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Annual Report Summaries, Investee Companies

Consolidated Gold Company of Zambia Limited (CGCZ) Extract from 2021 Annual Report

Consolidated Gold Company of Zambia Limited (CGCZ) is a joint venture partnership between 

ZCCM-IH (45%) and Karma Mining Services and Rural Development (55%). Incorporated in 

the year 2020, this Special Purpose Vehicle is focused on developing a gold processing and 

trading hub in Zambia. Phase 1 of the project was commissioned in Rufunsa District where a gold 

leaching plant has been constructed. CGCZ provides processing support to artisanal and smallscale 

miners in Rufunsa and Mumbwa in exchange for tailings material. 

During the year ended 31 December 2021, the Company produced 46.6kg (2020: nil) of gold 

which was sold to Zambia Gold Company. Income for the year ended 31 December 2021 was 

ZMW44.97 million (2020: ZMW0.61 million). CGCZ recorded a loss for the year of ZMW10.22 million 

(2020: 19.16 million). 

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