Zambia News

Zanaco at mining invests in the African Mining Indaba

As a sign of the bank’s dedication to supporting the mining industry, a HIGH-POWER delegation from Zambia National Commercial Bank (Zanaco) Plc, including the Board and Management, is in Cape Town, South Africa for the annual mining conference, the Investing in African Mining Indaba.

The meeting, which begins today, February 6, and finishes on February 9, is being attended by business and governmental leaders from all around the world, including the Zanaco team, led by Board Chairman Patrick Wanjelani.

Mining Investments in Africa The largest mining investment event in Africa, Indaba has a long record of bringing together senior government officials, ministers, mining companies, mid- and junior miners, investors, and providers of professional services, mining equipment, commercial banks, and investors.

Mukwandi Chibesakunda, the chief executive officer of Zanaco, commented on the development, stating that the domestic bank thinks the Investing in African Mining Indaba is a chance for stakeholders to engage in dialogue about opportunities, challenges, and solutions to expand the mining sector across the continent.

According to Mrs. Chibesakunda, Zanaco will continue to assist the sector’s expansion because mining is the main engine of Zambia’s economy.

“The mining sector is the largest taxpayer and largest private sector employer and as Zanaco, we need to ensure that it plays this role effectively by giving it as much support as possible,” she said.

The bank has $74.1 million in loans outstanding for the mining industry.

In order to increase value addition to the mining industry, Zanaco has also worked with WEAC and Barrick Lumwana on the 10X accelerator to expand capacity for SMEs providing goods and services to Lumwana and ZCCM-Investments Holdings (IH).

Hon. Paul Kabuswe, Minister of Mines and Minerals Development, will represent Zambia at the conference alongside Presidents Cyril Ramaphosa of South Africa and Félix Tshisekedi of the Democratic Republic of the Congo.

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