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UPDATE 2-Zambia to buy gold from miners to bolster foreign reserves

(Adds deal between central bank and ZCCM-IH, quotes)
LUSAKA, Dec 11 (Reuters) - The Bank of Zambia will begin buying gold from Canadian miner First Quantum Minerals and the state mining firm as it resumes holding the precious metal as part of its foreign reserves, the central bank governor said on Friday.
The southern African nation - a major copper producer - became Africa’s first pandemic-era sovereign default last month after it failed to pay a coupon on one of its dollar-denominated bonds.
“During periods of market stress - when assets would be losing value - gold would be adding value, thereby shielding the whole portfolio from large losses,” Bank of Zambia Governor Christopher Mvunga said. ....

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Zambian Inflation Accelerates to Four-Year High

Nov 26 2020, 7:56 PM
November 26 2020, 2:25 PM
November 26 2020, 7:56 PM
(Bloomberg) Zambian inflation quickened for the third straight month in November to a four-year high.
(Bloomberg) Zambian inflation quickened for the third straight month in November to a four-year high.
Consumer prices rose 17.4% from a year earlier, compared with 16% in October, Mulenga Musepa, the interim statistician general at the Zambia Statistics Agency, told reporters in Lusaka, the capital. Costs increased 2.2% in the month.
Annual food inflation accelerated to 16.8% in November from 14.6% a month earlier and non-food prices rose by 18.2%. That was mainly driven by vehicle purchases, Musepa said. Price growth has exceeded the central bankâs target band of 6% to 8% for 19 months and is forecast to remain above the range for the next two years, Bank of Zambia Governor Christopher Mvunga said last week. ....

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Zambia : Bank of Zambia signs a Gold Purchase Agreement with Kansanshi Mining PLC

The Bank of Zambia has signed a Gold Purchase Agreement with Kansanshi Mining PLC, a subsidiary of First Quantum Minerals.
BoZ Governor, Mr Christopher Mvunga, signed the agreement on behalf of the Central Bank while, Director of Operations at First Quantum Minerals, Mr Rudi Badenhorst, signed on behalf of Kansanshi Mining PLC.
The Agreement is a milestone in the Bank’s efforts to resume the holding of gold as part of the country’s foreign exchange reserves.
Mr Mvunga said Kansanshi Mining Plc was identified as a counterparty since it has been producing the commodity on a commercial basis since 2006. ....

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Zambia to buy gold from miners

To bolster foreign reserves. ....

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UPDATE 2-Zambia to buy gold from miners to bolster foreign reserves

UPDATE 2-Zambia to buy gold from miners to bolster foreign reserves
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.

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