The Bank of Zambia (BoZ) has purchased 478.76 kilogrammes of gold at a cost of K604.3 million since December, 2020.
In a statement to the media, the Bank of Zambia, Communications Division says this is broken down in 391.92 Kilogrammes purchased from Kansanshi Copper Mining Plc at a cost of K500.5 Million and 86.84 Kilogrammes purchased from Zambia Gold Company, a subsidiary of ZCCM – IH at a cost of K103.8 million.
The Central Bank says it plans to purchase 746.5 kilogrammes of London Good Delivery gold from Kansanshi Copper Mining Plc and about 120 kilogrammes dore gold with a minimum of 88% purity from Zambia Gold Company per year.
“The objective of this initiative is to shore up and diversify the international reserves. The attractiveness of this venture is that the gold is being purchased in local currency”, the statement stated.
The Bank adds that the dore gold purchased from Zambia Gold Company will only reflect in international reserves after refining.
Dore gold normally only produces 50 to 57% pure gold
Not that it is important but International markets talk about Gold in ounces
Lungu appointed Mvunga buying Gold from KCM which is run by a Lungu handpicked stooge who will disperse funds to Pf cadres through bogus inflated tenders.
There we go, everything its negative sentiments…………what a people! Thanks BOZ
Boz is now into procurement am sure an audit of these ‘purchases’ from the lender of last resort will reveal much
Keep it up Boz.
All this gold buying is a conduit for corruption
Ba pompwe!
@Mate….I can’t agree more!
Those that ran away from Zambia as economic refugees and cannot make any meaningful contribution to their country sufer from a “negative” syndrome everything about Zambia, they see it in reverse. Patriotic Zambians should just ignore these rifrafs who have faile even to build a pit latrine in their own country but keep on boasting about the acheivements of foreign countries they live in. There are many Zambians that went out of the country and have made signficant contribution to their country back home, to those we say hats off for you.
From the time they started purchasing gold all that little? QFM Kansanshi produces a lot of gold meaning the company has been selling on the international market leaving Zambia with bones. What is the value of this gold in terms of British pound/US$. What about the gold from Kasensele in Mwinilunga? All those activities going on that is what the BOZ can manage to buy. I am sure only God knows a lot has been gone into private pockets. There is Gold in Mumbwa, Chongwe, Petauke etc. It will be at the end of the day like bela. How the mining of Bela is benefiting Zambia its every one’s guess. We are given the impression that Zambia is the world’s biggest producer of Bella how its traded and benefits derived only God knows.
Maganizo, ounce is an imperial weight measure just like grammes and kilograms. It’s no fuss someone to quote kilograms.
Why buy gold when we need to pay debts?
Just start paying the kongole.The money used to buy gold can go to offset debts. It’s
Like you are owing people money and you
Buy Porsche cars.
no problem buying at all but at least quote the correct figures
when refined thats the time to announce this achievement
Will those without knowledge will be misguided and that is the issue
What is dore gold? Educate us please