[miningmx.com] – ZAMBIA has sold 15.9 million shares in ZCCM, a listed copper producer, in an effort to plug its growing fiscal gap, said Bloomberg News. The plan is sell down its stake in ZCCM to 60% from 87.5%.
“It’s a milestone in our country’s history,’ ZCCM-IH CEO, Pius Kasolo told reporters on Wednesday. The company’s shares are “the best performing on the Lusaka Stock Exchange,’ he said. “They’re really sought after,’ he said.
Bloomberg News said the stake was sold for $79m to Zambia’s National Pension Scheme Authority and would help to cover a fiscal gap forecast by the International Monetary Fund to climb to 7.7% of gross domestic product this year.
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