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.
Nice!!
We are blessed as a country and government. So many good things have happened under pf government. We won afcon, we now mining gold. Look at infrastructure development. My people I am filled with joy. Ba upnd diasporan continue being angry after all chances are you will be gunned down by a whlte police officer
Kaizar Zulu you may be shot by a white Police officer in the US , but if you are in Lusaka you can be shot by a black police officer , just ask the families of the 2 Zambians that got shot a few months ago.
Iwe Chikal* some of us are not UPND but cannot just ignore that lack of leadership and accountability in the useless PF. Your cluesless president went and toured the gold prospecting site , only to find the company mining for gold. Our president is weak, he should have kicked that company out, right there on the spot.
Kansenseli gold mine won’t make a dent on Kwacha/USD exchange rate given the humongous mountain of debt incurred by Lungu & Co.Just today it hit its highest rate ever at $1 to 22.24 Kwacha.
Is Kaizar Zulu experiencing psychological challenges ? His articles don’t express normality
Is BOZ keeping an eye on Printing of Money ,State Borrowings, Foreign Exchange misuse and Inflation. Money is being dished out left,right and Centre. It seems BOZ has lost control of Monetary Policy and are just watching while Fiscal Policy is going astray. Post August 12,2021 there will serious macroeconomic imbalances in Zambia. The writing is on the wall.