UK investors express interest in gold mining sector

03 Dec 2019

Gold mining Zambia’s Minister of Mines and Mineral Development Hon. Richard Musukwa said the government is certain Mwinilunga’s gold mining together with other potential mining sites across the nation will benefit Zambia’s economy. 

UK-based firm Jubilee Metals Group Plc said Zambia offers great potential for mining investment, adding that more British investors should look towards the African nation to capitalise on gold.

The announcement was made during a meeting between Musukwa and British companies including Jubilee Metals Group, Spark Advisory Partners, Shard Capital, Spice and Capital Jcam Investment – all of whom expressed interest in investing in Zambia, the Lusaka Times reports. 

The minister noted that Mwinilunga is situated on more than a million tonnes of gold reserve which lies at 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,” Musukwa 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,” he added.

Jubilee Metals Group Plc’s non-executive chairman Colin Bird said that Zambia will contribute significantly to the global supply of gold in the near future. 

“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.

Mr Bird expressed his satisfaction towards Jubilee’s investment in Zambia. The company already manages operations in Kabwe, and Bird added that Zambia is looking to become a key player in the gold industry, stating that it is the country to put your money in.