Zambia Is Done for Now With Taking Over Mining Companies
- Finance minister says country not pursuing nationalization
- Government bought Glencore’s Mopani Copper Mines last month
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Zambia isn’t looking to take over more mining companies, nor is the government planning to nationalize the industry, according to Finance Minister Bwalya Ng’andu.
The government has acquired Glencore Plc’s and Vedanta Ltd.’s local operations in the past two years. Remarks by President Edgar Lungu in December that Africa’s second-biggest copper producer wanted to take “significant stakes” in unspecified mines led to fears of a fresh wave of nationalization.