ZGCL Job Advert July 11th 2021

Zambia Gold Company Limited (Zambia Gold) was incorporated on 10 January 2020. Zambia Gold (the ‘Company’) is co-owned by ZCCM Investments Holdings Plc with a 51% stake and the Ministry of Finance owning the remaining 49% stake.  Zambia Gold is mandated to lead the development of the gold sector in Zambia by undertaking commercial activities for the benefit of all stakeholders. In order to achieve this objective, Zambia Gold Company will broadly undertake the following activities:

  1. Acquire exploration licenses and carry out mineral exploration with a focus on gold (either directly or in partnership with other entities)
  2. Develop and operate mines for gold and other precious minerals
  3. Refining, grading, producing, cutting and processing of gold and other precious minerals
  4. Buying and selling of gold and other minerals
  5. Support artisanal mining operations and transforming these into commercially viable activities
  6. Pursue value addition opportunities in the precious metals sector

In order to achieve this mission, the Company invites applications from suitably qualified and experienced individuals who are innovative, energetic and performance-driven to fill the following positions:

1. Civil Engineer X 1

Location         :           Lusaka                                           
Department   :           Mining
Report to        :           Manager Engineering Services    
Job Purpose   
To handle all matters relating to civil engineering construction and maintenance in the company. Maintain at all times high standards of Safety and Environmental management expected for the operations.           
Main duties

  1. Develop a detailed operational plan relating to civil works for the Company
  2. Attend to all new civil engineering construction works and designs (roads, buildings, water dams, tailings dams, drainages etc.)
  3. Attend to all civil engineering faults and repairs.
  4. Carry out preventive maintenance of all civil engineering works in the company.
  5. Ensure that materials required for civil engineering works are available.
  6. Initiate procurement of required civil engineering materials for both new and old projects on site.
  7. Carry out all new installations and modifications of civil engineering works as directed by the supervisors.
  8. Ensure that any work is carried out in a safe and environmentally friendly manner.
  9. Ensure that all equipment relating to civil engineering works are in good operating state
  10. Compile weekly, monthly, quarterly, and annual civil engineering status reports.

Qualifications and experience

  1. Professional Qualifications
    Full Grade 12 Certificate
    Bachelor’s Degree Civil Engineering or its equivalent
    Master Degree in a relevant field will be an added advantage.
    Professional membership              
  2. Minimum Relevant Pre-Job Experience:
    7 years’ experience in a similar position. 
  3. Skill Specifications:
    Sound mathematical, scientific and IT skills
    Excellent verbal and written communication skills
    Ability to work to deadlines and within budget
    Problem solving skills
    Ability to maintain an overview of entire projects while continuing to attend to detailed technicalities
    Complete knowledge of relevant legislation
    Negotiating, supervisory and leadership skills
    d) Other Attributes (Personality Traits)
    Creativity
    Persuasive
    Pleasant
  4. e) Valid Driver’ s license

 

2. Safety Officer X 1

Location:                  Mwinilunga                                             
Department:           Mining
Report to:                 Project Manager         
Job Purpose 
To undertake work place activities to ensure that workers comply with company policies, procedures and government safety regulations and maintenance of Health and Safety Management System (HSES) records in order to facilitate decision making
Main duties

  1. Developing and implementing safety policies to reduce accident-related cost and prevent losses due to a decline in productivity
  2. Conduct safety inspections.
  3. Conduct safety training, coaching/induction.
  4. Conduct risk assessments.
  5. Conduct monthly safety meetings.
  6. Prepare Safety Topics (Daily, weekly and monthly).
  7. Investigate incident/accident/RCAT.
  8. Ensuring compliance with the Occupational Safety & Heath Administration, commonly known as OSHAs and other relevant regulations
  9. Supervise sub-contractors in issues pertaining to HSES
  10. Compile weekly , monthly, quarterly and annual civil engineering status reports

Qualifications and experience

  1. Professional Qualifications
    Full Grade 12 Certificate
    Diploma in Occupational Health and Safety Management Systems or its equivalent
    Degree in a relevant field will be an added advantage.
    Professional membership             
  2. Minimum Relevant Pre-Job Experience:
    More than 5 years’ experience in both mining or construction industry  
  3. Skill Specifications:
    Excellent verbal and written communication skills
    Computer skills
    Problem solving skills
    Supervisory and leadership skill
    d) Other Attributes (Personality Traits)
    Deep appreciation of mining regulations
    Persuasive
    Pleasant        
  4. e) Valid Driver’ s license

 

3. Assistant Security Officer-General Duties X 12

Location:                  Mwinilunga                                           
Department:           Human Resources
Report to:                 Security Officer-General Duties
Job Purpose   
To provide and deliver efficient and quality security by protecting company property, employees, visitors and contractor employees.         
Main duties

  1. Coordinate preliminary investigations of all crimes, or any losses incurred by the Company, Staff and Clients.
  2. Provide physical means of protecting staff and property and should be very alert for proper guarding against thefts, pilferage, accidents and intruders.
  3. Maintain all the key register properly and shall secure the keys properly in a designated safe place.
  4. Maintains and updates all the documentations on a daily basis
  5. Conduct internal patrols during the tenure of duty.
  6. Allocate duties to hired security Guards and ensuring that the guards are aware of their post and site instructions
  7. Ensures that the search of baggage of employees, visitors and motor vehicles is carried out effectively.
  8. Maintain the visitors register properly. 
  9. Maintain all security devices and products in good condition
  10. Prepare and submit daily security reports

Qualifications and experience

  1. Professional Qualifications
    Full Grade 12 Certificate
    Certificate in Security (Police or Military) or its equivalent
    Relevant tertiary qualification will be an added advantage.
    Professional membership                     
  2. Minimum Relevant Pre-Job Experience:
    6 years’ experience in a similar position.
  3. Skill Specifications:
    Verbal and written Communication skills
    Computer skills
    Critical thinking skills
    d) Other Attributes (Personality Traits)
    Honesty and integrity
    Sober character
    Physical stamina
    Teamwork
    Courage
    Morality
    Appreciation of the Zambian Laws
    Persuasive
    Pleasant           

 

4. Assistant Security Officer-Investigations X 2

Location:           Mwinilunga
Department:    Human Resources
Report to:          Security Officer-Investigations
Job Purpose   
Provide expert evidence regarding complex site investigations of fraud and theft-related incidents.    
Main duties

  1. Prepare and present investigation enquiries to management
  2. Prepare and present docket enquiry files for Zambian Police Service as directed by the Investigations Superintendent
  3. Investigate incidents and occurrences as directed by the company Investigation Superintendent or Security Manager
  4. Call handling and initial response to reports of breaches of the company procedures or code of conduct
  5. Criminal Court attendant in relation to enquiries and investigations undertaken on behalf of the company.
  6. Attend to crime scenes relevant to the company`s business in Zambia
  7. Investigate white collar and syndicate crime affecting the company’s operations in Zambia
  8. Maintenance of Security incidents and investigation records.
  9. Loading of all statements, documentation, exhibits and photographs onto PPM 200.
  10. Compile and gather evidence

Qualifications and experience

  1. Professional Qualifications
    Full Grade 12 Certificate
    Certificate in Security (Police or Military) or it’s equivalent
    Diploma in investigations, law, or any discipline in Social Sciences/Commercial field  Professional membership
  2. Minimum Relevant Pre-Job Experience:
    A minimum of at least 7 years’ experience in a reputable organisation with a criminal investigation bias or forensic knowledge.
  3. Skill Specifications:
    Verbal and written communication skills
    Computer skills
    Critical thinking skills
    d) Other Attributes (Personality Traits)
    Honest and integrity
    Sober character
    Appreciation of the Zambian Laws
    Persuasive
    Pleasant   
  4. e) Valid clean Driver’ s license

 

5. Excavator Equipment Operator X 2

Location:                  Mwinilunga
Department:           Mining
Report to:                 Shift Supervisor

Job Purpose   
Safe operations of Excavator Equipment and perform other duties at Kasenseli Gold Project Mine Site as need may arise. Maintain at all times high standards of Safety and Environmental management expected for the
Main duties

  1. Loads ADT’s (Articulated Dump Trucks) in a safe and productive manner as per operating standards.
  2. Completes correct pre-start checks and correct start up procedure on excavator.
  3. Maintains safe and clean working area of loading bays.
  4. Maintains housekeeping standards on the excavator.
  5. Carry out other projects work at Kasenseli Gold Project as directed by the supervisors.
  6. Co-ordinates excavator moves in a safe and productive manner.
  7. Selectively mine required material as per Supervisor instructions.

Qualifications and experience

  1. Professional Qualifications
    Prefeably full Grade 12 Certificate
    RTSA Code B Driving Licence or Heavy equipment certificate from recognised institution is desirable
    Experience in excavating in rocky terrain will be added advantage.            
  2. Minimum Relevant Pre-Job Experience:
     6 years work experience in mining industry or any other operations
  3. Skill Specifications:
    Good Communication skills.
    Knowledge of Health and Safety rules.
    Reliable, Team player, self-starter and self-supervisor.
    d) Other Attributes (Personality Traits)
    Honest
    Integrity
    Persuasive
    Pleasant

 

6. Articulated Dump Truck Equipment Operator X 1

Location:                 Mwinilunga                                         
Department:          Mining
Report to:                Shift Superviso

Job Purpose   
Safe operations of ADT Equipment and perform other duties at Kasenseli Gold Project Mine Site as need may arise. Maintain at all times high standards of Safety and Environmental management expected for the operations. 
Main duties

  1. Operates the ADT (Articulated Dump Truck) in a safe and productive manner as per  operating standards.
  2. Completes correct pre-start checks and correct start up procedure on the ADT.
  3. Obeys haul routes speed limits and minimises spillages on haul routes.
  4. Maintains housekeeping standards on the ADT.
  5. Carry out other projects work at Kasenseli Gold Project as directed by the supervisor.
  6. Should be able to effectively reverse in tight and steep areas when loading and tipping.

Qualifications and experience

  1. Professional Qualifications
    Prefeably full Grade 12 Certificate
    RTSA Code B Driving Licence or Heavy equipment certificate from recognised institution is desirable
    Work experience in rocky terrain will be added advantage.
  2. Minimum Relevant Pre-Job Experience:
    6 years work experience in mining industry or any other operations
  3. Skill Specifications:
    Good Communication skills.
    Knowledge of Health and Safety rules.
    Reliable, Team player, self-starter and self-supervisor.
    d) Other Attributes (Personality Traits)
    Honest
    Integrity
    Persuasive
    Pleasant

Zambia Gold Company Limited provides equal employment opportunities to all Zambians on merit without discrimination on the basis of age, gender, colour, tribe, disability, or religion.

Interested, suitably qualified and experienced persons should send their application together with certified copies of Academic and Professional certificates; a detailed Curriculum Vitae with traceable references and copy of the NRC should reach the undersigned not later than Friday, 23rd July, 2021.

Only shortlisted candidates will be responded to.
Head Human Resources and Administration
Zambia Gold Company Limited
Subdivision F/377a/30/B
Kudu Road, Kabulonga
LUSAKA

Email: jobs@zccm-ih.com.zm

Download the document here: ZGCL Advertisement 11 July 2021

ZCCM-IH DECLARES K153M PROFIT,K53M DIVIDEND

Shareholders of ZCCM Investments Holdings Plc -ZCCM-IH- have approved a 53 million Kwacha dividend at 33 ngwee per share.

This follows a profit of 153.4 million Kwacha at the company level for the financial year ending December 2019.

The dividend was approved during the virtual 17th Annual General Meeting held today.

At the ZCCM-IH Group level, profit for the period was 307 million Kwacha compared to 448 million Kwacha for 31st March 2019 year end.

Public Relations Manager LOISA KAKOMA says in a statement that the decline in profit is on account of 57 percent reduction in share of profit from companies such as Kansanshi Mining Plc and Copperbelt Energy Corporation -CEC- Plc.

She says the Group’s total assets increased by 14 percent and an 18 percent rise in retained earnings while at Company level, retained earnings increased by 19 percent due to the profit recorded for the period of 153.4 million Kwacha.

This is the fifth consecutive time that the Company has declared a dividend in line with its strategic goal of ensuring shareholder return on investment.

ZCCM-IH has paid out 590 million Kwacha in total dividend to its shareholders in the past five years.

ZCCM-IH has shares in about 20 companies, many of them mining firms.

Source: https://www.znbc.co.zm/news/zccm-ih-declares-k153m-profitk53m-dividend/

Arbitrator in the “end game” of Kansanshi case with ZCCM-IH

Shareholders in Zambia’s largest mining investment firm have been advised that the arbitration case involving one of its investee companies has continued to progress and is nearing an end, according to a statement from ZCCM IH.

Further to the cautionary announcement dated 25 November 2020, the Board of ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company” or “the Board”) hereby wishes to inform shareholders and the market that arbitration proceedings against ZCCM-IH and Kansanshi Mining Plc (“KMP”) by Kansanshi Holdings Limited (“KHL”) have progressed”, read the latest statement on the matter from Company Secretary Chabby Chabala on 23 June 2021. “The arbitration tribunal has issued a Partial Final Award (dated 29 January 2021) in the arbitration, pursuant to which ZCCM-IH’s defence has been successful and various declarations have been granted in ZCCM-IH’s favour”.

The matter in question relates to “the arbitration proceedings that followed a criminal complaint made by ZCCM-IH with allegations of an unauthorised transfer of money by Kansanshi Mining to First Quantum’s local subsidiary”, according to Reuters in 2019.

Shareholders will recall the Reuters article that covered the story which disclosed the interdependency of “a separate case that ZCCM-IH began action in October 2016 to sue First Quantum for $1.4 billion over claims that the Canadian company borrowed $2.3 billion from its Zambian copper mining subsidiary Kansanshi without informing ZCCM-IH, a minority shareholder”.

In their latest statement, ZCCM IH indicates that “certain matters remain outstanding and will be addressed by the tribunal in the Final Award”.

Despite this signaling a favorable arbitrational journey, “shareholders were still advised that the matter is still on-going and may still have a material effect on the price of the Company’s securities. This is why ZCCM IH will continue to update Shareholders as the case progresses.

Source: http://fizambia.com/arbitrator-in-the-end-game-of-kansanshi-case-with-zccm-ih/

ZCCM IH appoints Michael Chibonga as a Director ahead of upcoming AGM

When the ZCCM IH board meets with investors later this month, they will be unveiling a new Director on their board.

Pursuant to section 3.59 of the LuSE Listing Requirements, the Board of Directors of ZCCM Investments Holdings Plc (the “Board”) wishes to announce the appointment of Mr Michael Chibonga as a Director on the Board of Directors of the company with effect from 7 June 2021. Mr Chibonga is a Director at the Mining Cadastre Department at the Ministry of Mines and Minerals Development (“MoMMD”)”,  read a statement published on SENS issued by Company Secretary Chabby Chabala on 21 June 2021.

Michael holds a Bachelor of Mineral Sciences-Mining Engineering from the University of Zambia and a Masters of Engineering Science-Project Management from the University of New South Wales in Sydney, Australia.

His experience in the mining sector was the attractive preposition of having him join an already illustrious board that is currently led by Eric Silwamba. “Mr Chibonga has vast experience at senior level management. Prior to his appointment as Director at the Mining Cadastre Department, Mr Chibonga held the position of Head-Mining Cadastre Unit from 2013 to 2018”.

ZCCM IH’s Board will also be seeking to tap into Michael’s vast knowledge of the Zambian mining sector because of their bold ambitions of dominating the mining sector in country. “He has worked at the Ministry in various portfolios, amongst others, Mining Engineer and Senior Mining Engineer. He has also worked at Konkola Copper Mines PLC between 2003 and 2005 when he was on secondment from MoMMD”.

Source: http://fizambia.com/zccm-ih-appoints-michael-chibonga-as-a-director-ahead-of-upcoming-agm/

ZCCM IH on course to keep its dividend promise

When ZCCM IH management team led by Mabvuto Chipata and the Board of Directors of Zambia’s biggest mining investment company meet with shareholders at the end of June 2021, they will be announcing a USD 2.390 million dividend for its shareholders.

Maintaining the dividend policy has been a strategic intent for the Management Team. This is why they have made significant developments in ensuring their mining value chain focus strategy is implemented.According to the latest SENS announcement from the investment group issued by Company Secretary Chabby Chabala and published on 14 June 2021 in Lusaka, “the Directors will recommend a final dividend payout of USD2,391,590.11”. This translates to ZMW53,064, 601.26 at  K0.33 per share.

According to the published statement, “ZCCM-IH’s investments are steered towards the mining sector” with the three core strategies being employed targeted at driving portfolio growth which include:

  • Pursuit of the royalty model in order to introduce new revenue stream;
  • Realignment of the portfolio to achieve more focus in mining and mining related activities; and
  • Development of turnaround strategies for loss making subsidiaries.

This strategy has seen the company increase it state in a number of its investee companies with the most significant one being the Mopani takeover.

Despite the COVID 19 pandemic, the ZCCM IH management team remain bullish. The reason for this may include a glossier outlook for commodities on the international market. In May 2021, copper prices for example had reached $10, 628 per tonne.

Conversely, with China driving the demand for commodities, “looking into the future, the investment company believes the mining sector is generally expected to face challenges during early to mid-2020 due to depressed commodity prices and disruption in international trade caused by the Novel Coronavirus (COVID-19) pandemic”. According to Bloomberg, “China is expanding its oversight of domestic firms’ commodities trading to include positions taken on overseas markets, the latest step in the government’s campaign to exercise control over soaring raw materials prices.

However, “despite these challenges, ZCCM-IH is committed to enhance value creation for its shareholders”. This is the motivation of making investments and having more influence in the mining value chain. “Thus, ZCCMIH will continue to diversify within the mining sector to mitigate slumps that may be experienced in some metals at a particular time while taking advantage of surges occurring in other metals during the same time”.

Source: http://fizambia.com/zccm-on-course-to-keep-its-dividend-promise/

ZCCM-IH Post K307m Profit In 9 Months

ZCCM-IH has posted a profit after tax of over K307 million in its first nine-month financial year, mainly boosted by returns from its investee companies in the mining sector.

According to an audited statement of profit or loss and other comprehensive income for its nine-month financial year ending December 31, 2019, ZCCM-IH has announced that it earned a profit of over K307 million, triggered by strong income generated from its investee companies in its group portfolio.

The ZCCM-IH Group consisted of eight subsidiary companies as at December 31, 2019, including Investrust Bank Plc and Ndola Lime Company Limited, among others.

“The Group reported a profit for the nine-month period of K307 million (March 2019: K448 million. The 31 per cent decrease in profitability was mainly due to the fact that the previous period is accounting for 12 months as compared to 9 months for the current period. Furthermore, there was a decrease in share of profit of equity accounted investee companies on account of the impairment of receivables by associate companies such as Kansanshi Mining Plc and Copperbelt Energy Corporation Plc,” the statement read.

At company-level, ZCCM-IH reported a profit for the year of K153 million compared to incurring a K108 million loss in the 12-month period ending March 31, 2019, mainly due to exchange gains on foreign denominated assets and reduced administrative costs, among others.

The Group’s total assets increased by 14 per cent to K15.2 billion as at December 31, 2019, from K13.4 billion as at March 31, 2019, mainly attributed to an increase in values of investments in associates from K10.3 billion as at March 31, 2019, to K11.9 billion.

Three core strategies employed in the mining sector were cited as having contributed to ZCCM-IH’s impressive profitability during its nine-month financial year.

“ZCCM-IH’s investments were steered towards the mining sector. Thus, three core strategies were employed targeted at driving portfolio growth which were: Pursuit of the royalty model in order to introduce new revenue stream; realignment of the portfolio to achieve more focus in mining and mining-related activities and development of turnaround strategies for loss-making subsidiaries,” explained ZCCM-IH company Secretary Chabby Chabala.

“ZCCM-IH is committed to enhance value creation for its shareholders. Thus, ZCCM-IH will continue to diversify within the mining sector to mitigate slumps that may be experienced in some metals at a particular time while taking advantage of surges occurring in other metals during the same time.”

Directors will recommend a final dividend pay-out of K53.1 million in total, translating to around K0.33 per share.

Source: https://zambiandigest.com/2021/06/zccm-ih-post-k307m-profit-in-9-months/

ZCCM IH forecasts 32% and 242% low and high for Group and Company earnings for 2019

ZCCM IH has released the following SENS announcement regarding its financial results for 2019. 

In accordance with Section 3.4(b) Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of ZCCM-Investments Holdings Plc (the “Company” or “ZCCM-IH”) hereby advises the Shareholders of the Company that the Earnings Per Share (“EPS”) for the Group and Company for the nine-month financial period ended 31 December 2019 is expected to be approximately 32% lower and 242% higher respectively, than the financial year ended 31 March 2019.

The movement in EPS for the Group is primarily attributed to the reduction of ZMW553 million in share of profit from investee companies coupled with loss recognised from investments held for sale of ZMW74 million. On the other hand, the movement in ESP for the company is attributed to a reduction in administration expenses and impairment of financial assets recognised at fair value through profit or loss.

 

Shareholders are advised that the information contained in this trading statement has not been reviewed or reported on by the external auditors of the Company. The Company expects to release its abridged audited Financial Results for the nine-month period ended 31 December 2019 on Securities Exchange News Services (“SENS”) and published in the local  press on or about 14 June 2021. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results”.

By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on 11 June 2021

Source: http://fizambia.com/zccm-ih-forecasts-32-and-242-low-and-high-for-group-and-company-earnings-for-2019/

Zambia Shores up Gold Reserves

This week, Bank of Zambia Governor Mr Christopher Mvunga told the media that the institution would continue to purchase gold monthly to cushion the country against the shocks caused by COVID-19.

The gold purchases are being done through the state-owned ZCCM IH and Kasenseli Gold Mining Limited as part of efforts to stabilise the kwacha.

”We are receiving various inquiries as to whether we are selling the gold or not but we have made it clear that we are not and we are principally buying the commodity as an international instrument and not trading,” Mr Mvunga said.

“We are foreseeing that at some point the exchange rate would stabilise and show some signs of recovery as there is a strong investor confidence in the economy making inquiries and others are already coming on the market.”

He said at the appropriate time, the Bank of Zambia would start selling gold.

Zambia is now one of at least 10 countries that have been net buyers of gold since 2020, among them Russia and China who collectively added 483 tonnes of bullion to their reserves.

The Bank of Canada has liquidated most of its reserves in recent times while Venezuela is in the process of doing the same to pay off its debts.

Source: https://southerntimesafrica.com/zambia-shores-up-gold-reserves/

Increasing production & not finding equity partner for Mopani is our focus – ZCCM IH

ZCCM Investments Holdings (ZCCM-IH) has dispelled assertions that they are more focused on finding an equity partner than driving production and keeping Mopani Copper Mines in local Zambian hands.

ZCCM IH acquired Mopani Copper Mines from Glencore and FQM. The move received wide ranging support from the mining unions, suppliers and communities on the Copperbelt and accross the country as it was seen as a move to have a wholly owned Zambian Coppper mine. But comcerns have been raised after indications from the mines ministry that that foreign equity partners have expressed interest in taking over the mines.

However, ZCCM IH which is the holding company has told the Zambian Business Times – ZBT that they are currently focusing on ensuring the development and growth of Mopani Copper Mine Plc’s production to generate more revenue for the company. ZCCM-IH Public Relations Manager Loisa Mbatha-Kakoma said the focus for Mopani Coper Mine was on mining and producing copper to ensure more revenue was generated for both current and future operations.

When asked on how far plans have gone to get onboard an equity partner and if the move confirmed fears that a local Zambian management cannot run the large copper mine, Mbatha-Kakoma said, “As you can understand, this is a high quality asset of which there are not many out there in the world. “Therefore it is not surprising that we were approached by several interested parties.

“Our focus for now is to ensure the development and growth of the mine in terms of production by the current Mopani management team who have so far had a provided a good track record,” she said. Mbatha-Kakoma said post deal closure, Mopani has continued operating normally and able to meet its operational needs.

She said all jobs have been retained with a new collective agreement concluded in record time. Mbatha-Kakoma said the Company is currently using its sales revenue to sustain its operations.

“Both Mining and Processing have continued without disruptions and the focus now is on mining and producing Copper so that more revenue is generated for both current and future operations,” he said. Government through ZCCM-IH acquired a majority stake in Mopani Copper Mine following a conclusion in negotiations with Glencore recently.

1kg of gold now fetching K1.2m – ZCCM IH

Zambia Consolidated Copper Mines Investments Holdings (ZCCM-IH) says it is currently offering a very competitive price for buying gold in the country at K1,150 per gram (about K1.2m for 1kg of gold), which is in line with global gold prices.

ZCCM-IH public relations manager Loisa Mbatha-Kakoma told the Zambian Business Times – ZBT that ZCCM-IH’s pricing has been competitive considering its presence in the market since it started and has raised the prices from the previous prices of about K250 per gram to have more market reflective pricing.

“Our pricing has actually been competitive considering our presence in the market since we started; we raised the prices from the previous unofficial exploitative ones of K250 per gram to have more market reflective pricing. We reached as high as K1,150 per gram from December 2020 to early this year,” she said.

Meanwhile, the price of gold being offered on the black market or by private buyers is currently K1,100 per gram.

Mbatha-Kakoma said in addition, ZCCM-IH does not charge any tax when buying the gold as it pays the tax on behalf of the artisanal small-scale miners.

“We do not charge any tax when buying the gold, as a matter of fact; we actually pay the tax on their behalf. Therefore, our pricing still remains competitive on the market and reflective of the global prices,” she reiterated.

Mbatha-Kakoma said the buying programme of gold is ongoing, and that ZCCM-IH has continued undertaking stakeholder awareness and engagement on the program. She said further, the company has so far set up gold-buying centres in strategic panning areas such as Lumezi, Vubwi and Rufunsa districts.

She also disclosed that from June 2020 to March 2021, the Zambia Gold Company, which is part of ZCCM-IH, has produced cumulative of 91 kilograms (KGs) of gold. Mbatha-Kakoma said that monthly production of gold varies depending on the availability of ore material.

She said in terms of formalizing artisanal small scale miners, ZCCM-IH’s role is working with licensed artisanal miners. Mbatha-Kakoma said so far, it was working with registered and licensed cooperatives in Rufunsa, Vubwi and Lumezi.

In March 2020, ZCCM-IH started buying gold from artisanal and small-scale miners in the country. However, some artisanal gold miners had complained to ZBT stating that the black market prices were more attractive, leading to most Gold not being mopped up by the formal market.

Source: https://zambianbusinesstimes.com/local-gold-prices-now-very-attractive-zccm-ih/