Zambian President Michael Sata fired the governor of the central bank and its board, reversed a foreign takeover of a local lender and temporarily halted metal exports within two weeks of taking office. Investors in Africa’s biggest copper producer aren’t panicking.
When Rafael Moonga started fishing on Lake Kariba six years ago, he would return at sunrise with as many as 15 crates of kapenta, also known as the Tanganyika sardine. Now he’s lucky to catch a quarter of that.
First Quantum Minerals Ltd., Zambia’s biggest copper producer, said it has slowed down or postponed more than $1 billion of capital expenditure in the country as a tax dispute with the government escalates.