How KCM arrived here

THE Konkola concentrator. PICTURE: COURTESY OF KCM

IN AUGUST 2002, global mining conglomerate Anglo-American Plc, which had operations across Africa, announced the completion of its withdrawal from the Zambian copper industry.
Earlier in January, it had announced that it was giving up on its principal Zambia project and would soon pull out of the country altogether.
Under its withdrawal agreement, Anglo, which had previously owned most of the Zambian mines together with Roan Selection Trust (RST) before they were nationalised, was to pay the Zambian government US$39 million. It was also going to buy out the two other minority shareholders, the International Finance Corporation and the Commonwealth Development Corporation, for US$25.4 million each, turning their stakes over to the government along with its own.
With the help of an additional loan of up to US$26.5 million from Anglo, the Zambian government, which had a new president in Levy Mwanawasa, kept the mines going while it searched for a new buyer.http://epaper.daily-mail.co.zm/

Send Your Letters

Facebook Feed