Bank of Zambia plans to build US$36m worth of gold reserves in 2021 to support local currency

ZAMBIA – Bank of Zambia (BOZ) has revealed plans to buy up about 600 kilograms of Gold from the Zambia Gold Company in 2021, having so far bought 47 kilograms of gold from ZCCM IH subsidiary, Zambia Gold company. The US$36 million gold reserves value excludes gold that will be purchased via its second gold buying agreement with First Quantum Minerals – FQMs Kanshanshi Mine of Solwezi. In an exclusive response to the Zambian Business Times, Bank of Zambia stated that that they target to buy 600kgs of gold from…

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