ZAMBIA could unlock more than $1.8bn from its small-scale gold industry by bringing informal production and trading into the formal market, Bloomberg reported.
Kakenenwa Muyangwa, CEO of Zambia Consolidated Copper Mines (ZCCM) Investments Holdings said the country planned to draw on Ghana’s approach, where a state-run gold board channels purchases from artisanal and small-scale miners through official markets.
The potential is highlighted by a wide gap between Zambia’s declared gold exports and imports reported by trading partners. The United Arab Emirates recorded nearly $1.8bn of gold imports from Zambia in 2023 and Hong Kong $108m, while Zambia’s central bank recorded exports of less than $128m.
“This is what we hope to achieve in Zambia,” Muyangwa told Bloomberg. “We are very excited about this golden opportunity.”
In Ghana, small-scale gold production overtook output from large miners last year, generating about $10.8bn in foreign exchange following the establishment of the Ghana Gold Board.
ZCCM has partnered with Mining Mineral Resources SAS to produce and buy gold from artisanal miners in Zambia’s North-Western Province. It has also established a commercial gold trading unit to buy metal elsewhere.
Muyangwa said increasing Zambia’s annual gold production to several hundred thousand ounces from 127,000oz in 2025 was “totally achievable”.
Historically high gold prices have added impetus to the initiative. Bullion is trading above $4,300/oz after reaching more than $5,400/oz in January.
