Zambian State mine investor eyes $1.8bn in small-scale gold mining push - Mining Weekly

AI desk brief

Zambia’s state mining investor says it could unlock more than $1.8bn from the country’s artisanal and small-scale gold sector by formalising trade along the lines of Ghana’s gold-board model. ZCCM-IH CEO Kakenenwa Muyangwa said official exports could rise materially because of the large gap between Zambia’s declared shipments and import data reported by buyer countries: the UAE imported nearly $1.8bn of gold from Zambia in 2023 and Hong Kong $108m, versus less than $128m of official exports recorded by the central bank.

The pitch is that regularising informal production would improve traceability, channel more output through the formal market and lift FX receipts, as Ghana’s model did after the creation of its state gold board. Ghana’s artisanal and small-scale segment surpassed large producers last year and generated about $10.8bn in foreign exchange, helping bolster reserves and the cedi. Zambia is now trying to replicate that playbook, with ZCCM-IH already partnered with local miners and setting up a commercial trading unit.

For bullion, the near-term market impact is modest but directionally supply-negative if the policy succeeds in drawing more metal into official channels and incentivising production. Zambia’s target of a few hundred thousand ounces a year, versus 127,000 oz produced in 2025, is not globally market-moving on its own, but it reinforces the broader theme of high gold prices pulling marginal supply into the system. The article also notes gold remains above $4,300/oz after peaking above $5,400 in January, underscoring how elevated prices are now driving upstream investment and formalisation efforts across Africa.