Zambia Consolidated Copper Mines
| Traded as | Lusaka: ZCCM-IH : Euronext: MLZAM |
|---|---|
| Industry | mining |
| Founded | 2000 |
| Headquarters | Lusaka, Zambia |
| Products | Investments |
| Owners | Government of Zambia 77.7%; Minority shareholders 22.3% |
| Website | www |
ZCCM Investments Holdings is a successor company to Zambia Consolidated Copper Mines Limited (ZCCM Ltd), of Zambia.
Prior to privatization in 2000, ZCCM Ltd was a consolidated copper-mining conglomerate, majority-owned by the Government of the Republic of Zambia (GRZ). Put in other words, until 31 March 2000, ZCCM Ltd was a 60.3% state-owned, mine-operating company in which Zambia Copper Investments Ltd (ZCI), an associate company of Anglo American Plc, held 27.3% of shares, with the balance of 12.4% of shares held by private investors.
Since privatisation of ZCCM, ZCCM Investments Holdings Plc (ZCCM-IH) is an investments holdings company which is listed on the , the and on Euronext in Paris, and has the majority of its investments held in the copper-mining sector of Zambia.
The company's shareholders are the Government of the Republic of Zambia (GRZ), with 77.7% shareholding, and institutions and individuals, with 22.3% of shares.
Minority shareholders are spread throughout the world, in various locations.
Europe: England, Belgium, France, Netherlands, Scotland, Switzerland, Greece, Channel Islands, Irish Republic, Portugal, Norway and the Principality of Monaco. Africa: South Africa, Zambia, Zimbabwe, Botswana, Tunisia, Egypt, Nigeria, Algeria, Republique Du Congo and Morocco. Australasia/other: Australia, New Zealand, India, Oman, Pakistan, Sri Lanka, Jamaica, Bahamas and USA.
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).
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