Frequently Asked Question

Please read the questions below. Feel free to contact us if you do not find any answer to your question.

Who owns Zambia Gold Company Limited (ZGCL)?

Zambia Gold Company Limited (ZGCL) is a subsidiary of ZCCM-IH, which has 51 percent shares while the Ministry of Finance owns the remaining 49 percent.

What is the connection between ZGCL and Kasenseli Gold Limited?

ZGCL is the subsidiary of ZCCM-IH that has been given the mandate to formalize and develop the gold sub-sector in Zambia while Kasenseli Gold Limited is a special purpose vehicle incorporated in the year 2020 with the responsibility of managing operations at Kasenseli Gold Mine. This special purpose vehicle takes care of the interest of the community and two other local Zambian investors who held the licenses previously within the ZGCL License area. The shareholding for Kasenseli Gold Limited is as follows:

  • Zambia Gold Company 70%
  • PCB Mining 12.5%
  • Kampoko Resources (ceded to seven individuals) 12.5%
  • Chibwika Chiefdom Trust 5%

The local community of Kasenseli are represented through the Chibwika Chiefdom Trust with five percent stake interest. This is the only and first mining project in the country were the local community has a stake, and will benefit through dividends on top of other.

Where is the gold mined from Kasenseli sold?

Currently, there is an agreement between ZGCL and Bank of Zambia, where all the gold mined from Kasenseli Gold Mine is sold to the Central Bank.

At what price does ZGCL buy gold?

A lot of factors such as the current exchange rate and the purity level are taken into consideration when determining the price. Therefore, the actual price can only be determined on the day the transaction will be taking place.

Frequently Asked Questions FAQs Zambia Gold Company Limited

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