ZCCM-IH Signs MoU to Develop Gold Mining Project in North-Western Zambia
ZCCM-IH Partners Ministry of Mines and MMR on Gold Exploration and Mining Project in Zambia
ZCCM Investments Holdings Plc (ZCCM-IH) has signed a Memorandum of Understanding (MoU) with the Ministry of Mines and Mineral Development (MoMMD) and Mining Mineral Resources SAS (MMR) to collaborate on the development of a gold exploration and mining project in the Kikonge area of Mufumbwe District, North-Western Province.
In a transaction announcement approved by the Lusaka Securities Exchange (LuSE) and the Securities and Exchange Commission of Zambia (SEC), ZCCM-IH said the partnership will focus on the exploration and development of the Kikonge Mining Tenement. ,
The tenement spans parts of Mufumbwe and Kasempa districts and will also include the establishment of gold processing facilities.
Under the proposed collaboration, ZCCM-IH and MMR will undertake exploration and mechanised mining activities, while supporting the formalisation of artisanal and small-scale mining (ASM).
The initiative aims to promote safe, secure, and regulated gold production. All gold produced under the project will be sold through ZCCM-IH under an offtake agreement, making the company the exclusive gold off-taker.
ZCCM-IH said the partnership marks a significant milestone for Zambia’s gold sector and is intended to strengthen the country’s gold value chain through local refining, structured integration of ASM activities, and increased community participation.
The proposed joint venture is expected to have a shareholding structure of 51% for ZCCM-IH and 49% for MMR, with funding primarily sourced through shareholders’ equity. Further details on financing arrangements, project milestones, and investment classification will be disclosed once the detailed project scope and budget have been finalised, in line with LuSE Listings Requirements.
As part of the initiative, ZCCM-IH and MMR plan to implement a comprehensive Corporate Social Responsibility (CSR) programme. This will include infrastructure development, provision of clean water, skills training for artisanal miners, and environmental initiatives such as reforestation and sustainable land-use practices.
The Ministry of Mines and Mineral Development will retain its regulatory oversight role, ensuring that all mining activities are conducted lawfully, transparently, and in compliance with Zambian mining regulations.
MMR, the mining arm of the Vinmart Group, is a vertically integrated mining and smelting company founded in 2009 in the Democratic Republic of the Congo, with operations focused on tin, tantalum, tungsten, and gold.
ZCCM-IH has advised shareholders to exercise caution when trading in the company’s securities until further announcements are made.
