ZCCM Investments Holdings PLC approved a proposal to enter into a joint venture to develop a gold processing and trading operation in Zambia with local gold processor Karma Mining Services and Rural Development Co.

ZCCM, majority-owned by the Zambian government, will own a 45% stake, while Karma will own the remaining 55% of the joint venture.

The joint venture will initially source most of the gold ore from artisanal and small-scale gold miners, according to a Dec. 27, 2019, statement that was released Jan. 2 on the London Stock Exchange.