Zambia wants to see more of its small-scale gold trade on the books. At a mining conference in Lusaka, Minera Refineries Zambia proposed a two-year plan to help make that happen and said it could refine gold to 99.99 percent purity.
The promise goes beyond turning gold into bars. Zambia has struggled to reconcile its export records with figures reported overseas. Domestic refining may keep more business at home, but it will not achieve much if miners find better prices and quicker payments elsewhere.
The plan behind Minera’s pitch
At the Zambia Mining and Investment Insaka, held in Lusaka from October 19 to 23, Minera managing director Andrew Mukupa Katandula set out a two-year proposal to formalise artisanal mining, offer targeted advance financing and improve the tracking of gold sales.
The Zambia Chamber of Mines’ account of the meeting says Katandula also highlighted the company’s reported ability to produce gold bullion at 99.99 percent purity.
That claim does not establish commercial operations. The Chamber gives no start date or annual processing figure, while Minera’s website emphasises assaying, trading and payments. How much gold it is actually refining remains unclear.
The $1.79bn question
The need for better records is hard to ignore. In 2023, World Bank trade figures show that the United Arab Emirates reported importing 29.1 tonnes of unwrought, non-monetary gold from Zambia, worth almost $1.79bn. Zambia’s corresponding export declarations recorded just $61,800 in shipments to the UAE under the same product classification.
The difference does not prove smuggling or unpaid taxes. Gold moves through trading centres, and countries may record its origin, timing and value differently. Even so, the gap raises questions about Zambia’s gold records.
Africa Briefing has previously examined the country’s potential $1.8bn gold formalisation opportunity. That estimate concerns the wider informal market, not money Minera is expected to earn.
A miner’s decision comes down to price
For a small-scale miner, the questions are more immediate. What will a buyer pay? How far away is the buying centre? And will the money arrive today? A regulated market that cannot compete on those basics may struggle to attract gold, however impressive its refining technology.
Advance financing could help miners pay for equipment and daily costs. But Minera has yet to explain who would qualify, how much they could receive or the repayment terms.
In August 2025, ZCCM Investments Holdings was tasked with leading gold-sector formalisation. The Chamber’s report does not explain how Minera’s proposal would fit with that government initiative.
Ghana’s growth in officially recorded small-scale gold trade offers a useful comparison. But bringing miners into the formal economy takes accessible buyers, credible prices and records people can trust, not simply another processing plant.
Refining closer to the mines
Elsewhere in Africa, governments are investing in the same idea. Burkina Faso opened a gold refinery in September with stated annual capacity of 164 tonnes. Ethiopia inaugurated a precious-metals refinery in October with capacity exceeding 600 tonnes across several metals.
Those are stated capacities, not actual output. Local refining can support jobs and specialist services, but it does not guarantee higher export earnings. Plants still need suppliers, customers and trusted standards.
Minera should not be described as Zambia’s first gold refinery, either. Noble Metals Refinery also advertises refining services in the country, although its commercial output has not been independently established here.
