ZCCM-IH Chief Executive Officer, Kakenenwa Muyangwa has described the joint venture with Mining Mineral Resources to develop mining resources in Mufumbwe in North Western Province as a significant step to formalising the gold sector.

Mr Muyangwa says the state-owned firm is taking a controlling position in a project with strong geological potential, alongside an experienced operating partner.

He said the structure formalises artisanal mining at the project site and builds local refining capacity in Zambia.

The Chief Executive Officer assured stakeholders that the move represents the disciplined diversification expected from the institution.

“Kikonge is a meaningful step in broadening ZCCM-IH’s diversified minerals portfolio and represents tangible progress in delivering on our ⁠mandate to formalise and develop Zambia’s gold sector,” Mr Muyangwa said in statement.

According to a statement obtained by ZANIS, ZCCM-IH Corporate Affairs Manager Loisa Mbatha said Kyalo Goldfields Limited (KGL) was incorporated on May 6 to explore, develop and mine gold resources in the Kikonge Mining Area in Mufumbwe District in North Western ⁠Province.

“ZCCM-IH will hold a 51 per cent stake in KGL, with Mining Mineral Resources which mines and ‌processes ⁠tin, tantalum and tungsten in the Democratic Republic of Congo, holding the remainder,” She said.