Two desks
Each partner chooses the South Africa desk, the Zambia desk, or both. Partners in both have no more than half of their deployed capital in Zambia. The Zambia desk opens once every permit and approval is in place.
These figures are targets and assumptions as at November 2026. They are not results. Actual prices depend on seller supply, gold quality, assay results and buyer demand, and volumes can be lower or nil. Gross margin is before trading costs, each refinery's share, management fees and each partner's profit split. Idle capital lowers the profit per rand, and a month with no trades still carries costs and can produce a loss.
South Africa
Traded through licensed refineries, each under its own refinery agreement.
- Target buy price
- Spot − 3% to 4%
- Target sell price
- Spot − 1%
- Gross margin per turn
- ≈ 2-3%
- Expected volume
- 2-5 kg a week
- Stock cycle
- About one week
- Trades
- 2-3 a week
Zambia
Through a licensed refinery in Zambia, once its refinery agreement, permits and approvals are in place.
- Target buy price
- Spot − 6%
- Target sell price
- Spot − 1%
- Gross margin per turn
- ≈ 5%
- Expected volume
- 25-50 kg a month
- Stock cycle
- About two weeks
Before the Zambia desk opens
- Refinery
- A signed refinery agreement, with the same protections as in South Africa.
- Permits
- Zambian trading and export permits must be in place.
- Exchange control
- Exchange control approval must be obtained for cross-border flows.
- Documents first
- No gold is bought until all permit, export, assay and provenance papers for it are received.