Zambia's state-operated investment company, ZCCM Investments Holdings, has initiated a new gold-focused joint venture with the goal of uncovering new mineral wealth in Zambia's northwest in a daring attempt to expand its mining footprint beyond copper.
The move reflects Zambia's increasing desire to diversify a mining sector that has long been dominated by copper, a metal that has supported a large portion of the nation's economy for many years.
ZCCM, via a statement, noted that Kyalo Goldfields Limited (KGL), a new company established on May 6, for evaluating and developing gold resources in the Kikonge Mining Area of Zambia's North-Western Province, would play a pivotal role in this new scheme.
The investment firm disclosed that KGL will facilitate the formalization of artisanal and small-scale mining operations within the region to guarantee the secure and regulated extraction of gold.
Furthermore, as seen on Reuters, KGL will establish processing infrastructure to increase value retention within the Southern African country.
