Zambia to buy unofficially mined gold, seeks to validate unregulated mining

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Zambia’s mining investment arm ZCCM-IH has started buying gold from artisanal and small-scale miners in a bid to formalise the unregulated sector whose ranks have swelled worldwide as gold prices soar.

Governments across Africa are scrambling to tackle informal mining of gold, which has significant health and environmental risks and contributes to illicit flows of money, depriving states of revenue when the metal is smuggled across borders.

n point of fact, latest announcement from ZCCM came against a chaotic backdrop in the informal gold mining industry in Africa, while a number of Government across the African continent had been scuffling to deal with unofficial mining of golds, which has also been triggering a number of tormenting issues such as a significant level of environmental risk and health hazards to the miners alongside an en masse flow of illicit money that has been curbing out critical revenues of the nations after having smuggled for sales.

Meanwhile, as Ethiopian artisanal gold buying market has been purchasing the precious metal at a higher price than the markets are offering to lure miners away from black markets, adding that the artisanal gold miners could bring in illegal or unofficially mined gold in to its Lusaka office, ZCCM-IH said in an advertisement on Friday (March 6th), “ZCCM-IH is providing an open market and competitive prices for gold. Looking forward to doing business with you! It is cash on delivery, spread the word! ”

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