Copper in Zambia: Charity for multinationals http://www.pambazuka.org/en/category/features/73742

Despite the apparent ‘success’ of the privatisation of the Zambian copper industry, the true picture is one of systemic multinational exploitation, national assets sold ‘for a song’ and persistent tax dodging, writes Khadija Sharife.

 

The World Bank credited the privatisation of Zambia as the most successful in the region largely due to the 'limited interference' of the government. The article further noted, crucially, the process through which the 'crown jewel', the Zambia Consolidated Copper Mines (ZCCM) was auctioned. ‘The privatization agency has five Wall Street investment bankers on staff, their salaries paid by the United States Agency for International Development. The copper deal is so big that the World Bank brought in the investment bank N. M. Rothschild & Sons and the London law firm Clifford Chance as consultants.’