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Zambia’s cumulative refined gold reserves as of the end of October 2022, stood at 46,200 ounces (about 1,438 kilograms) valuing US$83 million (about K1.5 billion)
Zambia’s cumulative refined gold reserves as of the end of October 2022, stood at 46,200 ounces (about 1,438 kilograms) valuing US$83 million (about K1.5 billion).
The Central bank, the Bank of Zambia (BoZ), the custodian of Zambia’s reserves, is projected to purchase about 25,000 ounces (about 780 kgs) of Gold before the end of 2022. By October 2022, the Bank purchased 21,000 ounces (654.2kg) of refined Gold. The Central Bank purchases refined gold from Kasanshi Mining Plc on a monthly basis. The BOZ is also developing the National purchase program of gold from artisanal miners under a framework that is being developed by the Government. This will be finalized and rolled out soon.
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The Central Bank will continue to purchase gold from First Quantum Minerals – FQM’s Kansanshi Mine, which is the largest and the purchase of gold will be the highest. However, ZCCM-IH owned Zambia Gold Company’s indefinite closure- for almost one year now- remains a concern for further growth of gold mining in Zambia. The BoZ is permitted to hold Gold as part of the country’s international services and to diversify the asset mix in the international reserves portfolio.B0Z can buy the locally available gold to stockpile gold reserves to a sizeable value of over US$1 billion to beef up its reserves. Zambia is still dependent on copper exports accounting for over 70% of total exports.
