Business

Boost for mining sector as Stanbic pours US$100m

KIMBERLY KUSAUKA

 Leading financial services institution, Stanbic Bank last year availed US$100 million towards the mining sector, demonstrating its unwavering commitment to support Zimbabwe’s economic growth.

Stanbic Bank Chief Executive (CE) Solomon Nyanhongo told attendees at the recently held Chamber of Mines indaba in Victoria Falls that the institution has supported several mining projects from inception providing tailored financial solutions that enable their projects to overcome significant hurdles.

“In 2023 alone we have availed facilities of over $US100 million to mines and their ecosystems.Stanbic Bank is committed to supporting solutions that ensure sustainable practices and preserve our environment,” said Nyanhongo.

Apart from directly supporting mining projects the Standard Bank Group subsidiary has hosted the Chamber of Mines Presidential Gala dinner for the last decade.

Nyanhongo said Stanbic takes pride in the fact that the dinner brings up thought provoking and constructive discussions and solutions to the prevailing challenges in the mining sector.

“We are pleased that each year brings new discussions and discoveries. This year, the focus on topical issues within the mining space includes sustainability and environmental preservation,” said Nyanhongo.

He said Stanbic is cognisant of the factthat all stakeholders in the mining sectors need to put their shoulder to the wheel to achieve maximum growth for the industry.

Nyanhongo said Stanbic Bank understands the vital importance of this industry adding that players in the sector needed to take advantage of the relationship with its parent company, Standard Bank Group, which has been in existence for over 161 years.

The Group has a presence in 20 African countries and has weathered many storms in addition to experiencing both booming and turbulent times within the mining industry. 

“To foster local growth, we also leverage on our connection with ICBC to aid Zimbabwean clients in importing quality machinery and chemicals from China. This partnership is a testament to Stanbic Bank’s global reach and local impact,” said Nyanhongo.

He said the experience the institution has, bodes well for establishing mutually beneficial partnerships with mining stakeholders to overcome any situation.

Nyanhongo said Stanbic Bankprides itself in offering bespoke solutions tailored to the unique needs of its clients.

Stanbic Bank’s capabilities extend both locally and internationally and the institution has the strength, experience, and partnerships to structure deals across borders, providing unmatched support within the country and beyond.

“By working together, we can unlock the full potential of the mining sector and its value chain, driving sustainable growth and development across Africa and beyond,” he said.

Nyanhongo noted that Africa is a significant producer of numerous key mineral commodities and boasts abundant reserves of various metals. He said among the major mining countries on the continent, Zimbabwe stands out as a key player.

 Mining plays a critical role in the advancement of our continent, driving economic growth, creating jobs, and fostering development. In Zimbabwe, the mining sector has been a cornerstone of our economy, contributing significantly to national GDP and export earnings.

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