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Stanbic Bank says Zambia’s mining prospects look promising, driven by increased copper production and sustained investments in the sector.
In a statement released in Lusaka on Monday, Stanbic’s Chief Executive, Mwindwa Siakalima, praised the country’s copper output, which exceeded 820,000 metric tonnes in 2024—a significant rise from 732,580 tonnes produced in 2023.
The bank also announced its participation in the upcoming 2025 Mining Indaba, where it would showcase its services that promote sustainable mining practices.
He also revealed that the bank would continue its sponsorship of the 2025 Mining Indaba, to be held in Cape Town, South Africa, where it planned to highlight its extensive services ranging from project financing and risk management to sustainable investment solutions.
According to official data from the Ministry of Mines and Minerals Development, Zambia’s ten large-scale copper mining companies collectively produced around 820,570 metric tonnes last year, marking a 12 percent increase from the previous year.
Key mines such as Barrick Gold’s Lumwana Mine, Vedanta Resources’ Konkola Copper Mines (KCM), and Mopani Copper Mines, now owned by the UAE’s International Resources Holding, were major contributors to this boost in production.
The Ministry of Mines had projected that Zambia could reach the target of three million metric tonnes of copper production by 2031, with copper output steadily rising since 2022.
Commenting on Zambia’s mining outlook, Siakalima said: “Zambia’s mining prospects look very bright.
The sector remained crucial to the country’s development, supported by key government interventions aimed at achieving the three million-tonne target by 2031.
Read More: PWC projects Zambia’s copper production will fall short of govt’s 2031 targets
These measures included nationwide geological mapping, mineral exploration, and enhancing the regulatory framework for greater transparency and efficiency.”
He noted that the 12 percent increase in copper production from 2023 to 2024 was an encouraging sign of growth, with investments in the sector continuing to rise.
Regarding the upcoming Mining Indaba, Siakalima stated, “Stanbic is proud to once again sponsor the Mining Indaba as a Silver Sponsor under the Standard Bank Group.
“This platform allows us to highlight our services, including project financing, risk management solutions, and advisory services that support sustainable investment in mining.”
The 31st edition of the Investing in African Mining Indaba, scheduled for February 3-6, 2025, will focus on the theme: “Future-Proofing African Mining, Today!”
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