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.