An Investment Expert has observed that certain legislations governing the mining sector in Zambia are hiding investments in gold mining.
Mr. Kenny Sinyangwe’s comment comes following a decision by the Bank of Zambia to start buying gold to create a marketing of the gold produced in Zambia and enhance revenue collection by curtailing illegal trade of gold.
Mr. Sinyangwe who has commended the move however explains that there is need for local people to be availed a platform to establish gold refinery facilities to enable them to sell the gold to the Central Bank saying doing so will benefit local people.
Meanwhile speaking in a ministerial statement in Parliament yesterday, Minister of Mines Richard Musukwa said illegal gold mining is depriving Zambia of revenue as traders export the mineral without paying any taxes.
Mining legislations holding back investments in gold mining.
