Zambia Targets $1.8 Billion from Formalising Small-Scale Gold Mining
ZCCM-IH Targets $1.8 Billion Opportunity from Zambia’s Small-Scale Gold Sector
Zambia could unlock more than $1.8 billion in value from its small-scale gold sector by formalising informal mining and trading activities, according to ZCCM Investments Holdings (ZCCM-IH) CEO Kakenenwa Muyangwa.
The state-controlled mining investment company is looking to Ghana’s approach to formalising artisanal and small-scale gold mining as a potential model for Zambia.
The strategy is aimed at bringing informal gold production and trading into regulated channels, improving traceability and increasing officially recorded exports.
Muyangwa said there is a significant gap between Zambia’s reported gold exports and the quantities recorded by some of its international trading partners.
In 2023, the United Arab Emirates recorded nearly $1.8 billion in gold imports from Zambia, while Hong Kong reported imports worth about $108 million.
In contrast, Zambia’s official statistics recorded less than $128 million in gold exports during the same year.
The disparity highlights the potential value that could be captured by bringing more of the country’s gold production and trade into the formal economy.
Ghana provides a potential model
Zambia’s strategy is partly inspired by Ghana, where artisanal and small-scale gold production has become a major contributor to the country’s foreign-exchange earnings.
Ghana’s establishment of the state-owned Ghana Gold Board has helped channel gold purchased from small-scale miners through formal markets.
In 2025, artisanal and small-scale gold production surpassed output from large-scale producers and generated about $10.8 billion in foreign exchange.
Zambia is examining how elements of this model could be applied locally to strengthen oversight, improve traceability and ensure that a greater share of the value generated by gold remains within the formal economy.
“This is what we hope to achieve in Zambia,” Muyangwa said, describing the opportunity as a significant one for the country.
ZCCM-IH expands gold operations
ZCCM-IH has already taken steps to increase its involvement in Zambia’s small-scale gold value chain.
The company has partnered with Mining Mineral Resources SAS to produce and purchase gold from artisanal miners in North-Western Province.
A similar business model is also being implemented through Kamunshinshi Mineral Resources.
In addition, ZCCM-IH has established a commercial gold trading unit to purchase gold from other parts of the country.
Muyangwa said Zambia could increase annual gold production to several hundred thousand ounces, from approximately 127,000 ounces produced in 2025.
Rising gold prices add momentum
The push to develop Zambia’s gold sector comes as international gold prices remain at historically elevated levels, creating an additional incentive to increase production and formalise the industry.
Although gold prices have fallen from a January 2026 peak of more than $5,400 an ounce, they remain above $4,300 an ounce, strengthening the economic case for expanding production and improving the country’s participation in the gold value chain.
For Zambia, formalising small-scale gold mining could provide benefits beyond higher production. A more structured sector could improve gold traceability, foreign-exchange earnings, government revenue collection and market access for artisanal miners.
The success of the initiative, however, will depend on establishing effective systems that encourage miners and traders to participate in formal markets while strengthening monitoring across the gold supply chain.
With Zambia’s mining industry still dominated by copper, the development of the gold sector offers an opportunity to diversify mineral revenues and capture more value from a commodity that is already being produced across the country.
