ZCCM targets $1.8bn from formalised small-scale gold sector

ZCCM targets $1.8bn from formalised small-scale gold sector

Wed, September 2, 2026 at 5:50 PM GMT+3 2 min read

ZCCM Investments, Zambia's state mining investment company, expects to generate more than $1.8bn from the small-scale gold sector by implementing a formalisation strategy inspired by Ghana.

The company's CEO, Kakenenwa Muyangwa, stated in an interview cited by Bloomberg that formalising Zambia's informal gold trade could substantially raise official export figures. He noted a large disparity between the gold volumes recorded as imports by other countries and the quantities reported as exports from Zambia.

In 2023, the United Arab Emirates (UAE) imported almost $1.8bn of gold from Zambia, while Hong Kong reported imports worth $108m, based on World Integrated Trade Solution data.

However, figures from Zambia's central bank showed official exports were valued at less than $128m for the same period.

Last year, Ghana's artisanal and small-scale gold producers collectively exceeded the output of the country's major mining companies, earning around $10.8bn in foreign currency.

This increase occurred after the establishment of the state-run Ghana Gold Board, which directs gold from small-scale miners into formal trading channels and has supported the country's foreign exchange reserves.

The approach has also attracted interest from other countries, with Senegal announcing plans in June to review Ghana's system in a bid to enhance traceability.

ZCCM has already formed a partnership with Mining Mineral Resources SAS to both produce and purchase gold from artisanal miners in Zambia's North-Western Province, alongside a similar arrangement at Kamunshinshi Mineral Resources.

Muyangwa said it was "totally achievable" to increase Zambia's gold output from 127,000oz to several hundred thousand ounces per year.

Rising gold prices have further encouraged interest in the industry, despite the continued strength of Zambia's copper sector.

Although the price of gold has fallen from a January high of above $5,400/oz to just over $4,300/oz, it remains at an elevated level.

Muyangwa added: "The price of gold is high enough. Let's take advantage."

"ZCCM targets $1.8bn from formalised small-scale gold sector" was originally created and published by Mining Technology, a GlobalData owned brand.