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Zambia to Amend Mining Rules to Treat Gold as Strategic

24/05/2020 par Titicopper 1
Zambia to Amend Mining Rules to Treat Gold as Strategic Asset
Taonga Clifford Mitimingi
May 24 2020, 5:26 PM IST
May 24 2020, 6:23 PM IST

(Bloomberg) --

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.

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.

©2020 Bloomberg L.P.
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