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The Bank of Zambia (BoZ) has announced plans to expand its domestic gold purchase programme to include artisanal and small-scale miners, in a move aimed at strengthening the country’s gold reserves and broadening local participation in the gold supply chain.
The announcement was made on Thursday by BoZ Governor, Denny Kalyalya, during a signing ceremony in Solwezi, where the central bank also renewed its gold supply agreement with Kansanshi Mining Plc for another three years.
The previous agreement, signed in 2021, expired in December 2024.
Kalyalya said the central bank was finalising guidelines that will allow artisanal and small-scale miners to participate in the programme.
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“We are pleased to inform the public that the Bank of Zambia is in the process of expanding its domestic gold purchase programme to include a broader range of suppliers,” he said.
“This expansion does not diminish the value of our current partnerships—on the contrary, it builds on them.”
He added that once feedback from key stakeholders is received, the new guidelines will be finalised and implemented.
On the renewed deal with Kansanshi, Kalyalya said it aligned with the Bank’s strategic objective of using gold as a hedge against foreign exchange volatility and as a means of diversifying the country’s international reserves.
Under the previous agreement, Kansanshi supplied 61 percent of its gold dore production to BoZ, contributing to the 2.8 tonnes of refined gold—valued at approximately US$300 million—purchased by the Bank to date.
Kalyalya noted that central banks worldwide were increasingly turning to gold as a store of value, with global reserves rising significantly in recent years, according to the World Gold Council.
“We remain optimistic that the execution of this contract will strengthen our collaboration and form a solid base for even greater cooperation in the future,” he said.
Kansanshi Mine General Manager, Meiring Burger, described the renewed agreement as a significant milestone and a testament to the mining sector’s contribution to national development beyond tax revenues.
“This partnership speaks to a broader vision we at FQM and KMP are deeply committed to: creating long-term value for Zambia,” he said, adding, “The gold we produce here is not just leaving the mine—it is building national reserves, strengthening monetary policy, and contributing to Zambia’s economic sovereignty.”
Burger also highlighted Kansanshi’s efforts in promoting local value addition, citing the supply of copper to local manufacturers.
“This demonstrates a virtuous cycle—where our production supports both global markets and Zambian industrial growth,” Burger said.
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