ZANACO optimistic about Zambia’s copper production target, invests to support growth, says Saasa

ZANACO Bank has expressed confidence that Zambia can achieve its goal of producing one million tonnes of copper by the end of this year, citing a stable economy, digital mapping, and a supportive policy environment as key factors driving the sector’s progress.

Speaking during a ZANACO cocktail event at the Investing in Africa Mining Indaba 2025 in Cape Town, Bank’s Board of Directors Chairperson, Oliver Saasa, expressed belief that the country would meet its ambitious copper production target.

“We are confident that by the end of this year, Zambia can reach the milestone of one million tonnes of copper production,” Saasa said, adding that the country’s favorable climate was poised to support further growth toward a target of three million tonnes annually by 2031.

Over the past two years, ZANACO claimed to have facilitated approximately US$247 million across the mining value chain, underscoring its commitment to supporting Zambia’s copper sector.

One notable project, the Fipimpa Copper Mine, reportedly received a US$14.2 million credit from the bank, which was expected to add 20,000 tonnes to Zambia’s annual copper output.

Chief Executive Officer, Mukwandi Chibesakunda, emphasized the importance of the mining sector to Zambia’s broader development agenda.

“Mining is not just an industry; it is a driving force that supports national development, countless livelihoods, and enhances the overall well-being of our people,” Chibesakunda said.

Finance and National Planning Minister, Situmbeko Musokotwane, highlighted the need for strengthened partnerships between financial institutions and mining sector players to foster sustainable economic growth.

He commended the bank for its steadfast support in financing projects that benefit both the mining industry and the broader economy.

Meanwhile, Mines and Mineral Development Minister, Paul Kabuswe, acknowledged the bank’s critical role in advancing the country’s economic development, noting the bank’s consistent efforts to fund initiatives that underpinned Zambia’s mining industry and support national goals.

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