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UK government is confident that gold mining will make a huge contribution to the country's economy

11 December 2019


Minister of Mines and Mineral Resources, Hon. Richard Musukwa said the government is confident that gold mining in Mwinilunga and other potential sites around the world will make a huge contribution to the country's economy.And UK-based Jubilee Metals Group Plc, said the mining sector in Zambia has real potential, particularly gold, and UK investors need to know about the gold of Zambia.The minister said this when he met with UK companies including Jubilee Metals Group, Spark Advisory Partners, Shard Capital, Spice, and Capital Jcam Investment who expressed interest in Zambia's investment. Hon. Musukwa said Mwinilunga is on top of a gold wealth deposit of more than one million tons.


"We have gold reserves across multiple parts of Zambia, but the Mwinilunga one is a novelty because it has brought new tidings about the mineral resources of Zambia and we strongly feel that once mined, it is the asset that can make a huge contribution to the gold reserves of the world. The deposits in the Northwest Province of Mwinilunga are so massive, our geological team has made a tentative estimate, and we sit over a million tons of gold reserves, most of which are on the ground."We have already allowed Bank of Zambia to buy all the gold from the world, and we believe that 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 shortly Zambia will be a major contributor to the world's gold supply."Zambia has a vast wealth of minerals. I don't believe Zambia's gold was noticed by the mining world. There is an emerging gold industry in northwestern Zambia with huge surface gold discoveries. Meanwhile, Jubilee Chief Executive Leon Coetzer said the company would turn the Kabwe Zinc Refinery into a metal refinery that would expand its commodity basket to include copper, vanadium, zinc and lead.


Source: https://www.industryglobalnews24.