Word: kaunda
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Addressing a political rally a year ago, Zambian President Kenneth Kaunda insisted that he had no intention of nationalizing the foreign-owned copper mines that account for 95% of his country's export income and half of its government revenues. Said Kaunda: "The copper mines are big business...
Last week Kaunda made it clear that Zambian ambitions have grown. Clad in his usual khaki bush suit, he told 400 cheering members of the ruling United National Independence Party that he was "asking" the owners of the mines to give 51% of their shares to the state. "I do not think," he said, "that the nation can achieve economic independence without acquiring full control of the existing mines...
Delayed Payment. Chiefly affected by Kaunda's "request" will be the Roan Selection Trust, Ltd., 43% of which is owned by Manhattan-based American Metal Climax, Inc., and Anglo American Corp. of South Africa Ltd. In addition to taking over controlling interests in the firms, Zambia will substitute 25-year leases for their existing leases "in perpetuity," and replace the present 44% royalty and export tax with a 51% mineral tax. The nationalized companies' holdings have a book value of about $784 million. Kaunda expects to pay shareholders for their loss entirely out of future copper profits. These...
...outburst shocked Kaunda, who told the justices he was "awfully sorry." His apologies came too late. Skinner flew off to London on "indefinite sick leave," and Evans left for Australia. Though Skinner later said he might return to Zambia, a third justice also announced his resignation. Speculation in Zambia was that the remaining four might leave the bench by the end of the year. The High Court crisis badly unsettled Zambia's white residents, who count on the white judiciary as a safeguard against the excesses of black nationalism. The value of private homes in Lusaka has dropped...
...Kaunda will probably cope with the flight of white judges either by recruiting black ones from the Caribbean or by lowering qualifications for black Zambians. In any event, his United National Independence Party, which controls more than two-thirds of Parliament, could take advantage of the crisis to create a new judiciary that is more attuned to the country's politics...