It’s that time of the year where nations that have mining as their mainstay, traditionally meet Cape Town, one of the world’s most expensive and prestigious cities, not for holidays but to drive respective mining investment agenda’s.
Cape Town (BT) – Africa’s second largest copper producer, Zambia has high powered delegations in attendance. Stanbic Bank, Zambia’s largest commercial bank by asset size being the largest lender to the mining sector, has sent a top-level delegation of executives to the Mining Indaba, in its demonstration of commitment to backing the mining sector.
The delegation from the nation’s largest bank, led by Chief Executive Leina Gabaraane, will be in Cape Town for the week of the mining sector’s largest conference, which brings together industry and government leaders from across the globe. This was confirmed by the Banks Head of Public Relations – Chanda Chime Katongo in a press release.
Mining matters to the people of Zambia. It is the country’s largest exporter, taxpayer and private sector employer. Stanbic sees itself as playing a pivotal role in the economy, and supporting the mining industry has to be a key part of that commitment,” Chief Executive Leina Gabaraane.
“Stanbic is an all-weather friend to the extractives sector, which is by nature cyclical. Through good times and tough times the industry needs strong financial partners, whether to fund capital expansion plans or manage its day-to-day working capital requirements,” Gabaraane explained.
Zambian Mines and Finance Ministers in attendance
MinFin Minister in Africa’s red metal producer Honourable Margaret Mwanakatwe and MinMinDev Minister Honourable Richard Musukwa have also led a high powered delegation of technocrats ranging from Economic Think tanks (EAZ) to Investment bodies such as the Zambia Development Agency (ZDA). This event will be very critical to Zambia’s strategy to regaining its top slot as Africa’s red metal producer after DRC. With the electric car era, Cobalt mining ca not be overlooked as this indaba will allow brain storming of how best Africa can harness these opportunities. It will be an opportunity for Southern Africa Railway Corridor to exchange notes allowing connectivity from a transport perspective to foster synergies.
A Ministerial Symposium sponsored by Africa’s largest bank, Standard Bank, of which Stanbic is a member, is a key side-line event on February 3.
Ramaphosa and Ankufo – Addo to grace Indaba
The conference will be opened by the President of Africa’s most industrialised nation South Africa, H.E. Cyril Ramaphosa joined by President of Gold and Cocoa producing nation of Ghana, H.E. Nana Akufo -Addo, The Indaba has attracted at least 35 African ministers. (35 nations represent 64% of the continent out of the 54 nations)
Mining is the largest private sector employer
After government, the extractive industry is the country’s largest employer. The sector’s contribution towards lower unemployment extends beyond its direct workforce to include contractors in the mining value chain as well as other businesses down-stream.
The industry plays a crucial role in stimulating development in the areas of its operation, as new roads, housing projects and utilities are built to service the mines and surrounding communities, contributing to the overall development of the country.
Stanbic is the largest funder of the sector in Zambia, providing US$3 billion of finance over the last five years.
***Compiled by Tee Chiku and edited by Ech Zunaid****