ZAMBIA’S mining giant plans to invest into the small-scale gold mining sector by formalising trade for the miners and have already begun purchases.
Earlier this week, Zambia Consolidated Copper Mines Investments Holdings (ZCCM-IH) announced that its subsidiary, the Consolidated Gold Company of Zambia had opened a gold testing and processing laboratory that would facilitate the assessment of locally mined gold.
“ZCCM-IH has embarked on an ambitious investment programme to harness the gold potential in the country as mandated by Government, and that so far the company has started buying gold from artisanal and small-scale gold miners as one of the steps towards the formalisation of gold mining and trading activities,” ZCCM-IH Chief Executive Officer Mabvuto Chipata told media.
“We are offering a competitive price, starting from K550 per gramme, and depending on the purity, using thorough technical assaying methods, the price may be higher as compared to prices found on the ground.”
Mr. Chipata further encouraged anyone with gold to come forward and sell to ZCCM-IH as the company will guide such individuals on how they can regularise their activities so that they are compliant with the relevant regulations.
And Karma Mining Services and Rural Development Chief Executive Officer Faisal Keer said the gold lab was critical in the gold trade process to determine the gold content accurately in the ore that will be received from the various miners.
Speaking at a media press briefing, the Consolidated Gold Company Chief Executive Officer said the company has invested US$3.5 million in setting up a laboratory, procurement of gold milling plants and earth moving equipment.
“The lab is critical in the process as it is meant to determine the gold content accurately in the ore that will be received from various miners, for them to get a fair share and value for their material. It will be able to process about 30 samples per day,” he said.
“The gold milling plants have a capacity of processing 30 tonnes per day, and will be operational by the first week of April 2020. Our target from the gold milling plants is to produce 300 grams of gold per day, which translates into approximately 7.5 kgs per month,” he said.
Mr Keer said the company is helping small scale miners including those dealing in lode gold or quartz gold to develop their mines and increase the mineral ore production by providing mining technical expertise and access to earth moving machinery
He called upon members of the public to utilise the facility and take their samples for testing for them to get a fair share and value for their gold.
Consolidated Gold Company of Zambia Limited is a Joint Venture partnership between ZCCM-IH (45%) and Karma Mining Services and Rural Development (55%) with a purpose of developing a gold processing and trading operation in Zambia.
Source: The Sun