Stanbic Bank Zambia has projected an increase in copper production this year owing to more investments that have gone into the mining sector in the country.
Bank Chief Executive, Mwinda Siakalima, said this was also owing to the fact that there had been alot of technological advancements in the mining sector.
Siakalima said this on Monday at the 30th African Mining Indaba, in Cape Town, South Africa.
In his remarks, Siakalima stated: “As the global economy gradually shifted to renewable energy sources and towards a Net Zero future, with a particular focus on decarbonisation, copper.”
He stated that renewed investment in the country’s mining sector would result in a rise in copper production this year and an increase in employment opportunities in the extractive sector.
Siakalima said they were confident that the mining sector investments would boost productivity, and in addition to other strategic minerals such as cobalt, nickel, lithium and manganese, are emerging as the key drivers in the production of electric vehicles.
“From a technological side, there is need to invest in technology and it is something that, as Stanbic, we would like to be part of in terms of how do we think about mineral exploration and being part of those stakeholders and new companies that may be coming into Zambia,” he stated.
Siakalima indicated that the Bank wanted to be part of the conversations, but to also actualise the financing of some of the opportunities that would be unfolding in the country.
“If you look at where this is going, it is making sure we get the raw materials from here, we establish manufacturing bases that will then be able to come up with components and be able to integrate with where these components are going,” Siakalima stated.
He noted that Zambia’s mining sector received more investment commitments, according to the Zambia Chamber of Mines amounting to $3.4 billion last year, compared to $1.7 billion in 2022.
Siakalima said the country had so far benefited from new investments including a $150 million invested into the Mingomba Deposit Exploration Site in Zambia’s Chililabombwe District by KoBold Metals.
“This is a US-based company utilising Artificial Intelligence to discover critical minerals for the new energy economy and renewable energy revolution,” Siakalima stated.
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