Exploitation of the Mufulira property began in 1929 but was severely handicapped by the financial depression. Early in February 1930, the Rhodesian Selection Trust, the British South Africa Company and the Bwana Mkubwa company agreed to sell the Mufulira Special Grant to Mufulira Copper Mines Ltd which incorporated 2 March 1930.
As a further measure to reduce the immediate capital and at the same time increase the efficiency by unifying the management, the Rhodesia Selection Trust decided that as of 1st December, 1930, all its properties in the Nkana concession would be transferred to the new company. The Rhodesian Selection Trust then became an investment holding company with approximately two-thirds interest in Mufulira Copper Mines Ltd.
In 1964 when Zambia achieved independence, there came a major switch in the structure of Zambia’s economy. The government declared its intention to acquire equity holdings (usually 51% or more) in a number of key foreign-owned firms. The Mufulira mine became state owned, eventually coming under the control of the Zambia Consolidated Copper Mines Ltd (ZCCM).
Postcards
1965 – Monterey Printing & Packaging Ltd (Type IV)
References
- The Northern Rhodesia Copperbelt 1899-1962 – Francis L. Coleman
