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Zambia’s state investment firm ZCCM-IH said on Monday that it had formed a joint venture with Mining Mineral Resources to explore for and mine gold. The deal comes as the copper-dependent country looks to broaden its mining sector.
The new company, Kyalo Goldfields Limited, was incorporated on May 6 to explore, develop and mine gold resources in the Kikonge Mining Area in North Western Province. ZCCM-IH said the project will also support the formalisation of artisanal and small-scale mining in the area.
The joint venture is intended to ensure safe and regulated gold production. It will also develop processing capacity to help Zambia retain more value from its mineral resources.
ZCCM-IH will hold a 51% stake in the venture, while Mining Mineral Resources will own the rest. The company, which operates in tin, tantalum and tungsten in the Democratic Republic of Congo, will partner with ZCCM-IH on the project.
ZCCM-IH chief executive Kakenenwa Muyangwa said Kikonge was a meaningful step in broadening the group’s diversified minerals portfolio. He said it also represented tangible progress in formalising and developing Zambia’s gold sector.
KGL will initially be funded through shareholder contributions, with additional financing structures to be considered as the project advances. ZCCM-IH said it is still preparing the detailed project scope and budget, meaning the final investment amount has yet to be determined.
