KANSANSHI MINE, BOZ & THE GOLD AGREEMENT MYSTERY: WHAT HAPPENED?
In 2020, the Bank of Zambia (BoZ) proudly announced a Gold Purchase Agreement with Kansanshi Mining PLC, a subsidiary of First Quantum Minerals (FQM). The agreement, signed by then-Governor Christopher Mvunga and Rudi Badenhorst, Director of Operations at FQM, was celebrated as a milestone in BoZ’s strategy to strengthen foreign exchange reserves through local gold holdings.
But fast-forward to 2025 and the headlines now tell us that Kansanshi Mining has inked a “new” gold deal with a foreign company.
So the obvious question is:
What happened to the BoZ – Kansanshi gold purchase agreement of 2020?
Is it still active? Was it terminated? Renegotiated? Ignored? Or just politically decorative?
Other key Questions the Public Deserves Answers To:
1. Was the 2020 BoZ-Kansanshi agreement ever implemented beyond the signature ceremony and press statements? If so, how much gold did BoZ actually purchase under it?
2. Why has Kansanshi now signed with a foreign entity for gold sales instead of continuing to supply the national central bank?
3. Was BoZ sidelined or did it willingly back out? If sidelined, this raises serious concerns about Zambia’s sovereignty over its natural resources.
4. What are the implications for Zambia’s forex reserves if our own gold is now being exported under private or foreign agreements?
5. Was this “new” deal approved or reviewed by the Ministry of Finance or BoZ? Or are we seeing parallel deals that override national interest?
6. Where does ZCCM-IH stand in all this, especially considering its 20% stake in Kansanshi and its role in government’s mining oversight?
7. How transparent are these gold transactions, really? With gold prices hitting record highs, Zambians deserve to know who is benefitting.