The Consolidated Gold Company of Zambia Limited (CGCZ) represents a collaborative venture between ZCCM-IH, holding a 45% stake, and Karma Mining Services and Rural Development, with a 55% share. Established in 2020, this Special Purpose Vehicle is dedicated to establishing a central hub for gold processing and trading within Zambia.  

During the year ended 31st December 2023, the Company produced 90.6kg (2022: 50.7kg) of gold, the majority of which was sold to Zambia Gold Company. Revenue for the year ended 31st December 2023 was ZMW54.20 million (2022: ZMW 50.81 million). CGCZ recorded a loss for the year of ZMW9.44 million (2022: -ZMW8.76 million)  

Due to ongoing profitability challenges stemming from the company’s inability to control the supply of gold feedstock, the ZCCM-IH Board approved a divestiture from CGCZ. The Share Purchase Agreement and the Deed of Mutual Termination were executed during the year, awaiting the fulfilment of the condition’s precedent specified in the agreement. ZCCM-IH is set to recover its initial investment of US$1.568 million over three years. Karma has already paid an upfront fee of US$679,600.