A major switch in the structure of Zambia's economy came with the Mulungushi Reforms of April 1968: the government declared its intention to acquire equity holdings (usually 51% or more) in a number of key foreign-owned firms, to be controlled by a parastatal conglomerate named the Industrial Development Corporation (INDECO).

The Finance and Development Corporation (FINDECO) allowed the Zambian government to gain control of insurance companies and building societies.

In 1971, INDECO, MINDECO, and FINDECO were brought together under an omnibus parastatal, the Zambia Industrial and Mining Corporation (ZIMCO), to create one of the largest companies in sub-Saharan Africa, with the country's president, Kenneth Kaunda as chairman of the board.

ZCCM was owned by Zambia Industrial and Mining Corporation (60.3%), an Anglo-American subsidiary ZCI Holdings (27.2%), RST International (7.0%) and the public (5.5%).

As the government was subsidising the mines by approximately $1 million a day, the privatisation was encouraged by a bit of arm-twisting: "We were told by advisers, who included the International Monetary Fund and the World Bank that (...) for the next 20 years, Zambian copper would not make a profit.

The reason for unbundling the ZCCM Ltd into business packages was to promote diversity of ownership and minimise political and economic risks.

GRZ obtained the support of the World Bank and the Nordic Development Fund for the Copperbelt Environment Project (CEP), to address environmental liabilities and obligations remaining with GRZ/ZCCM-IH following the privatization of mining assets.

To that purpose, as Zambian presidential elections have emerged the victory of Patriotic Front leader Michael Sata, Mr. Wila D. Mung'omba was appointed as Executive Chairman of ZCCM-IH with effect from 1 December 2011.

[5][citation needed] Mr. Mung'omba is a distinguished lawyer of many years, a former executive director of the International Monetary Fund, and former president of the African Development Bank Group.

[6][citation needed] The objectives are to diversify the portfolio (coal, gemstones, oil,...) and to maximise returns from assets and shareholdings.

The privatisation of ZCCM saw drastic cuts to social spending on health, education, urban infrastructure on the Zambian Copperbelt.

Europe: England, Belgium, France, Netherlands, Scotland, Switzerland, Greece, Channel Islands, Irish Republic, Portugal, Norway and the Principality of Monaco.