Zambia’s state-owned mining investment company ZCCM Investments Holdings has launched a gold-focused joint venture in the country’s northwest, marking a strategic push to diversify an economy heavily reliant on copper by unlocking new mineral resources, formalising artisanal mining, and building domestic processing capacity to retain more value within Zambia
Zambia’s state-owned investment company has launched a gold-focused joint venture aimed at expanding the country’s mining footprint beyond copper as Africa’s second-largest producer of the metal seeks to diversify its mineral base.
ZCCM Investments Holdings Plc said it has formed Kyalo Goldfields Limited, or KGL, to evaluate and develop gold resources in the Kikonge Mining Area in Zambia’s North-Western Province and to formalise artisanal and small-scale mining operations.
The company will also build processing infrastructure to increase domestic value retention, according to ZCCM-IH.
“Kikonge is a meaningful step in broadening ZCCM-IH’s diversified minerals portfolio and represents tangible progress in delivering on our mandate to formalise and develop Zambia’s gold sector,” ZCCM-IH Chief Executive Kakenenwa Muyangwa said.
ZCCM-IH will hold a controlling 51% stake in KGL, while its partner, which has operations in tin, tantalum and tungsten in neighbouring Democratic Republic of the Congo, will own the remaining interest.
The initiative reflects Zambia’s push to reduce dependence on copper, which has long dominated export earnings and government revenue.
ZCCM-IH said KGL will help formalise artisanal and small-scale mining in the region to ensure regulated and safer gold extraction.
The venture will initially be funded through shareholder contributions, with additional financing structures under consideration as the project develops.
“Upon completion of this process, the company will have clarity on the investment amount,” it said.
Last week, Muyangwa said ZCCM-IH is exploring ways to increase its stakes in existing mining assets within Zambia through commercial negotiations rather than forced acquisitions.
The company already holds minority stakes in several major mining operations run by foreign firms, including First Quantum Minerals Ltd. and Vedanta Resources Ltd., and is preparing to increase its position in the Mingomba copper project, signalling a gradual push by Zambia to tighten control over its mineral resources.
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Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
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