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Union, contractors, expert cheer MCM takeover

AFTER privatisation of the mines which were run by the Zambia Consolidated Copper Mines (ZCCM) over 20 years ago, Government maintained small percentages in the mining firms.
The percentages are held on behalf of Government through its holding company ZCCM-Investments Holdings (ZCCM-IH).
The State has 20 percent in Kansanshi Mining Plc, Konkola Copper Mines 20.6 percent and China Nonferrous Metal Mining (CNMC) Luanshya Copper Mines Plc 20 percent.
Others are Maamba Collieries 25 percent, Lubambe Copper Mines 20 percent, NFC Africa Mining 15 percent, Chibuluma Mines 15 percent and 10 percent in Chambishi Metals Plc.
Looking at the percentages, it is clear that Government has not had a bigger opinion in matters pertaining to companies and most importantly enjoy the full benefits of proceeds especially now when prices are favorable, hovering around US$8,000 on the international market.
This has over the years made Government through ZCCM-IH reconsider its position on ownership as seen in the increase in stake in both greenfield and brownfield projects such as Zambia Gold Company at 51 percent, Kabundi Resources at 100 percent, Kariba Minerals at 100 percent and CLICK TO READ MORE


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