Zambia
Anchor jurisdictionAn active push to formalise artisanal mining, a central bank that buys local gold, and an existing counterparty relationship.
Jurisdictions
Gold projects across Southern and Central Africa
Zambia anchors our pipeline, alongside Zimbabwe, Malawi, South Africa, Tanzania and the DRC. Clean title matters more to us than a marginally higher grade.
Where we work
Clean title over a marginally higher grade
Our core is Southern Africa: Zambia, Zimbabwe, Malawi and South Africa, with Tanzania and selected Central African belts.
Zimbabwe
Greenstone beltsA deep history of small-scale and brownfield gold, with many undercapitalised and dormant operations.
Malawi
Emerging goldEarly-stage artisanal gold where a processing partner can set the standard.
South Africa
Tailings and legacy dumpsWhere our tailings recovery and metals management work began: re-treating historic gold tailings with the same modular approach.
Tanzania
Lupa and GeitaLong-established ASM corridors and a relatively mature licensing regime.
DRC
Copperbelt fringeHigh-grade artisanal gold alongside the copper belt, with a heavier security and title diligence load.
Every site must clear these filters
- Active ASM production already happening, so ore is proven to exist
- A clean, verifiable mining or processing licence
- Grid or diesel power and water within reach
- Road access for ore haulage and plant mobilisation
- Stable, enforceable repatriation of US dollar proceeds
- Manageable security and community relations
Anchor jurisdiction
Why Zambia anchors our pipeline
Debt restructured, a single mining regulator, and a domestic buyer for every ounce. Zambia has rebuilt its mining framework to attract exactly this kind of investment.
A guaranteed local buyer
The Bank of Zambia buys locally produced gold at LBMA prices, settled in kwacha, to build reserves. No complex export logistics.
Free repatriation
No restrictive exchange controls. Dividends, capital and net profits can be repatriated, subject to Bank of Zambia monitoring and ZRA tax compliance.
Favourable tax treatment
Qualifying mining operators can access 0% dividend tax and 0% VAT on exports, with withholding tax on interest capped at 15%.
One regulator
The Minerals Regulation Commission Act (2024) replaced fragmented oversight with a single independent body for licensing, environment and safety.
ASM formalisation
The 2026 budget funds mineral marketing centres in areas like Mumbwa and Rufunsa, and the government invites investors to integrate ASM into traceable supply chains.
A recovering economy
About 94% of external debt restructured, public debt forecast down from 133% of GDP (2023) to 90.7% (2025), and growth projected around 6.5% for 2026–27.
90%search area removed
Narrowing the search from orbit
A published remote-sensing study in Zambia’s Eastern Province used ASTER satellite imagery, mineral indices and spectral-angle mapping to map indicator minerals of gold mineralisation, reducing the search area by about 90%. We use satellite pre-screening like this to rank sites before anyone spends money in the field.
What investors must plan for: power supply is constrained by drought-hit hydropower, local-content rules require preference for Zambian contractors, and no work starts without a ZEMA environmental decision letter. The 2026 general elections make policy continuity a watch point.
Sources: PwC Zambia tax and mining outlooks, Bowmans 2026 budget insights, Innoter remote-sensing case study.
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