THE Bank of Zambia has this morning signed a Gold Purchase Agreement with both Kansanshi Mining PLC, a subsidiary of First Quantum Minerals and the Zambia Gold Company Limited, a subsidiary of ZCCM Investments Holdings (ZCCM-IH).
Governor Christopher Mvunga, signed the both agreement on behalf of the Bank while, Director of Operations at First Quantum Minerals Rudi Badenhorst, signed on behalf of Kansanshi Mining PLC and CEO ZCCM-IH, Mabvuto Chipata, signed on behalf of Zambia Gold Company Limited respectively.
The two agreements are important milestone in the Bank’s efforts to resume the holding of gold as part of the country’s foreign exchange reserves.
The agreements would further take the Bank’s efforts to build the country’s gold reserves a step further.
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.