Stanbic Bank lauds commissioning of Kansanshi Mine’s $1.25 billion expansion project

Stanbic Bank has reinforced its commitment to Zambia’s mining sector, and expressed satisfaction at being actively involved in the execution of the US$1.25 billion Kansanshi Mine S3 Expansion Project, a development expected to reshape the nation’s copper production capacity.

The project, spearheaded by First Quantum Minerals, introduces a standalone 25 million tonnes per annum (Mtpa) processing plant and a larger mining fleet.

This would increase Kansanshi’s total annual throughput to 53 Mtpa.

According to a statement issued in Lusaka on Wednesday, once operational, the mine is projected to produce an average of 240,000 tonnes of copper per year until 2049, positioning it as a vital contributor to Zambia’s copper production targets.

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Bank’s Chief Executive, Mwindwa Siakalima, said the expansion was a clear signal of confidence in Zambia’s mining sector.

“This project is more than increased copper production. It is a catalyst for employment, a driver of technological progress and a foundation for lasting prosperity in local communities,” he said.

Siakalima said the bank has been a partner to Kansanshi Mine, supporting its contribution to the country’s socio-economic development.

He noted that the government had set an ambitious goal of raising copper production to three million metric tonnes annually by 2031, with brownfield expansions such as Kansanshi S3 central to this strategy.

“Our role is to provide the financial agility and expertise needed to unlock its full potential. Kansanshi is proof of what can be achieved when ambition meets execution,” he said.

Alongside mining, Siakalima stated that the bank was investing in energy infrastructure to sustain industrial growth.

The bank recently participated in the 100MW Chisamba Solar Project, with FQM as the main off-taker, and successfully underwrote Zambia’s second green bond worth US$96.7 million for Copperbelt Energy Corporation’s 136MW renewable energy programme.

“Zambia is our home. We drive her growth. Through partnerships, forward-looking investments and deep sector knowledge, we are helping to shape a future that benefits all stakeholders—from miners and manufacturers to suppliers and communities, Siakalima said.

Helen Lubamba, Stanbic’s Head of Corporate and Investment Banking, emphasised the importance of reliable power supply to mining operations.

“Energy and mining are inseparable. Without stable power, progress stalls. That’s why we are investing in solutions that ensure mines have the energy security to operate efficiently and sustainably,” she said.

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