One issue that I have failed to understand in thinking and writing about the Zambian mining industry is the status of shares in Konkola Copper Mines (KCM) owned by a company called Zambia Copper Investments (ZCI). The issue is much in the news, particularly on the wires for metals investors, and while it's perfectly possible to get a surface level explanation of what's happening from various reports, such as the latest on Mineweb here, the general lack of analysis leaves me baffled as to why different actors are taking different positions. Put very briefly, Vedanta are trying to buy up shares in KCM controlled by ZCI, the Government and various MPs have been objecting. Then today The Post (you need a subscription) report that Anglo-American are publicly refuting President Mwanawasa's suggestion that they are interested in coming back to Zambia.
Maybe these things aren't connected and maybe I am the only one who doesn't understand what's going on?
Andrew Sardanis' book 'A Venture in Africa' seems to tell a large part of the story, but the free Amazon browser cuts short just as we get to the intersting bit, and I think he is basically arguing the whole thing is murky! I've ordered a copy and will report back on what it says if this conversation gets going. If anyone has contact details for Mr Sardanis, I'd be interested to try and include him in the conversation.
Anyway, here's a summary of my muddled thoughts - much of the history here might be wrong or completely irrelevant. Anyone who can clarify any of it is very welcome to add something to comments, or to write a guest entry for the blog to replace this one.
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