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.