiKalulushi is a town in the Copperbelt Province in north central Zambia. Municipal population 75,806 at the 2000 Census.It was established in 1953 as a company town for workers at the nearby Chibuluma copper and cobalt mine, and it became a public town in 1958...
- Copperbelt Energy Corporation (20%) in KitweKitweKitwe is the second largest city in terms of size and population in Zambia. With a population of 547,700 Kitwe is one of the most developed commercial and industrial areas in the nation, alongside Ndola and Lusaka...
- Kansanshi Mining plc (20%)
- Konkola Copper MinesKonkola Copper MinesKonkola Copper Mines is a copper mining and smelting company in Zambia. It is a subsidiary of Vedanta Resources, a mining conglomerate based in Mumbai and London. Konkola's name is abbreviated to KCM.-Operations:...
(20.6%) in LusakaLusakaLusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head... - Luanshya Copper Mines plc (15%)
- Mopani Copper Mines plc (10%)
- Equinox MineralsEquinox MineralsEquinox Minerals is a mining and exploration company with corporate offices in Perth, Australia and Toronto, Canada. It has operations in Peru, Australia and Zambia but most of its current activity is concentrated in Zambia where through subsidiary the Lumwana Mining Company, it operates mines in...
(5,55%)
See also
- Copper mining and extractionCopper extractionCopper extraction techniques refers to the methods for obtaining copper from its ores. This conversion consists of a series of chemical, physical, and electrochemical processes. Methods have evolved and vary with country depending on the ore source, local environmental regulations, and other...
- List of Zambia-related topics#Z (ZCCM)