• Short Summary

    On Friday (August 31) President Kaunda announced sweeping new measures to improve Zambian government control of the copper-mining industry, which accounts for ninety per cent of Zambia's expert earnings.

  • Description

    On Friday (August 31) President Kaunda announced sweeping new measures to improve Zambian government control of the copper-mining industry, which accounts for ninety per cent of Zambia's expert earnings.
    These measures will mainly affect Roan Consolidated Mines, a subsidiary of the American Metal Climax Company, and Nchanga Consolidated Mines, which are part of the Anglo-American Corporation. They account for most of the 750,000 tons of copper which are mined every year, making Zambia the world's third biggest producer.
    There are four major parts of the new measures to improve the 1969 agreement with the companies, which President Kaunda described as detrimental to the country's economy:
    In 1969 the Government started payments for a 51 per cent share in the companies. She will now pay for this in full immediately, thus gaining more freedom of manoeuvre.
    The contracts for management and technical services negotiated in 1969 will now be cancelled, and the government will appoint men of its own choosing. However, President Kaunda has expressly assured expatriate employees that their present contracts will be honoured.
    The Government will take over the marketing of the copper.
    The companies will no longer have favourable tax concessions.

  • Tags

  • Data

    Film ID:
    VLVA602CGDMTDGORZF1R756ZBJY5A
    Media URN:
    VLVA602CGDMTDGORZF1R756ZBJY5A
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    04/09/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:10:00
    Time in/Out:
    /
    Canister:
    N/A

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