/ 17 March 1999

ANGLO IFFY ABOUT ZCCM SALE?

JUST 15 days before the sale of Zambia’s major copper mines is to go through, prospective buyer Anglo American Corporation is still lacking a substantial mining partner to join the venture. Sources from the ministry of finance said on Monday that the Zambian government is in a difficult situation because Anglo — who appears to be the only credible buyer — will not enter the venture alone. The Zambian government, Zambia Consolidated Copper Mines and Zambia Copper Investment (ZCCM), a company through which Anglo holds interests in ZCCM, signed a Memorandum Of Understanding in January over the sale of Nkana, Nchanga, Konkola Deep Mining Project and Nampundwe mine.