In a governor’s speech marking the signing of a refined-gold supply contract, the Bank of Zambia confirmed a third agreement with Kansanshi Mining PLC under its programme to source gold domestically to support international reserves. The Bank reported it has so far purchased about 2.8 metric tonnes of refined gold from Kansanshi Mining PLC. The Bank said it is expanding the domestic gold purchase programme to cover a broader range of suppliers, including artisanal and small-scale miners as well as large-scale operations, and has circulated draft guidelines to key stakeholders for input. The speech also referenced progress under the Export Proceeds Tracking Framework, introduced through directives to export-sector participants in 2023, while noting that reconciliation of flows remains outstanding, and pointed to revised currency regulations expected to be implemented later in 2025 that would require the Kwacha and Ngwee to be used as the sole legal tender for domestic transactions. Next steps include finalising the expanded gold-purchase guidelines after considering stakeholder feedback and completing the consultation process on the revised currency regulations.
Bank of Zambia 2025-08-07
Bank of Zambia signs refined-gold supply contract with Kansanshi Mining and plans to widen domestic gold purchase programme
The Bank of Zambia announced a third gold supply agreement with Kansanshi Mining PLC to bolster reserves, having purchased 2.8 metric tonnes of refined gold. The Bank is expanding its domestic gold purchase programme to include more suppliers and has circulated draft guidelines for feedback. Additionally, the Bank highlighted progress on the Export Proceeds Tracking Framework and upcoming currency regulations mandating the Kwacha and Ngwee as the sole legal tender for domestic transactions.