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STANBIC BANK BULLISH TOWARDS ZAMBIA’S MINING SECTOR OUTLOOK

Stanbic Bank says Zambia’s mining prospects look very bright on account of increased copper productivity and continued investments in the sector. The Bank is also preparing to attend and participate in the upcoming 2025 Mining Indaba. Speaking in Lusaka recently, Stanbic Chief Executive, Mr. Mwindwa Siakalima, hailed the country’s increased copper productivity of over 820,000 metric tonnes achieved last year, which is up from 732,580 tonnes produced in 2023.

He also announced that the Bank is set to continue its sponsorship of the 2025 Mining Indaba due to take place in Cape Town, South Africa next week, where the Bank is will showcase its various services that promote sustainable mining practices.

Zambia’s copper mining production in 2024

Official data from the Ministry of Mines and Minerals Development shows that Zambia’s ten large-scale copper mining companies collectively produced around 820,570 metric tonnes last year, up from 732,580 tonnes produced in 2023, representing a 12% increase,Copper mining output was positively impacted by increased production at key mines, including Barrick Gold’s Lumwana Mine, Vedanta Resources’ Konkola Copper Mines (KCM), and Mopani Copper Mines, recently acquired by the United Arab Emirates’ (UAE) International Resources Holding.

According to the Ministry of Mines and Minerals Development, it is also expected that Zambia will attain the targeted goal of at least 3 million metric tonnes of copper production by 2031, as the level of copper production has been systematically increasing since 2022.

Stanbic optimistic of continued copper production

Commenting on the country’s mining outlook, Mr. Siakalima said: “Zambia’s mining prospects look very bright, and the sector will continue to play a key role in the development of our country. Key interventions are being put in place by Government that will support the goal of producing 3 million tonnes of copper by 2031. These include conducting countrywide geological mapping and mineral exploration and enhancing the regulatory framework for transparency and efficiency, hence making the sector more attractive. Production levels have gone up to about 821,000 tonnes of copper in 2024 from around 733,000 tonnes of copper in 2023 so that 12% increase represents progress. There is also a good resurgence of investments and interest in the mining sector so I believe it may continue growing, which we would like to see reflect in our country’s Gross Domestic Product (GDP).

On Stanbic’s continued participation at the 2025 Mining Indaba, set for 3- 6 February 2025, Mr. Siakalima concluded: “Stanbic has once again sponsored the annual Mining Indaba as a ‘Silver Sponsor’ under the Standard Bank Group, with the aim of showcasing our diverse array of services, which range from project financing and risk management solutions to sustainable investment products and advisory services.”

The 31st edition of the Investing in African Mining Indaba being held this year is under the theme: “Future-Proofing African Mining, Today!”

www.stanbicbank.co.zm

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