BANK OF ZAMBIA REMAINS SOLE AUTHORISED GOLD BUYER

BANK OF ZAMBIA REMAINS SOLE AUTHORISED GOLD BUYER By Rachel Mumba The government says the Bank of Zambia remains the country’s sole authorised buyer of gold, as authorities move to tighten regulation of the gold trading sector. Ministry of Mines and Minerals Development Permanent Secretary Hapenga Kabeta says gold purchasing and processing arrangements are expected […]

BANK OF ZAMBIA REMAINS SOLE AUTHORISED GOLD BUYER

By Rachel Mumba

The government says the Bank of Zambia remains the country’s sole authorised buyer of gold, as authorities move to tighten regulation of the gold trading sector.

Ministry of Mines and Minerals Development Permanent Secretary Hapenga Kabeta says gold purchasing and processing arrangements are expected to be channelled through the central bank under a new regulatory framework.
Dr Kabeta says companies involved in downstream gold activities will be required to obtain separate licences once the new framework comes into effect.

He warns that dealing in gold without the required licence is an offence that could lead to arrest and prosecution.

Dr Kabeta says the legal framework is largely in place and will be presented to Parliament once the legislative process resumes.

He has also urged stakeholders to ensure their gold-processing operations, sources of gold and technologies comply with the emerging regulatory requirements.