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Zambia's state-owned mining company, ZCCM Investments, aims to generate $1.8 billion in revenue by formalizing the small-scale gold mining sector.
ZCCM Investments, Zambia's state-owned mining investment company, anticipates that the small-scale gold mining sector will generate over $1.8 billion in revenue through the implementation of a Ghana-inspired formalization strategy. Company CEO Kakenenwa Muyangwa stated that this initiative aims to significantly boost Zambia's official gold export figures, addressing the substantial discrepancy between official export volumes and import volumes reported by other countries. In 2023, the UAE imported nearly $1.8 billion worth of gold from Zambia, while the Bank of Zambia reported official exports of less than $128 million.
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