Zambia Aims to Unlock $1.8 Billion From Gold Sector

ZCCM Investments Holdings Plc, Zambia's state-controlled mining investor, is launching an initiative to formalize the country's small-scale gold industry to capture an estimated $1.8 billion in untapped revenue. CEO Kakenenwa Muyangwa intends to implement a model based on Ghana's state-owned gold board, which channels artisanal purchases through formal markets to reduce smuggling and increase official trade data.

The move addresses a massive discrepancy in trade reporting. While Zambia's central bank recorded gold exports of less than $128 million in 2023, importing nations including Hong Kong and the United Arab Emirates reported receiving nearly $1.9 billion in Zambian gold. By formalizing the sector, ZCCM-IH aims to increase annual production from 127,000 ounces in 2025 to several hundred thousand ounces, capitalizing on high global bullion prices.

To execute this strategy, ZCCM-IH has established a commercial gold trading unit and formed partnerships in the North-Western Province with Kamunshinshi Mineral Resources and Mining Mineral Resources SAS. These partners are tasked with producing and purchasing gold directly from artisanal miners to integrate them into the formal economy.