Privatization refers to the process of transfer of ownership, either permanent or on long term lease in nature, of a once upon a time state-owned or public owned property to individuals or groups that intend to utilize it for private benefits and run the entity with the aim of profit maximization. On the other hand, engineering education is the activity of teaching knowledge and principles related to the professional practice of engineering. It includes the initial education (bachelor and or master’s degree) for becoming an engineer, and any advanced education and specializations that follow. Engineering education is typically accompanied by additional post graduate examinations and supervised training as the requirements for a professional…show more content… When Zambia accepted a new adjustment programme in 1989 donors started to come back in. Nonetheless, it was too late for UNIP. Repeated urban food riots, industrial unrest, and eventually the loss of support for the ruling party from the Zambian Congress of Trade Unions (ZCTU) saw the unions form an opposition Movement for Multiparty Democracy (MMD), headed by ZCTU leader Frederick Chiluba. They swept the board in elections in 1991 [3].
When MMD came to power, by June 1996, 137 had been sold. The Mines and Minerals Act of 1972 which regulated the nationalised industry was repealed to give way to The Mines and Minerals Act of 1995. This provides for the particular incentives for investors in mining. Under the Act tax paid for copper removed from Zambia – called a ‘mineral royalty’ is charged at the rate of 3% of the net back value of the minerals produced [3].
The Act permits companies to minimise their income tax returns by allowing deductions for investment in mining. It also provides relief from paying customs duties on imported machinery and equipment. The Act does not specify the amounts of these forms of relief. Rather, it permits the government to enter into ‘Development Agreements’ with specific companies, under which they may extend more incentives than the Act grants, including reductions in royalty