Economy

Mines Minister Hopes Gold Mining will Add Value

Government is confident that gold mining in Mwinilunga and other potential sites across the country will make a huge contribution to the country’s economy, Mines and Mineral Development Minister Richard Musukwa has said.

The Minister said this when he met United Kingdom companies, which included Jubilee Metals Group, Spark Advisory Partners, Shard Capital, Spice and Capital Jcam Investment, who expressed interest in investing in Zambia.

Musukwa said Mwinilunga sits on an excess of a million tonnes reserve of Gold resource that is on the surface.
“We have gold reserves across several parts of Zambia, but the Mwinilunga one, is phenomenon because it has brought new tidings in terms of Zambia’s mineral resources and we strongly feel that once exploited, this is the resource that can make a huge contribution to gold reserves across the world. The resources that sits in North-western Province in Mwinilunga is so huge, our geological team has made a preliminary assessment, and we are sitting in excess of a million tonnes reserve in terms of gold and most of which is just on the surface,” he said. “We have already allowed Bank of Zambia to be buying all the gold around the country and we think that we should now use the gold as part of our import cover and build up in terms of reserves.”
Meanwhile, United Kingdom based Jubilee Metals Group Plc has said there is real potential for the mining sector in Zambia, especially gold, and that investors in the United Kingdom needed to know about Zambia’s gold.
And Jubilee Metals Group Plc Non-Executive Chairman Colin Bird said in the near future, Zambia would be a significant contributor to the world’s gold supply.
“Zambia is blessed with enormous mineral wealth. I think the mining world has not heard about the gold in Zambia. In the North-western of Zambia, there is an emerging gold industry with tremendous surface gold discoveries. I understand that the indications are very good and Zambia in the near future will contribute to the world’s gold supply,” he said.
Bird said he was happy with Jubilee’s investment in Zambia where it had operations in Kabwe and said Zambia will be a significant player in the gold sector, saying it is the country to invest in.
Speaking at the same event, Jubilee’s Chief Executive Officer Leon Coetzer said the company is converting the Zinc Refinery in Kabwe into a metal refinery, which will expand its commodity basket to include Copper, Vanadium, Zinc and Lead.
“Zambia has a rich history of Copper mining and a huge amount of potential in the mining waste processing space. Having recently acquired the Sable refinery in Kabwe, the aim is to build Kabwe into a central processing facility for third party material in Zambia. Jubilee estimates there are 6.4million tonnes of surface tailings in the region surrounding Kabwe containing Zinc, Vanadium and Lead as well as Copper,” he said.
Coetzer said copper cathode production will start in the first quarter of 2020 and Jubilee Metals Group PLC expects to produce the first copper from its Kabwe project early next year.
He said the initial production from the copper circuit is expected to be 250 tonnes of plated copper cathode metal per month, rising to 400 tpm.

“First Zinc and Vanadium products are scheduled for the second and third quarter of 2020 with the production of lead concentrate targeted for the fourth quarter. Kabwe will be Jubilee’s fifth tailings pre-processing operation with the group currently producing predominantly chrome and platinum,” Coetzer said.
Jubilee Metals Group Plc is an industry leading metal recovery business focused on the retreatment and metals recovery from mine tailings, waste, slag, slurry and other secondary materials generated from mining operations.

Jubilee’s shares are traded on the AIM Market of the London Stock Exchange (JLP) and the South African Alt-X of JSE Limited (JBL).

This is according to a statement issued by first secretary press at the Zambian High Commission in London, Abigail Chaponda.

14 Comments

  1. Franz Tembo

    Zambia need serious investors not like kcm .i hope govt has learnt something the kind investors come into the country.we don’t want kantemba investor,

    Reply
  2. kufahakurambwe

    At the current rate of corruption & greed Zambia is faced with I see no hope at all.

    Reply
  3. Edwardo

    Inviting foreign companies , does not give me inner peace, why can’t the Government of Zambia go it alone and control this huge gold deposit in the country. Pay all the debts and make Zambia a better place to live in. Why are we always putting foreign companies in front. These people benefit more than us Zambians. Years in future, Zambia will be a laughing stock if we mismanage this God given opportunity. Zambia this is yo time ,wakeup, go it alone, God has remembered you . Use this chance to fly high like an eagle. Do not let any foreigner to dictate, quickly gather yourself and start mining. Enough is enough, act now Mr President, for once, act and protect our wealthy from those who exploit us..

    Reply
  4. Chris

    Learn from Botswana that has a big share in the mining of diamonds. Zambia value and trust foreigners more than its own. We enjoy being manupilated. We don’t know how worth we are and don’t see beyond the nose. Zambia has some of the best human resource personnel in the world but we don’t value them. We give the foreigners better pay and better jobs goes buggers. No foreigner will develop our country. PLEASE DON’T ALLOW FOREIGN COMPANIES TO RUN OUR GOLD MINES GO IT 50/50.

    Reply
    • Edwardo

      Chris u are wise, increase the volume. These foreigners they have head that huge gold deposits are in Zambia, they are coming to collect, like they have done to our copper, leaving our economy in shambles. Where are our young educated Zambians to speak out on this issue.

      Reply
  5. Edwardo

    Bakateka, tekeni abantu panshi, mulolekeshe bwino ifyo mwalabomba pali uyu umulandu. Iteni inchenshi ishamuchalo, mwilolesha pamutundu nangu pachilonganino. Do not give away this opportunity to foreigners please, look at Arabia, how they have managed their oil and learn from them

    Reply
  6. Aaaaa

    its u who wil benefit!
    aaaaaaaaaa get out!

    Reply
  7. chela

    This time don’t sell the mining

    Reply
  8. jack

    Government

    Reply
  9. Samson

    Does anyone hear us? Mr President, twapapata, let’s go it alone as a country. Why do we need foreigners to be running our mining industry? Institutions like NAPSA have the capacity to invest this gold mining project and still honour their obligations. This could be a Cabinet meeting item for discussion.

    Reply
  10. Samson

    Does anyone hear us? Mr President, twapapata, let’s go it alone as a country. Why do we need foreigners to be running our mining industry? Institutions like NAPSA have the capacity to invest in this gold mining project and still honour their obligations. This could be a Cabinet meeting item for discussion.

    Reply
  11. Bornwell Simunka

    Comment I am very hopeful that gold mining will be mornitored seriuosly by the a Ministry of Mines for the betterment of our economy.

    Reply
  12. Akwa the Great

    I would love conquer with most commentors on this issue that GRZ should spear head the project solemnly .but guys we can also do something to force GRZ to do like wise.let us organize a peaceful protests against giving our blessings (GOLD) to any investors.we can make a change.please my beloved country men and women let us protect our land.

    Reply
  13. Zeck

    Who needs chains for a twenty first century slave…government is a people and those in office only adhere to the people voice..twachula pafula…we as a country have the capacity to mine this gold and begin to make this country a better place.. Enough of foreign iñvestimate influence dictating our fate of lively hood..this time we are watching closely, we will be involved till the right thing is done and we won’t allow any political interference of any kind

    Reply

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