Kaunda Controls Copper Groups

Press, Volume CX, Issue 32210, 31 January 1970, Page 11

Kaunda Controls Copper Groups

(N.Z.P.A.-Reuter—Copyright) LUSAKA, January 30. President Kenneth Kaunda has announced sweeping changes in Zambia’s industrial and mining set-up, naming himself chairman of a new corporation that will have over-all control.

The country’s vital copper mining industry ■ came under Government control on January 1. The State has taken a 51 per cent holding in the operating companies of the two giant private copper groups in Zambia, Roan Selection Trust and the Anglo-American Corporation. In a statement released by the official Zambia News Agency, President Kaunda said that a new Mining and Industrial Development Corporation of Zambia would come, into being on April 1.

Indeco, the Industrial Development Corporation, the State’s biggest industrial arm until now, will become a subsidiary holding company of the. new corporation and deal exclusively with industrial investments. Another subsidiary, named Mindeco, will be set up to administer the State’s mining investment interests, looked after by Indeco since the State took over on January 1. Industry Reaction The chairman of AngloAmerican, Mr Murray Hofmeyr, said his group welcomed the establishment of the new corporation and the Government-appointed directors to the copper boards. Copper industry sources commented it was too early to say what effect the reorganisation would have on foreign investors but generally agreed it had several good points. Ry appointing himself general overlord, President Kaunda had ' not risked the possible loss of confidence that might have struck foreign investors if an unknown person had been given the job. • ■