Zambia has posted increase in annual silver production after the release of official 2022 annual minerals production numbers. The Copper rich country has posted a gigantic jump in annual silver production, with annual 2022 production hitting 17 tons.
Spot prices for Silver in February 2023 are averaging at about $700 per kilogram or $700,000 per ton, meaning that the Zambian economy would ideally be cashing or has cashed in about $11, 900 000 million if export proceeds are to be remitted back into the local Banking system.
A check by the Zambian Business Times – ZBT – shows that annual silver production has jumped by 12 tons from 6 tons produced in 2021 to 17 tons produced last year in 2022.
Following this production jump in Silver, a Mining expert has urged the central bank – the Bank of Zambia BoZ to consider stockpiling the increasing silver which is being produced in Zambia as it’s a high value mineral that could be used like gold as a strategic reserve to help arrest the perpetual depreciation of the Kwacha.
Zambia’s Silver production has hit 17 tons in 2022, this is a record increase from the previous years production of only 6 tons for 2021. The official report did not state which mine has produced the Silver, but a source who is not authorized to speak to the media said it’s most likely coming from FQM’s Kansanshi mine and Mopani among others.
Speaking in an exclusive interview with the Zambian Business Times – ZBT, Mining expert Edward Simukonda said silver has the capacity to seriously contribute to the Zambian economy as it has good price on the London Metal exchange – LME.
Simukonda said such rare metals that are being produced in Zambia should be well accounted for and stockpiled at the central Bank so that the country can build up reserve as there is no much silver in the world.
