Bank of Zambia (BOZ) Deputy Governor in charge of Operations Francis Chipimo has expressed happiness with the works at Kasenseli Gold mine in Mwinilunga district of North-Western province.
Dr Chipimo expressed confidence that once operational the mine will contribute to the country’s economy and further strengthen the country’s currency.
“We are encouraged and impressed on how they are operating, the opportunity they see to develop this mine has made me to be confident in this process,” he said.
ZANIS reports that Dr Chipimo was speaking when he visited Kasenseli gold mine in Mwinilunga district.
Bank of Zambia signed a Memorandum of understanding (MOU) in December last year with the Zambia Gold company that allows the bank to legally buy gold produced from Kasenseli mine.
He added that signing of the MOU will also allow the bank to stock up for the treasury and thus strengthen the local currency.
He pointed out that the MOU is bearing fruit and is key for the realization of the country’s economic recovery plan.
Dr Chipimo said the gold reserves will provide economic and financial stability as the Kwacha will compete with other foreign currencies and create economic resilience amidst the COVID-19 pandemic.
And Zambia Gold company Limited Project Manager Charles Mjumphi observed that the MOU between the two entities has made BOZ become the off takers of all the gold produced from Kasenseli mine.
“This partnership will go a long way in securing gold as a strategic reserve because all the production will find its way to the national coffers,” Mr Mjumphi said.
He assured BOZ that the company will endeavour to deliver in accordance with the agreement made between the two entities.