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Zambia’s copper production is expected to increase following a partnership with the Democratic Republic of Congo (DRC) on the manufacturing of Batteries for Electric Vehicles (BEV).
The country stands to gain from the Memorandum of Understanding signed last year between Zambia and DRC on the production of BEV, Stanbic Chief Executive Mwindwa Siakalima said.
Siakalima said the MoU would see a rise in copper production as well as the emergence of other green metals required in the production of electric batteries for vehicles.
Siakalima was giving the bank’s position on Zambia’s Mines and Mineral Development to Paul Kabuswe during a panel discussion that looked at ‘Mineral Value Addition for Africa in Cape Town on Wednesday.
He stated that as the world focuses on the decarbonisation agenda, copper is now being touted as the new gold, together with other green metals.
Siakalima said there was a need to take the opportunities emerging from the rising battery demand to power electric cars; and the Zambia-DRC can play a significant role in the global clean energy agenda.
“The BEV partnership between the two countries will also create a number of benefits such as the setting up of a manufacturing plant in Ndola, business linkages for the mining value chain, infrastructure development as well as employment creation amongst others,” he said.
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