Zambia’s $1.8 billion gold export gap exposed as ZCCM-IH moves to formalise trade

Musonda said the Government had mandated ZCCM-IH to lead efforts to formalise the gold trade.

He said through its subsidiary, Kyalo Goldfields, ZCCM-IH would purchase gold from licensed small-scale miners and supply it to the Bank of Zambia to build the country’s reserves, with payments made in kwacha.

“We are building a traceable chain, from the pit to the vault. Lifting formal output to several hundred thousand ounces a year is achievable,” Musonda said.

He said Zambia, under President Hakainde Hichilema’s leadership, was sending a clear message to the international community that it was open for business and committed to stability, transparency and partnership.

“Investors are looking for predictable policy and credible institutions. Zambia is offering both, and ZCCM-IH stands ready as the State’s partner of choice to help them grow with us,” Musonda said.

He said the programme was designed to give small-scale miners a legitimate and transparent route to market while strengthening national reserves and improving traceability for international buyers and investors.

Musonda said every ounce of gold entering the formal supply chain represented value that remained in Zambia and benefited its people.

“That is one of the opportunities we came to London to advance, and we leave confident that the right partners are ready to seize it with us,” he said.

Musonda told the summit that the gold programme formed part of a broader national effort under President Hichilema and the Grow Zambia Agenda to position the country as one of Africa’s most attractive destinations for responsible mining and energy investment.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.