GOVERNMENT TO FORMALIZE TRADING IN GOLD THIS YEAR

FINANCE minister Situmbeko Musokotwane has revealed that Zambia is on track to formalize the trading of gold by the end of this year.

Presenting the 2025 national budget on Friday, Dr Musokotwane disclosed that government is laying the groundwork by establishing gold marketing centers, with pilot projects already set in motion in Mumbwa and Rufunsa districts.

“The Ministry of Mines will provide the details in due course,” said Dr Musokotwane.

This formalization drive is expected to bring structure to gold trading, a sector that has previously been seen as fragmented and informal, with Zambia’s potential as a gold producer largely untapped.

By establishing official gold marketing centers, government aims to curb illegal mining, increase revenue and foster better management of the nation’s resources.

Dr Musokotwane also took the opportunity to highlight a shift in the mining sector’s outlook since the UPND took office.

He noted that mining companies that had previously considered leaving the country have opted to stay due to improved conditions.

“The profound interest that we see in the expansion of existing mining assets, the development of new mines and the expansion in mineral explorations makes it clear that we are on the right path,” Dr Musokotwane said.

“This has been necessitated by government’s efforts to prioritize the mining sector.”

A country wide geophysical survey has also been launched aimed at bolstering mineral exploration.

He added that the survey is expected to provide reliable and updated geological information, which in turn will support investment in both greenfield projects such as those built from scratch and the expansion of existing brownfield sites.

“Mining exploration is an important economic activity by itself as it creates jobs,” said Dr Musokotwane.

The survey is part of a broader strategy to position Zambia as a major player in mineral exploration and extraction, not just of copper, but also of other minerals, including gold and rare earth elements vital for new technologies.

“I have no doubt that we shall reach the target. And this will help to establish a strong economy never seen in this country before,” declared Dr Musokotwane.

By Catherine Pule

Kalemba, September 29, 2024

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