The Zambia Gold Company Limited (ZGCL) has a significant role in the Zambian gold sub-sector, with a mandate that spans across the country to foster the formalisation and growth of this sector. ZGCL engages in various stages of the gold value chain, encompassing activities such as gold exploration, production, mine development, processing, and the marketing of gold both within Zambia and internationally. This comprehensive involvement is aimed at enhancing the gold sub-sector’s contribution to the Zambian economy and ensuring sustainable development and growth within this industry.  

Zambia Gold Company is in its start phase, and for the year under review, it did not produce any gold due to the continued suspension of mining activities at Kasenseli by the Mines Safety Department which is the main source of gold production. The sale of gold in the period under review was from stock held since 2021 and was used to finance operations of the company. ZGC continues to engage key stakeholders to reopen the mine in 2024. ZGC shall continue conducting exploration activities on its other licences and partnership with third party licence holders. Zambia Gold Company Limited (ZGC) reported revenue of ZMW 38.52 million (2022: ZMW 0.03 million) for the year ended 31 December 2023. During the period under review, the company sold 33.9 Kg of gold from Kasenseli production and trades conducted at ZGC headquarters compared to no sales in 2022. Net loss recorded for the year was ZMW 23.35 million (2022: ZMW 51.57 million loss).  

There were no dividends declared during the year under review (December 2022: Nil).