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The Bank of Zambia has signed a Gold Purchase Agreement with both Kansanshi Mining, a subsidiary of First Quantum Minerals and the Zambia Gold Company Limited, a subsidiary of ZCCM Investments Holdings.

Central Bank Governor Christopher Mvunga, signed the agreement on behalf of the Bank while, Director of Operations at First Quantum Minerals Rudi Badenhorst, signed on behalf of Kansanshi Mining PLC and Chief Executive Officer of ZCCM-IH, Mabvuto Chipata, signed on behalf of Zambia Gold Company Limited respectively.

Mr. Mvunga said the two agreements are an important milestone in the Bank’s efforts to resume the holding of gold as part of the country’s foreign exchange reserves adding that the agreements would further take the Bank’s efforts to build the country’s gold reserves a step further.

He is hopeful that the implementation of the agreement would also enhance market confidence in the Bank’s ability to fulfill its mandate of price and financial system stability.

Meanwhile, President Edgar Lungu has expressed confidence that the signed MOU will lead to the growth of gold mining in Zambia.

President Lungu adds that the agreement is progressive as gold produced from the Kasenseli gold mine will be legally sold to the Bank of Zambia.

Zambia Gold Company, owned 51% by ZCCM-IH and the Ministry of Finance 49%, is solely responsible for developing and running the Kasenseli gold project.

Zambia Gold Company has reported that they have since produced 74 kgs worth approximately K84 million.


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