Mines and Mineral Resources Minister Hon. Richard Musukwa said the government is optimistic that gold mining would make a huge contribution to the economy of the country in Mwinilunga and other possible sites across the world.
And UK-based company Jubilee Metals Group Plc, said Zambia’s mining sector has real potential, particularly gold, and investors in the UK need to learn about Zambia’s gold.
The minister said this when he met with companies in the United Kingdom that included Jubilee Metals Group, Spark Advisory Partners, Shard Capital, Spice, and Capital Jcam Investment who expressed interest in Zambia’s investment.
Hon. Hon. Hon. Musukwa said Mwinilunga lies on the top of a deposit of over one million tons of gold wealth.
“We have gold reserves across several parts of Zambia, but the Mwinilunga one is a phenomenon because it has brought new tidings about Zambia’s mineral resources and we strongly feel that once exploited, it is the resource that can make a huge contribution to the world’s gold reserves. The deposits in Mwinilunga’s Northwest Province are so massive, our geological team has made a tentative estimate, and we’re sitting over a million tons of gold reserves, most of which are just on the ground.
“We’ve already allowed Bank of Zambia to buy all of the country’s gold, and we think we should now use the gold as part of our import cover and build up reserves,” he said.
And Jubilee Metals Group Plc Non-Executive Chairman Colin Bird said Zambia will be a major contributor to the gold supply of the world shortly.
“Zambia is endowed with a huge wealth of minerals. I don’t think the mining world heard of Zambia’s gold. There is an emerging gold industry with huge surface gold discoveries in north-western Zambia.”
Meanwhile, Leon Coetzer, Chief Executive of Jubilee, said the company is turning the Kabwe Zinc Refinery into a metal refinery that will expand its commodity basket to include copper, vanadium, zinc and lead.
“Zambia has a rich history of copper mining and enormous potential in the storage area of mining waste. The objective of the recent acquisition of the Sable refinery in Kabwe is to build Kabwe into a central processing facility in Zambia for third-party material. Jubilee estimates that the area around Kabwe contains Zinc, Vanadium and Lead as well as Copper is 6.4 million tons of surface tailings, “he said.