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Stanbic Bank has been selected as a successful bidder under First Quantum Minerals’ Local Content Financing Initiative, a tailored financing framework designed to strengthen the participation of Zambian-owned and citizen-empowered companies in the mining supply chain.
The initiative responds to Government’s local content agenda and the Geological and Minerals Development (Local Content) Regulations, S.I. No. 68 of 2025, which seek to expand local participation in the mining value chain and increase opportunities for local suppliers and service providers.
According to a statement issued in Lusaka on Thursday, through the successful bid, the Bank would partner with FQM to deliver a comprehensive supplier financing solution aimed at easing working capital constraints for local companies that supply goods and services to FQM’s operations in Zambia.
The framework was expected to support suppliers before and after delivery, helping them meet confirmed orders, improve cash flow, invest in capacity, and participate more competitively in mining procurement opportunities.
Commenting on the development, Stanbic Bank Head Corporate and Investment Banking, Helen Lubamba, said the successful bid reflects the Bank’s commitment to using financial innovation to unlock growth for local enterprises and deepen Zambia’s industrial base.
“This partnership is about turning opportunity into tangible economic participation for Zambian businesses,” Lubamba said.
She added that by providing practical financing solutions to suppliers, Stanbic was helping local companies deliver with confidence, build capacity and play a stronger role in the mining value chain and this was fully aligned with its purpose: “Zambia is our home; we drive her growth.”
Lubamba noted that the successful bid demonstrated the Bank’s commitment to supporting national development through partnerships that expand opportunities for local businesses.
“This initiative speaks directly to the role financial institutions must play in enabling inclusive growth,” she said.
Read More: ZANACO, FQM sign agreement to finance local suppliers under local content initiative
She highlighted Stanbic’s proposed solution which was designed to support local suppliers through a range of tailored financing solutions, including Import Loans/Trade Loans to facilitate the procurement of goods and raw materials, and Contract Financing to support the execution of confirmed contracts.
Additionally, the solutions include long term Loans to fund business expansion and long-term growth initiatives, and Commercial Asset Financing to enable the acquisition of vehicles and equipment.
“First Quantum Minerals has consistently demonstrated a strong focus on building local supplier capability in Zambia, including through procurement plans, supplier portals, tender opportunities and engagement with local businesses,” Lubambe said.
She added that the financing initiative was expected to complement the efforts by addressing one of the biggest barriers faced by local suppliers: timely access to affordable working capital.
“Stanbic, together with Standard Bank of South Africa, previously acted as lender and agent in a syndicated facility supporting financing toward the Kansanshi S3 development, part of a broader investment in one of Zambia’s most important mining assets,” she said.
Lubmbe reiterated the bank’s position that mining remained central to Zambia’s growth story, but that the full value of the sector was realized when local businesses were able to participate meaningfully and sustainably
“Our role is to bring the financial expertise, technology and partnership mindset needed to help suppliers scale, create jobs and contribute to national development,” she said.
The successful bid positions Stanbic Bank as a key financial partner in advancing local content implementation, supplier development and inclusive growth across the mining ecosystem, Lubambe added.
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