The Consolidated Gold Company of Zambia Limited (CGCZ) represents a collaborative venture between ZCCM-IH, holding a 45% stake, and Karma Mining Services and Rural Development, with a 55% share. Established in 2020, this Special Purpose Vehicle is dedicated to establishing a central hub for gold processing and trading within Zambia.  

During the year ended 31st December 2023, the Company produced 90.6kg (2022: 50.7kg) of gold, the majority of which was sold to Zambia Gold Company. Revenue for the year ended 31st December 2023 was ZMW54.20 million (2022: ZMW 50.81 million). CGCZ recorded a loss for the year of ZMW9.44 million (2022: -ZMW8.76 million)  

Due to ongoing profitability challenges stemming from the company’s inability to control the supply of gold feedstock, the ZCCM-IH Board approved a divestiture from CGCZ. The Share Purchase Agreement and the Deed of Mutual Termination were executed during the year, awaiting the fulfilment of the condition’s precedent specified in the agreement. ZCCM-IH is set to recover its initial investment of US$1.568 million over three years. Karma has already paid an upfront fee of US$679,600. 

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.  

During the year ended 31 December 2022, the Company produced 50.7kg (2021: 46.6kg) of gold majority of which was sold to Zambia Gold Company. Income for the year ended 31 December 2022 was ZMW50.81 million (2021: loss of ZMW 44.97 million). CGCZ recorded a loss for the year of ZMW8.76 million (2021: -ZMW10.22 million).  

Due to persistent lack of profits as a result of the Company’s lack of control of the supply of gold feedstock, the ZCCM-IH Board approved a divestment from CGCZ. ZCCM-IH will still recover its initial investment of US$1.568 million over a period of three years.  

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). 

Consolidated Gold Company of Zambia Limited 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 will be undertaken in Rufunsa District and will require ZCCM-IH to invest US$1.4 million towards the total set-up cost of US$3.5 million.