Prior to 1970, Anglo American Corporation and Roan Selection Trust owned the mines. After negotiations between the Zambian Government and the two mining groups, the mines were reorganised into Nchanga Consolidated Copper Mines Limited (NCCM) and Roan Consolidated Mines Limited (RCM).

Through Mining and Industrial Development Corporation Limited (MINDECO), the Government acquired a 51 per cent interest and Zambia Copper Investments (ZCI) acquired the remaining 49 per cent in NCCM. Mindeco's 51 per cent shareholding in NCCM was transferred to ZIMCO in September 1974.
The Government acquired 51 % shares in RCM. The Roan Selection Trust, ZCI and the general public held the rest.

In April 1981, RCM and NCCM were merged to form a conglomerate called Zambia Consolidated Copper Mines (ZCCM).
In 1991, Zambia became a multi-party state when the Movement of Multi-party Democracy (MMD) was elected. The government embarked on an exercise to privatise parastatal companies, including the mining industry.

The privatising programme was completed on 31 March 2000 when ZCCM assets were bought by Mopani Copper Mines plc and Konkola Copper Mines plc. Anglo American plc acquired a 51% shares in KCM as shown below:

In September 2002 Anglo America, IFC and CDC withdrew as shareholders of KCM, leaving a restructured company whose main shareholders were ZCCM IH and ZCI.

In November 2004 Vedanta Resources became the major shareholders in KCM with a 51 per cent share in the Company.