Partnerships Central to Sustainable Mining Growth, Says Stanbic Bank
Stanbic Bank Zambia Chief Executive Officer Mwindwa Siakalima has emphasised that strong partnerships are essential for achieving sustainable growth in Zambia’s mining sector, while welcoming Government efforts to strengthen local content participation.
Speaking at the Association of Zambian Mineral Exploration Companies (AZMEC) breakfast meeting on the sidelines of the 2026 Investing in African Mining Indaba in Cape Town, Mr Siakalima said collaboration across the mining ecosystem was critical to unlocking long-term value.
Responding to this year’s Mining Indaba theme, “Stronger Together: Progress Through Partnerships,” Mr Siakalima noted that Africa’s true strength in mining lies in effective partnerships among governments, mining companies, contractors, suppliers, service providers, financiers and host communities.
He added that the theme aligns closely with AZMEC’s focus on “Zambia’s Mining Future: Strategic Partnerships for Exploration, Investment and Sustainable Growth.”
Mr Siakalima said Stanbic Bank, as part of the Standard Bank Group – Africa’s largest bank by assets – has continued to support Zambia’s mining sector through tailored financing solutions for both greenfield and brownfield mining projects.
“Our deep sector expertise, scale and balance sheet have enabled us to support key mining houses and the broader mining value chain,” he said. “As a bank, it is important that we understand the mining sector through a financing lens, anticipate its needs, and structure solutions for complex projects such as those found in mining.”
On the role of energy in supporting mining growth, Mr Siakalima highlighted Stanbic’s active involvement in addressing Zambia’s recent power challenges, which had significant impacts on the mining sector and the wider economy.
“The energy challenges we experienced last year required a multi-sectoral approach to find solutions,” he said.
He disclosed that Stanbic provided one of its largest financing deals, valued at US$71.5 million, to support the 100MW Chisamba Solar PV Project, which supplies power to First Quantum Minerals. The bank also partnered with Africa Greenco to advance a US$55.5 million facility used to prepay for more than 130MW of electricity imports during the peak of the energy crisis.
In addition, Stanbic acted as lead manager and underwriter for the second tranche of Zambia’s first green bond, issued by Copperbelt Energy Corporation and valued at US$96.7 million. Proceeds from the bond were used to finance the construction of a 136MW solar power plant on the Copperbelt.
Mr Siakalima said these partnerships with entities such as Kariba North Bank Extension Power Corporation, Africa Greenco and Copperbelt Energy Corporation demonstrated how collaboration helped ease pressure on the national grid and kept mining operations running during the power crisis.
Turning to policy issues, Mr Siakalima commended the Government for introducing Statutory Instrument No. 68 of 2025 on Local Content Regulations, describing it as a positive step towards integrating local small and medium-sized enterprises (SMEs) into the mining value chain.
“Stanbic is ready to partner and support local companies, enabling them to compete for larger contracts and deliver to high standards,” he said. “We will continue to champion community-based enterprise development through capacity building. When local businesses grow, communities grow, and ultimately Zambia and Africa grow.”
