Nationalization of the Zambian mining industry

Conclusion

Though Zambia’s wealth has not yet been fully exploited, her efforts to expand have depended largely on negotiation of foreign loans. In 1970, loans amounted to k27 million and credit facilities had been negotiated against overseas equipment purchases and cost amounting to k35 million and overseas acceptance credit facilities amounted to kl8 million. Even in October 1973, when Kaunda announced the payment of £90 million it owed on the ZIMCA bonds issued at the time of Zambian nationalization in 1969, it was paid with the proceeds of a £60 million Eurodollar loan.