• BOZ has bought 282.79 Kgs of gold since December, 2020.
• 195.95 Kgs was purchased from Kansanshi Copper Mining, and 86.84 Kgs from Zambia Gold Company
• BOZ plans to purchase around 25,200 ounces of London Good Delivery gold from Kansanshi Copper Mining Plc.

The Bank of Zambia (BOZ) says it has bought 282.79 kilograms of gold since December, 2020 at a total cost of K345.6 million.
Bank Assistant Director-Communications, Besnat Mwanza disclosed to Money FM News in a statement that 195.95 kilograms was purchased from Kansanshi Copper Mining at K241.8 million, while 86.84 kilograms was bought from Zambia Gold Company, a subsidiary of ZCCM – IH at K103.8 million.
Ms. Mwanza said the Central Bank plans to purchase about 25,200 ounces of London Good Delivery gold from Kansanshi Copper Mining and 21,000 ounces of Dore gold with a minimum of 88% purity from Zambia Gold Company per year.
“These estimates are based on the gold purchase agreements signed with Kansanshi Copper Mining Plc and Zambia Gold Company in December, 2020. The objective of this initiative is to shore up and diversify the international reserves. The viability and attractiveness of this venture is that the gold is being purchased in local currency,” Ms. Mwanza said.
She revealed that the Dore gold purchased from Zambia Gold Company will only reflect in international reserves after refining, as 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. Gold Purchases month on month,” she added.