The bank of Zambia has revealed that the suspension of mining operations at Kasenseli Mine in October 2021 by the Ministry of Mines and Minerals Development has contributed to the low volume purchases of Dore gold for reserve.

The bank said it has only been able to purchase 3,536 ounces of Dore gold, further stating that in April 2021 The Bank projected to procure 21,000 ounces of Dore gold from Kasenseli Mine, a subsidiary of Zambia Gold Company of which was revised downwards because of the lower production levels that were realized later in the year.

Bank assistant communications director communications Besant Mwanza told one love radio news in an exclusive interview that, Gold purchases from Kasenseli Mine will resume once the suspension placed on the Mine is lifted.

“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 22,900 ounces of refined gold and will continue to purchase gold from Kansanshi Mine to augment its reserves”, she said.

Ms. Mwanza also said In 2021 the Bank planned 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 per year, of which the estimates were based on the gold purchase agreements signed with the companies in December, 2020. 

She further said the objective of this initiative is to shore up and diversify international reserves holdings.

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