By 
Zambia’s mining industry has remained an attractive proposition for further investment.
This is on the back of high copper prices, which have remained at over US $9,400 per tonne, government commitment to increase power supply and stable mining policies.
Stanbic Bank Chief Executive, Mwindwa Siakalima said this on the sideline of the 2023 Investing in the African Mining Indaba.
The Investing in Mining Indaba 2023 will be held under the theme ‘Unlocking African Mining Investment: Stability, Security and Supply.
“In an effort to support platforms that drive necessary conversations about the evolution of the mining sector, we are, once again, at this year’s Mining Indaba,” he said.
Siakalima indicated that Zambia’s mining industry had reached a stage in its development where further investment was required to unlock the sector’s potential.
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“We were delighted to learn last year that First Quantum Minerals (FQM) announced US $1.25 billion investment package to expand operations at Kansanshi Mine and Smelter in Solwezi – the long-awaited project collectively known as ‘S3’, a sum that is the largest financial commitment to Zambia in over a decade,” he said.
Siakalima pointed out an additional US$100 million was allocated to starting up their Enterprise Nickel project in Kalumbila.
“It was by no coincidence that this investment package was announced one year ago at a time when copper prices stretched at over US$10,500 per tonne and Zambia’s installed power generation capacity had expanded to around 3,000 megawatts.
“With government’s renewed commitment on further increasing the country’s installed power generation capacity following the landmark Agreement signed with the United Arab Emirates (UAE) to develop and deploy large-scale solar projects across the country, estimated at US$2 billion, we’re confident that mining productivity will correspondingly increase with new investments,” Siakalima said.
He anticipated that increased power availability would bolster local supply chains and strengthen business linkages to support the enterprise sector.
Siakalima reiterated that for Zambia to achieve the desired three million tonne per annum target by 2032, this depended on sufficient and reliable power supply and uptake of renewable energy.
“The key to Zambia achieving its target of three million tonnes of copper production by 2032 will be the country’s ability to generate sufficient renewable energy to bolster its current energy generation capacity.
“The private sector, partnering with government, will be a crucial enabler in providing the funding for, and investments in, the energy producers that will allow mining companies to step up copper production from the 800,000 tonnes the country currently produces,” he said.
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