Stanbic Bank Bullish on Zambia’s Mining Prospects as Copper Production Soars
Stanbic Bank has expressed optimism about Zambia’s mining sector, citing increased copper productivity and growing investments as key drivers of the industry’s bright outlook.
Stanbic Chief Executive, Mr. Mwindwa Siakalima, applauded Zambia’s copper production of 820,570 metric tonnes in 2024—a 12% increase from the 732,580 tonnes produced in 2023.
Speaking in Lusaka, Mr. Siakalima emphasized that the sector’s growth reflects ongoing government reforms, including countrywide geological mapping, enhanced mineral exploration, and regulatory improvements to boost transparency and efficiency.
“The sector is vital to Zambia’s development, and we remain optimistic about achieving the government’s goal of producing 3 million metric tonnes of copper annually by 2031. Investments and production gains are steadily contributing to the GDP,” Mr. Siakalima noted.
The bank also confirmed its continued commitment to the mining industry through its sponsorship of the 31st Investing in African Mining Indaba, set to take place from 3–6 February 2025 in Cape Town, South Africa.
Stanbic will participate as a ‘Silver Sponsor’ under the Standard Bank Group and will showcase services such as project financing, risk management solutions, sustainable investment products, and advisory services.
Themed “Future-Proofing African Mining, Today!”, the Mining Indaba offers an important platform to highlight Stanbic’s contributions to sustainable mining practices.
Zambia’s copper production gains in 2024 were driven by increased output at major mines, including Barrick Gold’s Lumwana Mine, Vedanta Resources’ Konkola Copper Mines (KCM), and Mopani Copper Mines, now managed by the UAE’s International Resources Holding.
