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Saturday, August 8, 2020

ZCCM Gold Company has injected approximately K45 million in Kasenseli Gold Mine Project in Mwinilunga

Economy ZCCM Gold Company has injected approximately K45 million in Kasenseli Gold Mine...

ZCCM Gold Company has injected approximately K45 million for the initial phase of the Kasenseli Gold Mine Project in Mwinilunga.

With the granting of the exploration licence by the Ministry of Mines and Minerals Development end of March 2020, ZCCM Gold moved on site and started mobilisation in the first week of April 2020 to undertake detailed exploration that will determine the extent of gold mineralisation in the licence area.

According to a statement released to the media by Loisa Mbatha-Kakoma, the Public Relations Manager for ZCCM Investments Holdings Plc, the extensive exploration works which includes geophysics, geochemistry and diamond drilling activities are aimed at delineating the hard-rock (underground) gold deposit in the licence area.

The mining and processing of the alluvial (surface) gold is pending approval of the Environmental Project Brief (EPB) by the Zambia Environmental Management Authority (ZEMA), and the granting of the mining licence by the Ministry of Mines.

The capital injection will also go towards the fencing of the licence area to avoid and prevent any intrusion from outsiders.

Over 40 locals will be employed in the fencing exercise scheduled to start this week. The fence is an additional security measure to the state security that is already on the ground and keeping vigil, patrolling the area to wade off any illegal activities.

Speaking during a courtesy call on Chief Chibwika early April, ZCCM-IH Chief Executive Officer Mr. Mabvuto Chipata indicated that it has taken a bit of time to start the operations at the mine due to a number of statutory and regulatory approvals that are required.

Mr. Chipata said that ZCCM-IH is a listed entity and cannot start any operations without obtaining the necessary and required approvals. He said ZCCM-IH is required to comply with best corporate Governance practices as required by the Lusaka Securities Exchange listing rules, the Mines and Minerals Development Act, the Zambia Public Procurement Authority Act, and the Zambia Environmental Management Authority Act.

Commenting on the coming on board by ZCCM-IH, Chief Chibwika expressed happiness that this will help address the challenges they have been facing in the area with regards to security and the need for development in the area and the district.

He appealed to ZCCM Gold that preference should be given to the local community in terms of jobs and local participation in the supply of various goods and services.

Chief Chibwika said that there is a lot of expectation from the local community with the coming of ZCCM Gold.

ZCCM-IH through ZCCM Gold has been mandated to drive the national gold agenda, working in collaboration with the Ministry of Mines and Minerals Development and other stake holders.

ZCCM Gold is undertaking and overseeing all gold related investments throughout the gold value chain in the country including exploration, mining, processing, refining, marketing, trading and beneficiation in Zambia.

ZCCM Gold is owned 51% by ZCCM-IH and 49% by the Ministry of Finance.

16 COMMENTS

  1. Gold is a great opportunity to help stabilise both the economy and the currency. But sadly most of the proceeds will go into lining the pockets of the corrupt pf. just like in Zimbabwe where the country literally sits on gold, but the greedy corrupt politicians consume everything, while the masses languish.
    I can already sense the bootlicker, including the ones on this blog, licking there lips in preparation for benefitting from the crumbs that will fall from the grand table of corruption.

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  2. The best news is that there are no foreign shares in ZCCM Gold. Let us aim to keep multinationals away from Zambian gold. If used wisely, we can even have enough gold reserves to compensate for a weakly performing economy. We do not have to end up like Zimbabwe. Quit this mentality of thinking just because my neighbour is poor, then I should also be poor.

    10
  3. @Nine Chale. Well said, indeed ownership is everything in business. And if Govt can keep it this way, it’ll make the possibility of Zambia reaping meaningful benefits much higher than under foreign ownership. Let us learn to do things on our own. Govt should also put reputable, independent-minded directors on the Board to make an attempt at upholding good corporate governance.

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  4. Thank you so Much Ho Musukwa and Government. This is a way to go. No one will develop our country except ourselves. If you bring in so called investors, they will cheat on tax and pay paltry coins in the BOZ.
    All the profits from this gold mining will end up in Zambia and not foreign countries. Please do the same with Copper. How far with oil explorations????

  5. It’s great on paper but running this bizness venture maybe a different issue altogether. I totally agree that no foreigners should be allowed near this project. The challenge will be the independence of the management team that will be appointed to run the new company.

  6. I just wonder how much of that K45 million will actually go to the fencing contract …you will find that more than half will go there as its inflated. Tell us about skilled Zambian people who will be employed in the company not a bunch of causal labourers erecting a wire fence.

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  7. Fonti – This is a good venture but with PF as always its delivery of the project…they will appoint cadres on the boards instead of professionals, this is why Lazy Lungu transferred that Police Commissioner to Lusaka meanwhile his IG is forever under-performing at H/Q

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  8. This is the ownership structure that the country needs if it is to convert our resources into meaningful wealth for the citizens….All proceeds should directly into the government’s coffers. The gold reserves and wealth that will be built should be used to re-structure ownership structures of the other mines, including copper, in order to maximize revenue for the country.
    My only hope and prayer is that the PF party keeps its sticky fingers away from this gold but it seems these people don’t learn…The PF chairman of N/W province as well as the Police Chief in the province have already been disciplined. Why should party officials travel to investigate misappropriation of national resources instead of the police, ba PF busakala bwaba mumulopa!!

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  9. God hs blessed us with this resource of gold ad we don’t need foreigners to come ad take a big share of it, this is the time we hv to think of our better Zambia. Since 1991 we hv invited foreigners ad give them our economy to run, wht hv we got frm it? Nothing ad we more than a begger. We are a puppet on a string, so our leaders wake up this nation so we don’t depend on foreigners. Over 50yrs of independence, we still want foreigners, why? Awee, we a being laugh at, leaders let open our history books from 1964 to date ad check whr we hv gone wrong, especially frm 1991 to date our mentality is investors, why can’t we invest in our resources than always inviting foreigners.
    KK never used this word of “investors” bcoz he believed in himself ad that y it hs bn proven tht he performed…

  10. The value of Gold is breathtaking.
    ***********************************
    Gold Spot Prices Today
    Gold Price Per Ounce $ 1,726.26
    Gold Price Per Gram $ 55.5 –
    Gold Price Per Kilo $ 55,500.55
    #########################
    Go ye therefore and dig more and stockpile and use a little.
    The value of Dollars in Government coffer will be peanut to stock piles of golide.

  11. We can learn a thing or two from Bostwana how it has delt with diamond wealth in that country. And the results are a stable Pula (their currency) in good or turbulent globle economics.

    The first thing the Govt has to do is build up NATIONAL GOLD RESERVES which should be guarded like a country’s nuclear arsenal. In the manner the U.S guards it’s Gold Reserves (8,000 metric tons of it) at Fort Knox, in the State of Kentucky.

    Generally, the strength of any country’s currency is tied to it’s Gold Reserves (the oldest form of convertible currency.) So this should be priority number one for our Govt. This can turn out to be the blessing we have been waiting for our blessed country, or a curse that will bring unforgivable anger towards our political leaders. The choice is ours as a…

  12. It’s high time we started managing our resources prudently. Zambia is endowed with so many resources. It’s only us Zambian who can improve our country.

Comments are closed.

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