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ZANACO Bank has facilitated approximately US$247 million in transactions across the mining value chain over the past two years, reaffirming its commitment to the sector as it participates in the Investing in African Mining Indaba 2025.
The event is taking place in Cape Town, South Africa from February 3 to 6.
The bank’s Chief Executive Officer, Mukwandi Chibesakunda, stressed the importance of collaboration to meet Zambia’s ambitious target of increasing copper production to three million tonnes by 2031.
“Collaboration among all stakeholders, including commercial banks, is essential to achieve this goal,” Chibesakunda said.
ZANACO highlighted its support for several mining projects last year, notably providing a US$14.2 million facility for the Fipimpa Copper Mine.
The facility is expected to add 20,000 tonnes annually to national copper production.
Chibesakunda also pointed to major projects driving production targets, including Barrick’s Super Pit, FQM’s Kansanshi Shaft 2, the revitalisation of IRH’s Mopani, and Vedanta’s Konkola Copper mines, alongside ventures such as China Jiangxi’s Lubambe Mine and Kobold Metals’ Mingomba operation.
In addition to offering tailored financial solutions, ZANACO says it is committed to fostering dialogue on the future of mining in Africa.
“Our goal is to explore collaborative ways to address industry challenges and maximise the potential of Africa’s critical mineral endowment,” Chibesakunda added.
In related developments, Finance and National Planning Minister, Situmbeko Musokotwane, has arrived in South Africa ahead of the indaba.
Representing President Hakainde Hichilema, Musokotwane, along with his Mines and Minerals Development counterpart Paul Kabuswe, Mines Permanent Secretary Hapenga Kabeta, Minister of Transport and Logistics Frank Tayali, private sector players, and other senior officials, is set to engage in several bilateral meetings with potential investors and stakeholders.
The Zambian delegation was received by Zambia’s Acting High Commissioner to the Republic of South Africa, Inonge Mwenya.
The event is expected to foster collaborations that drive operational success, advance sustainable practices, and pave the way for a brighter future for the mining industry across Africa.
This may be particularly important as Zambia embarks on an ambitious plan to boost copper production from the current 800,000 tonnes to 3 million tonnes per year by 2032.
The Indaba is said to have attracted thousands of delegates from more than 100 countries, 1,200 investors, 700 mining companies, and is expected to host more than 25 government ministers at the 2025 African Mining Indaba Ministerial Symposium.
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