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Zambia to amend mining rules to treat gold as strategic asset

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Zambia to amend mining rules to treat gold as strategic asset

Zambia is moving to amend gold-mining rules so that they treat the metal as strategic.

The cabinet agreed to amend the Mines Act to align it with a policy set last October to recognize gold as a strategic mineral. That requires production by artisanal miners to be bought through the state-owned mining investment company ZCCM-IH Plc.

The cabinet’s May 20 approval to modify laws and regulations stemmed from a proposal from the mines minister, according to the ministry’s permanent secretary, Barnaby Mulenga.

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Zambia wants its national gold production to help the central bank build up the nation’s strategic reserves. ZCCM-IH has been mandated to coordinate the purchasing and trading business in Zambia. The country mined about 4,000 kilograms of gold in 2018 and is Africa’s second-largest copper producer.

 

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Bloomberg

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