• After a year of protracted negotiations, during which time the price for copper has fallen sharply, the final reduced offer of the Kafue Consortium is rejected and the bidding group dissolves.
• The balance of payment support from the donor community agreed at the Consultative Group meeting is made conditional on significant progress in the privatization of ZCCM.

The Consultative Group meeting with donors to renew balance of payments support is postponed, ostensibly because of governance issues, but also because of the failure to conclude the privatisation of ZCCM.

Conclusion of the sale of the Luanshya and Baluba mines to the Binani Group of India.

Finalization of the Nkana/Nchanga sale to the Kafue Consortium appears imminent. In retrospect, the best price for these mines was achieved at this time.

Finalization of the Nkana/Nchanga sale to the Kafue Consortium appears imminent. In retrospect, the best price for these mines was achieved at this time.

Appointment by the President of Francis Kaunda to take over ZCCM sale negotiations from Rothschilds and the ZPA negotiating team.

• The bidding process closes. Each package attracts at least one bid.
• A memorandum of understanding is signed between the Government/ZCCM and Anglo American for the exclusive purchase of the extensive Konkola Deep deposit outside of the main bidding process. This deal cements Anglo American’s acceptance of the privatization process, but the option granted to the company to purchase the smelter from another sale package jeopardizes the future of the Mufulira mine.
• The Kafue Consortium of three leading mining houses (Avmin of South Africa, Noranda of Canada, and Phelps Dodge of the USA) and UK financiers, the Commonwealth Development Corporation, enter into negotiations to purchase the core Nkana/Nchanga asset package.

ZCCM privatization plan approved by both the Zambian Government and the ZCCM board.

The Rothschilds report recommends the unbundling of ZCCM into ten principal sale packages to be privatized through international competitive tender. The Government is to retain a ‘golden share’ – typically 15 percent – in the successor companies which it has the option to sell to Zambian and other investors at a later date.

The merchant bank N. M. Rothschild and the legal firm Clifford Chance are hired to produce a privatization plan for ZCCM.