MINISTER OF MINES EYES ‘SOUND SOCIAL CONTRACT’ BETWEEN KASENSELI GOLD MINE AND COMMUNITY

Zambia’s Mines and Mineral Development Minister has advised key stakeholders that progress on the reopening on Kasenseli Gold Mine in Northwestern Province was progressing well with one of the key issues that was being addressed being having in place a ‘sound social contract’ with the community around the mine.

Paul Kabuswe was quote in the Times of Zambia, 13th December 20221 edition, saying that “he was meeting Chief Chikwika in the third week of December 2021 as well as other key stakeholders to structure a workable mining plan for the mine”.

In October this year, the Minister suspended operations at the mine following a number of security and safety issues that had arisen since the mine’s commencement of exploration activities following their move on site in April 2020.

Furthermore, according to the same issue of the Times of Zambia, Chief Chibwika was cited as requesting for the mine to be shutdown.

This shutdown has derailed the Central Bank’s purchases of gold. According to the Zambia Business Times, “The Bank of Zambia has been purchasing dore gold from Kasenseli Mine since December 2020, through the Zambia Gold Company and refined gold from Kansanshi Mine from January, 2021. The Bank has so far purchased 20,600 ounces of refined gold valued at US $37 million” in a statement from the Public Relations Department at Bank of Zambia.

The social contract alluded to requires a concerted effort on all key stakeholders as there will be expectation management that will need to be implemented. It has been noted that the community does feel that they need to ensure that they rip the benefits of having gold deposits in their area. However, ZCCM IH has been mandated to over see the structuring of progressive agreements that will ensure that there is a pathway to structured mining deals in Zambia that have the potential of scaling up to world class entities.

 

Sourcehttps://fizambia.com/minister-of-mines-eyes-sound-social-contract-between-kasenseli-gold-mine-and-community/

CONTINUED SUSPENSION OF KASENSELI GOLD MINE PUTS CENTRAL BANK’S GOLD RESERVE BUILD-UP IN JEOPARDY

The new Mines Minister Paul Kabuswe’s continued suspension of the Kasenseli gold mine operating license, and thus mining activities, from late October 2021 put the central bank’s gold reserve build-up target for 2021 in jeopardy.

Since the gold-buying program began in January this year, the Bank of Zambia (BoZ) has spent approximately US$37 million on refined gold from First Quantum’s Kansanshi mine.

Kasenseli Gold Mine’s operations in Mwinilunga, North-Western Province, were halted after a Ministerial directive from the Minister of Mines and Minerals Development to do so to address concerns about the mine’s license conditions and safety regulations.

The ministry of mines did not give timelines for sorting out what was referred to as “concerns relating to Kasenseli Mine’s license conditions and safety regulations”. This continued suspension without timelines for re-opening will drag down the gold annual production for the country.

And the central bank – BoZ has confirmed that they will resume gold purchases from Kasenseli Gold Mine once its suspension is lifted. BoZ had purchased 283 kilograms of gold at a total cost of over K345 million from Kansanshi Mine and the Zambia Gold Company by the end of the first quarter of this year.

BoZ plans to purchase around 25,200 ounces of London Good Delivery gold from Kansanshi and 21,000 ounces of dore gold with a minimum of 88 per cent purity from Zambia Gold Company in 2021.

Responding to a ZBT inquiry, BoZ Assistant Director, Communications Besnat Mwanza confirmed that the central bank’s refined gold purchases from Kansanshi, an FQM subsidiary, had so far climbed to about US$37 million or K646 million compared to K345 million by the end of the first quarter.

“The Bank of Zambia has been purchasing more gold from Kasenseli Mine since December 2020, through the Zambia Gold Company and refined gold from Kansanshi Mine from January 2021. The Bank has so far purchased 20,600 ounces of refined gold valued at the US $37 million,” Mwanza said.

And she revealed that the central bank would continue to augment its reserves through gold purchases from Kasenseli Mine once the suspension is lifted. Kasenseli Mine is operated by Zambia Gold Company Ltd, a subsidiary of ZCCM-IH, a state-owned entity.

The concerns raised by the Ministry of Mines when suspending operations chiefly related to safety and security concerns, among others, was effective October 22, 2021, and has remained in force. No timelines have been given as to the issues that should be resolved as the minister of mines only indicated that until all issues highlighted in the Ministerial directive are closed out.

BOZ told ZBT that “In April 2021, the projection was to accumulate 21,000 ounces for 2021, but forecasts are dependent on levels of production. Because of this, this projection was later revised downwards as production levels declined later in the year. Targets are, therefore, based on the gold mined and if this declines or stops, gold purchases are impacted directly,” explained Mwanza.

When asked when BOZ would start buying from Zambia Gold Company, the Central bank stated that “Kasenseli Mine is under the regulatory supervision of the Ministry of Mines and details of its resumption would be best provided by the Ministry and ZCCM-IH. The Bank [BoZ] will continue to augment its reserves through gold purchases from Kasenseli Mine once the suspension is lifted. The Bank continues to buy gold from Kansanshi Mine and a total of 25,200 ounces is projected to be bought in 2021.”

BoZ added the build-up of gold reserves to shore up the country’s ability to safeguard its currency the Kwacha. Apart from holding US dollar reserves that can be drawn upon to fund emergency imports as well as support the local currency – gold reserves can also provide an alternative reserve buffer.

 

Sourcehttps://copperbeltkatangamining.com/continued-suspension-of-kasenseli-gold-mine-puts-central-banks-gold-reserve-build-up-in-jeopardy/?utm_source=rss&utm_medium=rss&utm_campaign=continued-suspension-of-kasenseli-gold-mine-puts-central-banks-gold-reserve-build-up-in-jeopardy

Kasenseli mine closure derails BoZ gold reserves build up

The continued suspension of the Kasenseli gold mine operating license and therefore mining activities by the new Mines Minister Paul Kabuswe from late October 2021 is putting the central bank’s gold reserve build-up target for 2021 in jeopardy.

Bank of Zambia (BoZ) has disclosed to the Zambian Business Times – ZBT that’s the Central bank has so far spent about US$37 million on buying up refined gold from First Quantum’s Kansanshi mine since the gold-buying programme commenced in January, this year.

Kasenseli Gold Mine’s operations in Mwinilunga, North-Western Province was suspended following a Ministerial directive from the Minister of Mines and Minerals Development to suspend operations and address concerns relating to Kasenseli Mine’s license conditions and safety regulations.

The ministry of mines did not give timelines for sorting out what was referred to as “concerns relating to Kasenseli Mine’s license conditions and safety regulations”. This continued suspension without timelines for re-opening will drag down the gold annual production for the country.

 And the central bank – BoZ has confirmed that they will resume gold purchases from Kasenseli Gold Mine once its suspension is lifted. BoZ had purchased 283 kilograms of gold at a total cost of over K345 million from Kansanshi Mine and the Zambia Gold Company by the end of the first quarter of this year.

BoZ plans to purchase around 25,200 ounces of London Good Delivery gold from Kansanshi and 21,000 ounces of dore gold with a minimum of 88 per cent purity from Zambia Gold Company in 2021.

Responding to a ZBT inquiry, BoZ Assistant Director, Communications Besnat Mwanza conformed that the central bank’s refined gold purchases from Kansanshi, an FQM subsidiary, had so far climbed to about US$37 million or K646 million compared to K345 million by the end of the first quarter.

“The Bank of Zambia has been purchasing dore gold from Kasenseli Mine since December 2020, through the Zambia Gold Company and refined gold from Kansanshi Mine from January, 2021. The Bank has so far purchased 20,600 ounces of refined gold valued at US $37 million,” Mwanza said.

And she revealed that the central bank would continue to augment its reserves through gold purchases from Kasenseli Mine once the suspension is lifted. Kasenseli Mine is operated by Zambia Gold Company Ltd, a subsidiary of ZCCM-IH, a state-owned entity.

The concerns raised by the Ministry of Mines when suspending operations chiefly related to safety and security concerns, among others, was effective October 22, 2021, and has remain in force. No timelines have been given as to the issues should be resolved as the minister of mines only indicated that until all issues highlighted in the Ministerial directive are closed out.

BOZ told ZBT that “In April, 2021, the projection was to accumulate 21,000 ounces for 2021, but forecasts are dependent on levels of production. In view of this, this projection was later revised downwards as production levels declined later in the year. Targets are, therefore, based on the gold mined and if this declines or stops, gold purchases are obviously impacted directly,” explained Mwanza.

When asked when BOZ would start buying from Zambia Gold Company, the Central bank stated that “Kasenseli Mine is under the regulatory supervision of the Ministry of Mines and details of its resumption would be best provided by the Ministry and ZCCM-IH. The Bank [BoZ] will continue to augment its reserves through gold purchases from Kasenseli Mine once the suspension is lifted. The Bank continues to buy gold from Kansanshi Mine and a total of 25,200 ounces is projected to be bought in 2021.”

BoZ added the build-up of gold reserves to shore up the country’s ability to safeguard its currency the Kwacha. Apart from holding US dollar reserves that can be drawn upon to fund emergency imports as well as support the local currency – gold reserves can also provide an alternative reserve buffer.

Source: https://zambianbusinesstimes.com/kasenseli-mine-closure-derails-boz-gold-reserves-build-up/

 

Zambia Gold Company Limited (ZGCL) Job Advertisement 1st September 2021

The Zambia Gold Company Limited (ZGCL) was established in 2020, with the main objective of formalising and developing the gold sub-sector in the country. The shareholders of the company are the ZCCM Investments Holding (ZCCM-IH) with 51 per cent and the Government of the Republic of Zambia through the Ministry of Finance with 49 per cent. The Company has been working towards turning the gold sub-sector into a commercially viable one, which will not only benefit the investors but also all other relevant stakeholders.

In order to achieve this, the Company invites applications from suitably qualified individuals, who are innovative, energetic and performance driven to fill the following positions:

1. Assistant Accountant-Payables X 1 

Location         :           Lusaka                                              
Department  :           Finance
Report to        :           Accountant
Head of Dept :        Head Finance
Job Purpose

To provide support to the Accountant and wider finance team by helping to prepare and maintain accurate financial records, processing of invoices and payments, assisting in the preparation and submission of statutory returns for ZRA, NAPSA and other applicable regulators.

Main Duties

  1. Raising of payments and petty cash vouchers for processing after inspecting and verifying support documents such as invoices, delivery notes and receipts.
  2. Posting of transactions and payments in the accounting system to the respective ledger accounts.
  3. Assist in the monthly preparation and submission of statutory returns for ZRA, NAPSA and other regulators.
  4. Maintain complete and accurate filing system to support safe retention of all Company financial records.
  5. Assist in the preparation of payroll for all employees.
  6. Maintain an accurate and up-to-date cashbook on a daily basis.
  7. Maintain an accurate and up-to-date petty cash float system.
  8. Reconciliation of supplier accounts at the end of the month.
  9. Monitoring and timely reconciliation of imprest advanced to employees.
  10. Any other duties as assigned by the Supervisor

Qualifications and experience

  1. a) Professional Qualifications
    • Full Grade12 Certificate or its equivalent
    • Diploma in Accountancy or Finance, ACCA level 2, ZICA Licentiate, CIMA level 2 or its equivalent.   
  2. b) Minimum Relevant Job Experience:
    •  3 years of work experience in a similar position.
  3. c) Skill Specifications:
    • Good numerical and analytical skills
    • Good communication skills both written and spoken
    • Excellent computer skills
    • Interpersonal skills
  4. d) Other Attributes (Personality Traits)
    • Integrity and Confidentiality
    • Autonomy
    • Honesty
    • Result oriented
    • Pleasant personality

2. Assistant Accountant – Receivables and Reconciliations X1

Location         :           Lusaka                                         
Department   :           Finance 
Report to        :           Accountant
Head of Dept :           Head Finance
Job Purpose

 To provide support to the Accountant and wider finance team by updating and maintaining accurate financial records as well as preparation of management reports for both internal and external purposes.

Main duties

  1. Posting of sales transactions as well as other receipts for the Company on the Accounting package.
  2. Preparation of all sales invoices for the Company.
  3. Maintenance and follow-up on outstanding Company receivables.
  4. Assist in the maintenance of an accurate fixed assets register.
  5. Assist in the reconciliation of all balance sheet accounts on a monthly basis
  6. Assist in the preparation of the monthly management accounts.
  7. Assist in the preparation of annual financial statements for the Company.
  8. Prepare all manual journal entries on a monthly basis.
  9. Assist with provision of support documentation requested for by the Company external auditors as well as other stakeholders.
  10. Any other duties as assigned by the Supervisor.

Qualifications and experience

  1. a) Professional Qualifications
    • Full Grade12 Certificate or its equivalent
    • Diploma in Accountancy or Finance, ACCA level 2, ZICA Licentiate, CIMA level 2 or its equivalent.
  1. b) Minimum Relevant Job Experience:
    • 3 years of work experience in a similar position.
  1. c) Skill Specifications:
    • Good numerical and analytical skills
    • Good communication skills both written and spoken
    • Excellent computer skills
    • Interpersonal skills  
  1. d) Other Attributes (Personality Traits)
    • Integrity and Confidentiality
    • Autonomy
    • Honesty
    • Result oriented

ZGCL provides equal employment opportunities to all Zambians on merit.

Interested suitably qualified and experienced individuals should send their application letters, together with certified copies of academic and professional certificates, a detailed curriculum vitae with traceable references, and copy of the NRC to the undersigned not later than Friday, 10th September, 2021.

Only shortlisted candidates will be responded to.
Head Human Resources and Administration
Zambia Gold Company Limited
Subdivision F/377a/30/B
Kudu Road, Kabulonga
LUSAKA

Email:  JobsZamGold@zccm-ih.com.zm

Download the document here: Advertisement 1 September 2021

ZGCL Job Advert July 11th 2021

Zambia Gold Company Limited (Zambia Gold) was incorporated on 10 January 2020. Zambia Gold (the ‘Company’) is co-owned by ZCCM Investments Holdings Plc with a 51% stake and the Ministry of Finance owning the remaining 49% stake.  Zambia Gold is mandated to lead the development of the gold sector in Zambia by undertaking commercial activities for the benefit of all stakeholders. In order to achieve this objective, Zambia Gold Company will broadly undertake the following activities:

  1. Acquire exploration licenses and carry out mineral exploration with a focus on gold (either directly or in partnership with other entities)
  2. Develop and operate mines for gold and other precious minerals
  3. Refining, grading, producing, cutting and processing of gold and other precious minerals
  4. Buying and selling of gold and other minerals
  5. Support artisanal mining operations and transforming these into commercially viable activities
  6. Pursue value addition opportunities in the precious metals sector

In order to achieve this mission, the Company invites applications from suitably qualified and experienced individuals who are innovative, energetic and performance-driven to fill the following positions:

1. Civil Engineer X 1

Location         :           Lusaka                                           
Department   :           Mining
Report to        :           Manager Engineering Services    
Job Purpose   
To handle all matters relating to civil engineering construction and maintenance in the company. Maintain at all times high standards of Safety and Environmental management expected for the operations.           
Main duties

  1. Develop a detailed operational plan relating to civil works for the Company
  2. Attend to all new civil engineering construction works and designs (roads, buildings, water dams, tailings dams, drainages etc.)
  3. Attend to all civil engineering faults and repairs.
  4. Carry out preventive maintenance of all civil engineering works in the company.
  5. Ensure that materials required for civil engineering works are available.
  6. Initiate procurement of required civil engineering materials for both new and old projects on site.
  7. Carry out all new installations and modifications of civil engineering works as directed by the supervisors.
  8. Ensure that any work is carried out in a safe and environmentally friendly manner.
  9. Ensure that all equipment relating to civil engineering works are in good operating state
  10. Compile weekly, monthly, quarterly, and annual civil engineering status reports.

Qualifications and experience

  1. Professional Qualifications
    Full Grade 12 Certificate
    Bachelor’s Degree Civil Engineering or its equivalent
    Master Degree in a relevant field will be an added advantage.
    Professional membership              
  2. Minimum Relevant Pre-Job Experience:
    7 years’ experience in a similar position. 
  3. Skill Specifications:
    Sound mathematical, scientific and IT skills
    Excellent verbal and written communication skills
    Ability to work to deadlines and within budget
    Problem solving skills
    Ability to maintain an overview of entire projects while continuing to attend to detailed technicalities
    Complete knowledge of relevant legislation
    Negotiating, supervisory and leadership skills
    d) Other Attributes (Personality Traits)
    Creativity
    Persuasive
    Pleasant
  4. e) Valid Driver’ s license

 

2. Safety Officer X 1

Location:                  Mwinilunga                                             
Department:           Mining
Report to:                 Project Manager         
Job Purpose 
To undertake work place activities to ensure that workers comply with company policies, procedures and government safety regulations and maintenance of Health and Safety Management System (HSES) records in order to facilitate decision making
Main duties

  1. Developing and implementing safety policies to reduce accident-related cost and prevent losses due to a decline in productivity
  2. Conduct safety inspections.
  3. Conduct safety training, coaching/induction.
  4. Conduct risk assessments.
  5. Conduct monthly safety meetings.
  6. Prepare Safety Topics (Daily, weekly and monthly).
  7. Investigate incident/accident/RCAT.
  8. Ensuring compliance with the Occupational Safety & Heath Administration, commonly known as OSHAs and other relevant regulations
  9. Supervise sub-contractors in issues pertaining to HSES
  10. Compile weekly , monthly, quarterly and annual civil engineering status reports

Qualifications and experience

  1. Professional Qualifications
    Full Grade 12 Certificate
    Diploma in Occupational Health and Safety Management Systems or its equivalent
    Degree in a relevant field will be an added advantage.
    Professional membership             
  2. Minimum Relevant Pre-Job Experience:
    More than 5 years’ experience in both mining or construction industry  
  3. Skill Specifications:
    Excellent verbal and written communication skills
    Computer skills
    Problem solving skills
    Supervisory and leadership skill
    d) Other Attributes (Personality Traits)
    Deep appreciation of mining regulations
    Persuasive
    Pleasant        
  4. e) Valid Driver’ s license

 

3. Assistant Security Officer-General Duties X 12

Location:                  Mwinilunga                                           
Department:           Human Resources
Report to:                 Security Officer-General Duties
Job Purpose   
To provide and deliver efficient and quality security by protecting company property, employees, visitors and contractor employees.         
Main duties

  1. Coordinate preliminary investigations of all crimes, or any losses incurred by the Company, Staff and Clients.
  2. Provide physical means of protecting staff and property and should be very alert for proper guarding against thefts, pilferage, accidents and intruders.
  3. Maintain all the key register properly and shall secure the keys properly in a designated safe place.
  4. Maintains and updates all the documentations on a daily basis
  5. Conduct internal patrols during the tenure of duty.
  6. Allocate duties to hired security Guards and ensuring that the guards are aware of their post and site instructions
  7. Ensures that the search of baggage of employees, visitors and motor vehicles is carried out effectively.
  8. Maintain the visitors register properly. 
  9. Maintain all security devices and products in good condition
  10. Prepare and submit daily security reports

Qualifications and experience

  1. Professional Qualifications
    Full Grade 12 Certificate
    Certificate in Security (Police or Military) or its equivalent
    Relevant tertiary qualification will be an added advantage.
    Professional membership                     
  2. Minimum Relevant Pre-Job Experience:
    6 years’ experience in a similar position.
  3. Skill Specifications:
    Verbal and written Communication skills
    Computer skills
    Critical thinking skills
    d) Other Attributes (Personality Traits)
    Honesty and integrity
    Sober character
    Physical stamina
    Teamwork
    Courage
    Morality
    Appreciation of the Zambian Laws
    Persuasive
    Pleasant           

 

4. Assistant Security Officer-Investigations X 2

Location:           Mwinilunga
Department:    Human Resources
Report to:          Security Officer-Investigations
Job Purpose   
Provide expert evidence regarding complex site investigations of fraud and theft-related incidents.    
Main duties

  1. Prepare and present investigation enquiries to management
  2. Prepare and present docket enquiry files for Zambian Police Service as directed by the Investigations Superintendent
  3. Investigate incidents and occurrences as directed by the company Investigation Superintendent or Security Manager
  4. Call handling and initial response to reports of breaches of the company procedures or code of conduct
  5. Criminal Court attendant in relation to enquiries and investigations undertaken on behalf of the company.
  6. Attend to crime scenes relevant to the company`s business in Zambia
  7. Investigate white collar and syndicate crime affecting the company’s operations in Zambia
  8. Maintenance of Security incidents and investigation records.
  9. Loading of all statements, documentation, exhibits and photographs onto PPM 200.
  10. Compile and gather evidence

Qualifications and experience

  1. Professional Qualifications
    Full Grade 12 Certificate
    Certificate in Security (Police or Military) or it’s equivalent
    Diploma in investigations, law, or any discipline in Social Sciences/Commercial field  Professional membership
  2. Minimum Relevant Pre-Job Experience:
    A minimum of at least 7 years’ experience in a reputable organisation with a criminal investigation bias or forensic knowledge.
  3. Skill Specifications:
    Verbal and written communication skills
    Computer skills
    Critical thinking skills
    d) Other Attributes (Personality Traits)
    Honest and integrity
    Sober character
    Appreciation of the Zambian Laws
    Persuasive
    Pleasant   
  4. e) Valid clean Driver’ s license

 

5. Excavator Equipment Operator X 2

Location:                  Mwinilunga
Department:           Mining
Report to:                 Shift Supervisor

Job Purpose   
Safe operations of Excavator Equipment and perform other duties at Kasenseli Gold Project Mine Site as need may arise. Maintain at all times high standards of Safety and Environmental management expected for the
Main duties

  1. Loads ADT’s (Articulated Dump Trucks) in a safe and productive manner as per operating standards.
  2. Completes correct pre-start checks and correct start up procedure on excavator.
  3. Maintains safe and clean working area of loading bays.
  4. Maintains housekeeping standards on the excavator.
  5. Carry out other projects work at Kasenseli Gold Project as directed by the supervisors.
  6. Co-ordinates excavator moves in a safe and productive manner.
  7. Selectively mine required material as per Supervisor instructions.

Qualifications and experience

  1. Professional Qualifications
    Prefeably full Grade 12 Certificate
    RTSA Code B Driving Licence or Heavy equipment certificate from recognised institution is desirable
    Experience in excavating in rocky terrain will be added advantage.            
  2. Minimum Relevant Pre-Job Experience:
     6 years work experience in mining industry or any other operations
  3. Skill Specifications:
    Good Communication skills.
    Knowledge of Health and Safety rules.
    Reliable, Team player, self-starter and self-supervisor.
    d) Other Attributes (Personality Traits)
    Honest
    Integrity
    Persuasive
    Pleasant

 

6. Articulated Dump Truck Equipment Operator X 1

Location:                 Mwinilunga                                         
Department:          Mining
Report to:                Shift Superviso

Job Purpose   
Safe operations of ADT Equipment and perform other duties at Kasenseli Gold Project Mine Site as need may arise. Maintain at all times high standards of Safety and Environmental management expected for the operations. 
Main duties

  1. Operates the ADT (Articulated Dump Truck) in a safe and productive manner as per  operating standards.
  2. Completes correct pre-start checks and correct start up procedure on the ADT.
  3. Obeys haul routes speed limits and minimises spillages on haul routes.
  4. Maintains housekeeping standards on the ADT.
  5. Carry out other projects work at Kasenseli Gold Project as directed by the supervisor.
  6. Should be able to effectively reverse in tight and steep areas when loading and tipping.

Qualifications and experience

  1. Professional Qualifications
    Prefeably full Grade 12 Certificate
    RTSA Code B Driving Licence or Heavy equipment certificate from recognised institution is desirable
    Work experience in rocky terrain will be added advantage.
  2. Minimum Relevant Pre-Job Experience:
    6 years work experience in mining industry or any other operations
  3. Skill Specifications:
    Good Communication skills.
    Knowledge of Health and Safety rules.
    Reliable, Team player, self-starter and self-supervisor.
    d) Other Attributes (Personality Traits)
    Honest
    Integrity
    Persuasive
    Pleasant

Zambia Gold Company Limited provides equal employment opportunities to all Zambians on merit without discrimination on the basis of age, gender, colour, tribe, disability, or religion.

Interested, suitably qualified and experienced persons should send their application together with certified copies of Academic and Professional certificates; a detailed Curriculum Vitae with traceable references and copy of the NRC should reach the undersigned not later than Friday, 23rd July, 2021.

Only shortlisted candidates will be responded to.
Head Human Resources and Administration
Zambia Gold Company Limited
Subdivision F/377a/30/B
Kudu Road, Kabulonga
LUSAKA

Email: jobs@zccm-ih.com.zm

Download the document here: ZGCL Advertisement 11 July 2021

1kg of gold now fetching K1.2m – ZCCM IH

Zambia Consolidated Copper Mines Investments Holdings (ZCCM-IH) says it is currently offering a very competitive price for buying gold in the country at K1,150 per gram (about K1.2m for 1kg of gold), which is in line with global gold prices.

ZCCM-IH public relations manager Loisa Mbatha-Kakoma told the Zambian Business Times – ZBT that ZCCM-IH’s pricing has been competitive considering its presence in the market since it started and has raised the prices from the previous prices of about K250 per gram to have more market reflective pricing.

“Our pricing has actually been competitive considering our presence in the market since we started; we raised the prices from the previous unofficial exploitative ones of K250 per gram to have more market reflective pricing. We reached as high as K1,150 per gram from December 2020 to early this year,” she said.

Meanwhile, the price of gold being offered on the black market or by private buyers is currently K1,100 per gram.

Mbatha-Kakoma said in addition, ZCCM-IH does not charge any tax when buying the gold as it pays the tax on behalf of the artisanal small-scale miners.

“We do not charge any tax when buying the gold, as a matter of fact; we actually pay the tax on their behalf. Therefore, our pricing still remains competitive on the market and reflective of the global prices,” she reiterated.

Mbatha-Kakoma said the buying programme of gold is ongoing, and that ZCCM-IH has continued undertaking stakeholder awareness and engagement on the program. She said further, the company has so far set up gold-buying centres in strategic panning areas such as Lumezi, Vubwi and Rufunsa districts.

She also disclosed that from June 2020 to March 2021, the Zambia Gold Company, which is part of ZCCM-IH, has produced cumulative of 91 kilograms (KGs) of gold. Mbatha-Kakoma said that monthly production of gold varies depending on the availability of ore material.

She said in terms of formalizing artisanal small scale miners, ZCCM-IH’s role is working with licensed artisanal miners. Mbatha-Kakoma said so far, it was working with registered and licensed cooperatives in Rufunsa, Vubwi and Lumezi.

In March 2020, ZCCM-IH started buying gold from artisanal and small-scale miners in the country. However, some artisanal gold miners had complained to ZBT stating that the black market prices were more attractive, leading to most Gold not being mopped up by the formal market.

Source: https://zambianbusinesstimes.com/local-gold-prices-now-very-attractive-zccm-ih/

STATE PRIORITISES GOLD PROCESSING

GOVERNMENT has engaged ZCCM-IH Gold Mining Company to start processing and grading gold from all mining sites in the country, Ministry of Mines and Mineral Development director of mines, Fred Banda has said.

Mr Banda said that gold processing was a very important part of the gold value chain and hence the government’s resolve to prioritise the venture.

He said ZCCM-IH Gold would work with the gold mining cooperatives and ensure that the gold was processed and graded for sale to the Bank of Zambia

Mr Banda said that the gold mining company would not fix the price, but this would be done in liaison with the cooperatives who were a key stakeholder in the gold mining value chain.

He urged all gold mining cooperatives to work with the gold mining company incorporated by ZCCM-IH to be responsible for processing of the gold.

Mr Banda assured the cooperatives that the government would ensure that they get value for their input.

“We will ensure that they get a good price for their gold,” he said.

Mr. Banda also urged the miners not to trade with illegal buyers, but only do business with ZCCM-IH who were the government buyer for the commodity.

And Rufunsa’s Chimwetu Gold Mining Cooperative chairman, Emmanuel Tembo thanked the government for the support to the small-scale miners.

Meanwhile, Pokela Gold Mining Cooperative vice chairman, Josias Malunga assured the government that the cooperatives would process and sell their gold to the Zambia Consolidated Gold Mining Company so as to ensure that they got the best out of their mining activities.

Source: https://dailynationzambia.com/2021/05/12/state-prioritises-gold-processing/

Government Implored to Institute Initiative to Plug Gold Leakages

The small scale miners association of Zambia is calling for the setting up of inspection mechanisms under the ministry of mines and minerals aimed at identifying sites countrywide that produce gold which is not being accounted for.

Association president, Kunda Chani notes that Zambia has a lot of gold sites where gold is being produced but is not being accounted for.

Chani explained that so far, the country is on the right trajectory in terms of gold production.

He added that putting in place an inspection mechanism will enable the zambia consolidated copper mine investment holding –ZCCM-IH- to account for every gold being produced in the country for the benefit of Zambians. -PHOENIX NEWS

 

Source: https://zambianeye.com/government-implored-to-institute-initiative-to-plug-gold-leakages/

 

Gold rush changing lives in Mwinilunga

NANCY SIAME
Mwinilunga
MINING of gold in Mwinilunga in North-Western Province seems to have brought life to the area with social and economic activities slowly increasing, a trend that has delighted the local populace.
Previously known for honey and pineapples, the discovery of gold in Kasenseli has changed the narrative for Mwinilunga.
Kasenseli gold mine, which was discovered by the local people in Chief Chibwika’s area in July 2019, saw an influx of people illegally exploiting the easily accessible gold deposits and sold it cheaply because most of them did not know its value.
Government quickly intervened through a presidential directive to stop all mining activities pending identification and consequently engagement of a suitable mining investor.
Zambia Consolidated Copper Mining-Investment Holdings (ZCCM-IH) was identified to run the mining activities at the gold mine on behalf of Government.
Since then ZCCM-IH has been buying the mineral from artisans and small-scale miners. CLICK

Source: http://www.daily-mail.co.zm/gold-rush-changing-lives-in-mwinilunga/

Zambia’s Central Bank Shores up Gold Stocks by $15million in first Quarter

The central bank in Africa’s second largest copper producer has successfully shored its bullion reserves by K345.6 million (circa. $15 million) since yearend of 2020 to end of 1Q21. This initiative is supported by a gold purchase agreement signed with First Quantum Mining – Kansanshi Copper Mine and the state mining investment vehicle ZCCM-IH last year. Bank of Zambia opted to shore falling foreign exchange reserves buy stocking up with gold following recent discovery of the asset in key parts of Zambia. The red metal producers reserves have fallen to decade lows of $1.3billion weakening its import cover to less than 2.5 months leaving the Southern African nation vulnerable to external shocks.

In the period December 2020 to March 2021 the BOZ successfully shored its gold stock by 9,975 ounces (282.8 kgs) a cost of K345.6 million. Sixty nine percent of the purchases were from Kansanshi Copper Mining Plc at a cost of K241.8 million, while 30.7% (86.84 kgs) was from Zambia Gold company, a subsidiary of ZCCM – IH at a cost of K103.8 million.

Bank of Zambia Governor Mr. Christopher Mvunga looks on as First Quantum Mining Limited Director Operations Mr Rudi Badenhorst sign the Gold Purchase Agreement with the Central Bank in Lusaka 2020.

According to a press statement from the regulator, the Bank plans to purchase around 25,200-ounces of London Good Delivery gold from Kansanshi Copper Mining Plc and 21,000 ounces of dore gold with a minimum of 88% purity from Zambia Gold Company annually. These estimates are based on the gold purchase agreements signed with Kansanshi Copper Mining Plc and Zambia Gold Company in December, 2020. The central bank hinges viability and attractiveness of this the gold purchase venture in the local currency pricing which hedges against foreign exchange risk. The dore gold purchased from Zambia Gold Company will only reflect in international reserves after refining.

The purchase price of the commodity is not fixed and is determined by the London Bullion Market Association (LBMA). The LBMA, established in 1987, is the international trade association representing the global Over the Counter (OTC) bullion market, and defines itself as “the global authority on precious metals”.

Other interventions that the copper producer has in place to shore up reserves include dollarization of mining taxes paid directly to the central bank.

Source: https://thebusinesstelegraph.com/2021/04/22/zambias-central-bank-shores-gold-stocks-by-15million-in-first-quarter/