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CENTRAL BANK TO PURCHASE MORE GOLD

THE Bank OF Zambia will purchase more gold from Kansanshi mines before the end of February, deputy bank Governor for Operations Francis Chipimo ha revealed.

Dr Chipimo further disclosed that the purchase of gold has just begun, and will go on for a long period of time.

In December last year, the Bank of Zambia signed a Gold Purchase Agreement with Kansanshi Mining PLC, a subsidiary of First Quantum Minerals.

BoZ Governor, Christopher Mvunga, signed the agreement on behalf of the Central Bank while, Director of Operations at First Quantum Minerals, Mr Rudi Badenhorst, signed on behalf of Kansanshi Mining PLC.

As at end of 2019, the BoZ’s gold holding had risen to 34,000 tonnes from a low of 28,000 tonnes recorded in 1997.

AND Mr Mvunga pointed out that the Central Bank remains resolute to purchase more gold deposits to enhance the country’s reserves.

He explained that BoZ has since purchased 47 kilograms of gold from the Zambia Gold Company Limited, under the auspice of ZCCM Investments Holdings.

He told journalists at a media briefing in Lusaka that the purchased gold is in the vault of the Central bank.

Mr Mvunga emphasized that the purchase of gold is an ongoing process.

“We have so far bought 47 kilogramme of gold and this is a continuous process. This is being done under the ZCCM IH and it is key to our foreign reserves,” he said.

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