as lusaka zccm ih lse zcc euronext mlzam industry mining founded 2000 headquarters lusaka zambia products investments owners government of zambia 77.7 % ; minority shareholders 22.3 % website www.zccm ih.com.zm zccm investments holdings is a successor company to zambia consolidated copper mines limited zccm ltd of zambia . contents 1 shareholders 1.1 capital 2 history 3 privatisation of zccm 4 assets & shareholding 5 see also 6 external links shareholders edit 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 lusaka stock exchange the london stock exchange 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 . capital edit shares a industrial development corporation zambia limited idc on behalf of the government of the republic of zambia grz 96 926 669 60.3 % shares b grz 27 961 237 17.4 % rest of b shareholders 35 912 380 22.3 % total 160 800 286 100 .0 % 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 . history edit 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 . however after nationalisation copper prices started declining oil prices increased and the effects of using the mining industry as a cash cow started showing . copper production in zambia plummeted from its peak of 750 000 tonnes 830 000 short tons in 1973 to 230 000 tonnes 250 000 short tons in 2000 . privatisation of zccm edit zambia consolidated copper mines zccm which operated ten mines three smelters two refineries and a tailings leach plant . zccm was owned by zambia industrial and mining corporation 60.3 % an anglo american subsidiary zci holdings 27.2 % rst international 7.0 % and the public 5.5 % . zccm was sold in 1998 for just us 627 million split into 7 units including konkola copper mine 25 million kansanshi mine 28 million luanshya mine 35 million chibuluma mine 17.5 million chambishi mine 20 million and others . the low price was criticised for being a result of bribery and corruption with anglo american which sat on the board of zccm buying konkola copper mines zccm s flagship for a song critics alleged . the mines were privatised after the copper prices had dropped from 2 300 tonne in 1997 to about 1 500 tonne in 1998 and remained at this level until 2003 . as the government was subsidising the mines by approximately 1 million a day the privatisation was encouraged by a bit of arm twisting we were told by advisers who included the international monetary fund and the world bank that ... for the next 20 years zambian copper would not make a profit . but if we privatised we would be able to access debt relief and this was a huge carrot in front of us ... . we had no option said then minister of finance edith nawakwi . the objectives which the government was seeking to achieve through the privatisation of zccm were to transfer control of and operating responsibilities for zccm s operations to private sector mining companies as quickly as practicable ; mobilise substantial amounts of committed new capital for zccm s operations ; ensure that zccm realised value for its assets and retained a significant minority interest in principal mining operations ; transfer or extinguish zccm s liabilities including its third party debt ; diversify ownership of copperbelt assets ; promote zambian participation in the ownership and management of the mining assets ; and conduct the privatisation as quickly and transparently as consistent with good order respecting other objectives and observing zccm ltd s existing contractual obligations . as part of the privatization process the company s mining assets were unbundled and sold off as separate new entities or business packages to the private sector . the reason for unbundling the zccm ltd into business packages was to promote diversity of ownership and minimise political and economic risks . a two stage privatisation process was adopted . under stage one majority interests in the packages relating to certain of zccm ltd s mining and power distribution operations were offered to trade buyers which was to leave the transformed zccm ltd as an investments holdings company with minority interest in each of these packages . through zccm investments holdings plc. government has retained minority interests of not more than 21 % within each of the business packages . the privatisation of zccm commenced in 1996 after grz and the boards of zccm and the zambia privatisation agency zpa approved the zccm limited privatisation report and plan presented by uk based financial and legal advisors nm rothschild & sons and clifford chance respectively . stage two of the privatisation of zccm envisaged grz disposing of some or all of its shareholding with part of this being earmarked for zambian institutional and private investors as a way of promoting zambian participation in the mining sector . grz obtained the support of the world bank and the nordic development fund for the copperbelt environment project cep to address environmental liabilities and obligations remaining with grz zccm ih following the privatization of mining assets . the environmental management facility emf which is composed of multiple stakeholders working as the emf steering committee was established by the minister of finance and national planning as provided for by the protocols for the purpose of prioritizing and approving subprojects of the cep for funding . the project which became effective on 31 july 2003 ends in august 2008 . apart from environmental responsibilities zccm ih has the additional responsibility of managing the ex zccm employees trust fund and also the finalization sale of zccm properties . in november 2011 the role and importance of zccm ih have been highlighted led by the hon. zambian minister of mines wylbur simuusa representing the major shareholder . through its state mining investment company zambia consolidated copper mines investment holdings the government is finalizing plans to start negotiations with mining companies aimed at increasing its stakes in projects to as much as 35 % he told the press . there is need for the country to have increased ownership in the mines and zccm ih is an engine which can facilitate the process . zccm ih is an important unit which if properly managed can help the country realise huge benefits from the mining resources . to that purpose as zambian presidential elections have emerged the victory of patriotic front leader michael sata mr. wila d. mung omba was appointed as executive chairman of zccm ih with effect from 1 december 2011 . mr. mung omba who is not new to the affairs of the company has in the past served as group a director of zccm limited in 1996 98 . between 1995 1998 mr. mung omba was world bank s appointed team leader in the initial preparation of the zccm limited privatization report and plan by the uk based investment bank nm rothschild & sons and international law firm clifford chance . later mr. mung omba was involved in the creation of the present zccm ih . mr. mung omba is a distinguished lawyer of many years a former executive director of the international monetary fund and former president of the african development bank group . for five years he served as non executive director on the initial board of the emerging african infrastructure fund eaif a donor funded financial instrument to encourage public and private sector partnership in infrastructure development in sub sahara africa the objectives are to diversify the portfolio coal gemstones oil and to maximise returns from assets and shareholdings . therefore the management recently engaged negotiations with mining companies to get unpaid dividends as profits are huge . assets & shareholding edit zccm owns significant amount of the stock of the following subsidiary zambian copper mining companies ndola lime company ltd nlc zccm ih has 100 % shareholding in nlc kariba minerals limited plc kml zccm ih has 50 % shareholding in kml gemfields plc has 50 % shareholding in kml maamba collieries ltd mcl zccm ih has 35 % shareholding in mcl nava bharat ltd has 65 % shareholding in mcl konkola copper mines plc kcm zccm ih has 20.6 % shareholding in kcm vedanta resources plc has 79.4 % shareholding in kcm the grz has a golden share . kansanshi mining plc kmp zccm ih has 20 % shareholding in kmp first quantum minerals ltd fqm has 80 % shareholding in kmp copperbelt energy corporation plc cec zccm ih has 20 % shareholding in cec zambian energy corporation has 52 % shareholding in cec luanshya copper mines plc lcm zccm ih has 20 % shareholding in lcm china non ferrous metal mining ltd cnmc has 80 % shareholding in lcm lubambe ex konnoco konkola north mining zccm ih has 20 % shareholding in konnoco african rainbow mining 40 % vale 40 % nfc africa mining plc nfca zccm ih has 15 % shareholding in nfca china nonferrous metal co ltd cnmc has 85 % shareholding in nfca chibuluma mines plc cmp zccm ih has 15 % shareholding in cmp metorex ltd has 85 % shareholding in cmp investrust bank plc zccm ih has 10 07 % shareholding in investrust 494 00 000 shares 4 901 500 000 mopani copper mines plc mcm zccm ih has 10 % shareholding in mcm carlisa investments corporation has 90 % in mopani carlisa investments british