Word: zambians
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Dates: during 1960-1969
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...Your article "Nationalization in Zambia" [Aug. 22] brings out very clearly some of the dilemmas facing investors in that country in the light of President Kaunda's recent move in asking the owners of Zambian copper mines to negotiate the sale of 51% of their shares to the state...
However, you are unfair to the Zambian government when you state that "the final payoff could be delayed for decades" because, you state, the compensation proposed by the Zambians could not possibly exceed $5,000,000 a year from the two groups' sales of copper...
After royalty and tax payments to the Zambian government that last year to taled $144 million from Roan Selection Trust alone, net income for the recent fiscal year was $69 million. For the first nine months of that year the dividends were $21 million or 46% of net income. Therefore a very considerable capacity exists for payment of dividends to both old and new owners, even after Zambia's very heavy taxation...
...parties on the Lusaka diplomatic circuit, Zambian President Kenneth Kaunda often pointed to Vice President Simon Kapwepwe, his close friend since boyhood, and said fondly: "Look, there goes my revolutionary!" It was no casual sobriquet. A bearded, conspiratorial-looking firebrand who wears black and purple togas and carries an outsized walking stick, Kapwepwe was a militant nationalist leader as one of Kaunda's colleagues in the fight for independence from Britain. In a recent about-face, he became Kaunda's chief rival for political power. Last week Kapwepwe more than lived up to Kaunda's billing...
Zambia's greatest damage will probably be to itself. The country needs private investment capital, and, as New York Governor Nelson Rockefeller said on his recent South American tour, "investment capital likes to go where it is loved." Kaunda's action can only encourage potential Zambian investors to go elsewhere in search of affection...