Zambia Expands Mining Strategy With New Gold Joint Venture to Diversify Beyond Copper
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Zambia’s state-backed investment firm ZCCM Investments Holdings has launched a new gold-focused joint venture as part of efforts to expand the country’s mining sector beyond copper.
The initiative marks a strategic shift for Africa’s second-largest copper producer, which has long relied on the metal as the backbone of its economy.
New Company Targets Gold Development
The newly formed company, Kyalo Goldfields Limited, will focus on evaluating and developing gold resources in the Kikonge Mining Area located in Zambia’s North-Western Province.
Established on May 6, the venture is expected to play a central role in unlocking new mineral potential while supporting broader national goals of economic diversification.
ZCCM-IH will retain a controlling 51 percent stake in the company, while the remaining share will be held by a partner experienced in mining tin, tantalum and tungsten in the neighboring Democratic Republic of Congo.
Formalizing Artisanal Mining
A key component of the project is the formalization of artisanal and small-scale mining operations in the region.
ZCCM-IH said the initiative would help ensure that gold extraction is conducted in a secure and regulated manner, addressing longstanding challenges linked to informal mining activities.
The company also plans to establish processing infrastructure aimed at increasing value retention within Zambia, rather than exporting raw materials with limited domestic benefit.
Strategic Shift Beyond Copper
The move reflects Zambia’s broader effort to reduce its dependence on copper and build a more diversified minerals portfolio.
For decades, copper has dominated the country’s mining sector, contributing significantly to government revenues and export earnings.
However, shifting global demand, price volatility and long-term economic planning have pushed authorities to explore other resources, including gold.
“Kikonge is a meaningful step in broadening ZCCM-IH’s diversified minerals portfolio,” said Chief Executive Kakenenwa Muyangwa, describing the project as progress toward formalizing and developing Zambia’s gold sector.
Increasing National Control
The development comes as Zambia seeks greater domestic ownership and control over its mineral wealth.
ZCCM-IH already holds minority stakes in several major mining operations run by foreign companies, including First Quantum Minerals and Vedanta Resources.
The company has also indicated plans to increase its stake in existing mining assets through commercial agreements rather than forced acquisitions.
This approach reflects a growing trend across Africa, where governments are seeking a larger share of revenues from natural resources while maintaining investor confidence.
Financing and Future Outlook
According to ZCCM-IH, the initial phase of the project will be funded through shareholder contributions, with additional financing structures under consideration as the venture progresses.
The company said further clarity on total investment requirements would emerge after the evaluation phase is completed.
A Sector in Transition
Zambia’s move into gold highlights a wider shift across the continent, where countries are rethinking how to manage and benefit from natural resources.
As global demand for minerals evolves, African nations are increasingly focusing not just on extraction, but on ownership, processing, and long-term value creation.
For Zambia, the success of Kyalo Goldfields Limited could serve as a test case for how diversification strategies can reshape resource-dependent economies.
The path will not be without challenges, from financing to infrastructure and regulatory oversight. But the direction is becoming clearer.
Across Africa, countries are beginning to take a more active role in defining how their natural wealth is developed and who ultimately benefits from it.
And while progress may take time, the shift toward greater control, smarter partnerships, and long-term planning reflects a continent that is steadily refining its economic future and building systems that can deliver more inclusive growth for generations to come.
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