By NOEL IYOMBWA
The Bank of Zambia has purchased 478.76 kilograms of gold at a cost of K604.3 million since December, 2020.
According to a statement issued by the Central Bank Communications Division in Lusaka, the purchase is broken down to 391.92 Kilograms purchased from Kansanshi Copper Mining Plc at a cost of K500.5 million and 86.84 Kgs from the Zambia Gold Company, a subsidiary of ZCCM – IH at a cost of K103.8 million.
The Bank stated that it planned to purchase 746.5Kgs of London Good Delivery gold from Kansanshi Copper Mining Plc and about 120Kgs of Dore gold with a minimum of 88 per cent purity from Zambia Gold Company per year.
It stated that the objective of the initiative was to shore up and diversify the international reserves.
“The attractiveness of this venture is that the gold is being purchased in local currency.
“The dore gold purchased from Zambia Gold Company will only reflect in international reserves after refining,” the bank said .