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Stanbic Bank Zambia has hailed the relaunch of Lubambe Copper Mine as a strategic move that will bolster the country’s copper output and support the national target of producing 3 million metric tonnes of copper annually by 2031.
Speaking at the relaunch ceremony in Chililabombwe District, bank’s Head of Corporate and Investment Banking (CIB), Helen Lubamba, described the reopening as a model for effective public-private partnerships between the Zambian government and JCHX Mining Management Co. Ltd., the Chinese investor now holding a 70 percent stake in the mine. The remaining 30 percent is held by ZCCM-IH, the state-owned mining investment company.
“As we’ve all come to learn from our President and in terms of national development, there needs to be strong leadership from the private sector in partnering with the public sector. What we’ve seen here is exactly that,” Lubamba said.
She noted that bank had maintained a financial relationship with Lubambe Mine for the past 13 years, beginning when the mine was operated under a joint venture between African Rainbow Minerals (ARM) and Vale S.A.
She added that JCHX, which had long served as a contractor at the mine, had now transitioned to full operational control as an owner-miner.
Lubambe Copper Mine is designed to process 2.5 million metric tonnes of ore annually, with a production capacity of 45,000 tonnes of contained copper in concentrate.
The mine is currently in a ramp-up phase, and the development of two new shafts is expected to extend the life of the mine and significantly boost output.
According to the Ministry of Mines and Minerals Development, Zambia produced 820,570 metric tonnes of copper in 2024, up 12 percent from 732,580 tonnes in 2023.
President Hakainde Hichilema, who officiated at the Lubambe relaunch on 30 May 2025, described the project as a landmark in Zambia-China relations and a reflection of the two countries’ shared commitment to sustainable resource development.
The relaunch of Lubambe Mine comes amid renewed output at several major operations, including Barrick Gold’s Lumwana Mine, Vedanta Resources’ Konkola Copper Mines (KCM), and Mopani Copper Mines, now under the ownership of the UAE-based International Resources Holding.
Zambia aims to reach 1 million tonnes of annual copper output by the end of 2025, marking a major step toward the 2031 target of 3 million tonnes.
Lubamba reaffirmed the bank’s commitment to supporting not only major mining operations but also players across the broader mining ecosystem.
“We remain committed to supporting our mining sector, including suppliers, contractors, and SMEs that are connected to the industry,” she said.
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