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36-657: Ikelenge District is located north of Mwinilunga and contains the Kalene Hills together with the source of the Zambezi River and the Zengamina Hydroelectric Power Plant within its small area. The Zengamina Plant exists primarily because Zambia's national electricity grid does not reach the region. The main road in the region is the T5 road , which connects Ikelenge to Mwinilunga in

72-1611: A golden share . ZCCM-IH has 20% shareholding in KMP - First Quantum Minerals Ltd (FQM) has 80% shareholding in KMP ZCCM-IH has 20% shareholding in CEC - Zambian Energy Corporation has 52% shareholding in CEC [ZCCM-IH has 20% shareholding in LCM - China Non-Ferrous Metal Mining Ltd (CNMC) has 80% shareholding in LCM ZCCM-IH has 20% shareholding in Konnoco, African Rainbow Mining 40% - VALE 40% ZCCM-IH has 15% shareholding in NFCA - China Nonferrous Metal Co Ltd (CNMC) has 85% shareholding in NFCA ZCCM-IH has 15% shareholding in CMP - Metorex Ltd has 85% shareholding in CMP ZCCM-IH has 10,07% shareholding in Investrust (494,00,000 shares / 4,901,500,000) ZCCM-IH acquired 90% shareholding of MCM previously held by Glencore Corporation through Carlisa Investment Corporation (73.1%) and First Quantum Mining (16.9%), giving ZCCMIH 100% control of Mopani. The Government of Zambia and Glencore Corporation signed an off-take arrangement deal. An off-take arrangement

108-501: A community called Kalene Hill , approximately 80 kilometres (50 mi) north of Mwinilunga town. The town had a population estimated at 14,500 in 2006. The Chilunda -speaking Kanongesha-Lunda people are the largest ethnic group, and are related to the Chibemba-speaking Kazembe-Lunda of Luapula Province . In 1990, the census carried out that year, put the town's population at 6,342 people. In 2000,

144-464: 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

180-479: 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

216-618: Is also home to The Sakeji School , a primary boarding school . Forest Fruits Limited has been operating in Mwinilunga since 1998, successfully working with over 7,000 beekeepers in the region to export organic honey to the European market. The company also employs about 100 staff. See: Mining in Zambia Kasenseli Gold Mine In early August 2019 gold deposits were discovered and confirmed by experts from

252-575: Is approximately 247 kilometres (153 mi) south of Mwinilunga. Mwinilunga sits in the extreme north-western corner of the country, close to the international borders with Angola and the Democratic Republic of the Congo . The geographical coordinates of Mwinilunga, Zambia are:11°43'02.0"S, 24°25'44.0"E (Latitude:-11.717222; Longitude:24.428889). The average elevation of the town is 1,391 metres (4,564 ft) above mean sea level . This

288-645: Is because ZCCM-IH and Glencore deal is based on a no-cash transfer basis. ZCCM-IH has 10% shareholding in Chambishi - Eurasian Natural Resources Capital (ENRC) has 90% shareholding in Chambishi 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

324-612: Is one of the wettest places in Zambia with annual rainfall of about 1,400 millimetres (55 in) falling in the rainy season from October to May. Due to its proximity with Angola and DR Congo, Mwinilunga would have benefited from trade with the two neighboring countries. Poor roads, human conflict and lack of collective political will in the three countries, have so far prevented any meaningful trade policy from developing. The Zambezi River originates in Ikelenge District , in

360-435: Is simply an arrangement between the producer and a buyer to purchase or sell all or portions of the producer's forthcoming goods/ commodities to the market. This sort of agreement is commonly done with the mines to secure a market for their future production purposes. In this case, Glencore Corporation has agreed to sell 90% of its shares to ZCCM-IH, which will fully own the mines after the transaction has been fully settled. This

396-600: The Chitunta Plain , known for its birdlife and as the source of the Zambezi River . The annual Chisemwa cha Lunda ceremony held by Senior Chief Kanongesha of the Lunda draws crowds to the district every September. Nyaunda Ceremony celebrated by Lundas of Senior Sailunga East of Mwinilunga. ZCCM Investments Holdings ZCCM Investments Holdings is a successor company to Zambia Consolidated Copper Mines Limited (ZCCM Ltd), of Zambia . The company, ZCCM,

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432-722: The DR Congo , but these plans have not been confirmed and the Benguela Railway has not yet been re-opened. However, the Angolan transport ministry plans to build a line branching off the Benguela Railway at Luacano and entering Zambia from Macango, Angola. The town is also home to Mwinilunga Airport. Mwinilunga lies southeast of the Nchila Wildlife Reserve rainforest , known for its sable antelope and other large mammals, Luakela Forest Reserve and

468-616: The Industrial Development Corporation . Operations: Processing fruits as well as other products such as beans , groundnuts and tomatoes supplied by over 1,500 small-scale farmers. Direct Jobs: 150 In-Direct Jobs: 780 In 2006 plans were formulated to extend the proposed railway to Solwezi to the town and even on to the Benguela Railway in Angola to avoid reliance on the line in

504-687: 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,

540-532: The Ministry of Mines and Mineral Development. The Government, through its subsidiary, ZCCM Investments Holdings (ZCCM-IH), intends to set up a gold mine in Chief Chibwika's area where the gold deposits have been discovered. Commissioned: July 2022 Construction Cost: ZMW 130.0 million (US$ 7.8 million) Ownership: Kalene Hills Fruit Company , a 100% Zambian-owned business set up with support from

576-712: 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

612-542: 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

648-743: 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

684-448: 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,

720-407: 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). After nationalisation, copper prices started declining, oil prices increased and the effects of using

756-400: 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

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792-450: 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. 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

828-1130: The management recently engaged negotiations with mining companies to get unpaid dividends as profits are huge. The privatisation of ZCCM saw drastic cuts to social spending on health, education, urban infrastructure on the Zambian Copperbelt . ZCCM owns significant amount of the stock of the following subsidiary Zambian copper mining companies: ZCCM-IH has 100% shareholding in NLC ZCCM-IH has 50% shareholding in KML – Gemfields Plc has 50% shareholding in KML ZCCM-IH has 35% shareholding in MCL - Nava Bharat Ltd has 65% shareholding in MCL ZCCM-IH has 20.6% shareholding in KCM - Vedanta Resources Plc has 79.4% shareholding in KCM The grz has

864-478: 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. 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

900-413: 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 and 1998, Mr. Mung'omba

936-449: The population was 10,745 inhabitants. During the 2010 national census, the population of Mwinilunga was enumerated at 15,704 people. The table below illustrates the same data in tabular format. Mwinilunga Secondary School is the largest school to date in town. Government and community schools are scattered in the neighborhoods surrounding the metropolitan area, and provide education for children from nursery through high school. Mwinilunga

972-607: 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

1008-706: 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

1044-562: 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

1080-441: 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

1116-523: The south and to a border with Angola west of Kalene Hill. 11°14′S 24°12′E  /  11.233°S 24.200°E  / -11.233; 24.200 This Zambia location article is a stub . You can help Misplaced Pages by expanding it . Mwinilunga Mwinilunga is a town in the North-Western Province of Zambia . It is the headquarters of Mwinilunga District , one of the province's eleven districts. The town lies on

Ikelenge District - Misplaced Pages Continue

1152-551: The west bank of the West Lunga River , along the Chingola–Solwezi–Mwinilunga Road ( T5 Road of Zambia), which continues north-westwards to Caianda , in Angola . Mwinilunga is located approximately 275 kilometres (171 mi), by road, west of Solwezi , the provincial capital. Another tarmacked state road (D286 Road of Zambia), leads south to Kabompo , the capital of Kabompo District . Kabompo town

1188-627: 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

1224-641: 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

1260-713: Was formed by a gradual process of nationalization and corporate concatenation which began in January 1970. 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

1296-793: 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

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