Zambia Aims to Formalize Small-Scale Gold Sector for $1.8 Billion in Revenue
ZCCM Investments, Zambia's state mining company, aims to generate over $1.8 billion from the small-scale gold sector by formalizing its informal trade channels using a model inspired by Ghana’s success with artisanal miners. The CEO of ZCCM, Kakenenwa Muyangwa, highlighted that discrepancies exist between official export data and import figures in countries like the UAE and Hong Kong, suggesting significant unaccounted gold flows from Zambia. Ghana's formalization strategy through its state-run Ghana Gold Board has proven successful, with artisanal producers outperforming major mining firms last year. ZCCM is already partnering with local companies to source gold directly from small-scale miners in the North-Western Province and Kamunshinshi areas. With current high gold prices—though down slightly since January’s peak—the company believes it can significantly boost Zambia's annual output, potentially increasing exports by several hundred thousand ounces per year.
Topics: exports formalization strategy gold mining Zambia