ZCCM-IH sees substantial revenue potential in bringing artisanal gold into official channels, but the US$1.8 billion figure is a trade discrepancy—not committed investment or guaranteed income.
Zambia’s state-controlled mining investor, ZCCM Investments Holdings, is expanding its role in small-scale gold production and trading after foreign import records revealed a wide gap with Zambia’s declared exports.
The United Arab Emirates recorded close to US$1.8 billion in gold imports from Zambia during 2023, while Hong Kong reported US$108 million. Zambia’s central bank, however, recorded less than US$128 million in official gold exports for the same year, according to figures reported by Bloomberg. Mining Weekly
That mismatch does not prove that Zambia can immediately generate US$1.8 billion from small-scale mining. Import data can be affected by differences in origin reporting, transit trade, valuation and undeclared production. It does indicate that significant gold associated with Zambia may be moving outside formal export channels.
Borrowing from Ghana’s model
ZCCM-IH wants to adopt elements of Ghana’s state-led gold purchasing system, under which authorised structures buy from artisanal and small-scale producers and channel the metal into formal exports.
The group has partnered with Mining Mineral Resources to produce and purchase gold in North-Western Province. It is pursuing a similar model through Kamunshinshi Mineral Resources and has established a trading unit to buy gold from other areas.
CEO Kakenenwa Muyangwa believes Zambia can lift annual production from the 127,000 oz reported for 2025 to several hundred thousand ounces.
Achieving that increase will depend on more than establishing a state buyer. Miners need accessible purchasing points, competitive prices, predictable payment and licensing arrangements that do not push production back into informal markets.
The immediate opportunity is therefore not US$1.8 billion of new investment. It is the recovery of gold already being produced or traded without appearing fully in Zambia’s official export and revenue accounts.
