STANBIC SALUTES GOVERNMENT FOR $1.25 BILLION KANSANSHI EXPANSION, DESCRIBES INVESTMENT AS MAJOR VOTE OF CONFIDENCE IN ZAMBIA’S MINING SECTOR
Stakeholders in the mining sector have welcomed the US$1.25 billion Kansanshi Mine S3 Expansion Project, describing it as a landmark development set to transform Zambia’s copper production landscape.
The project, commissioned by President Hakainde Hichilema in Solwezi, North-Western Province on Tuesday, is expected to significantly boost output while opening new economic opportunities for local communities.
Stanbic Bank Zambia Chief Executive Officer, Mwindwa Siakalima, said the investment was a strong vote of confidence in the country’s mining sector.
“This project represents a bold statement that Zambia remains a premier investment destination. As a Pan-African bank, we are proud to support this development, which will not only spur growth in Solwezi and the North-Western Province but also create jobs and expand business opportunities for our people,” Mr. Siakalima said.
He added that the scale of First Quantum Minerals’ (FQM) investment signaled a new chapter for Zambia’s mining industry, urging the company to prioritize local participation in order to build a resilient domestic economy.
Copperbelt Mining Policy Monitoring Team (CMPMT) executive director, George Jere, said the commissioning of the S3 Expansion was crucial in strengthening local participation across the mining supply chain.
“FQM must redefine its supplier development policy to ensure that localization delivers tangible benefits, not just for expatriate companies but for Zambian enterprises as well,” Mr. Jere said.
He added that such investments gave Government an opportunity to push for clear pathways that promote local capacity building, particularly in manufacturing and value addition.
“FQM should continue to demonstrate its role as an anchor investor, making robust commitments that can serve as a springboard for developing a strong local manufacturing base,” he said.
The Kansanshi Mine S3 Expansion Project is anticipated to play a central role in revitalizing Zambia’s mining sector, while positioning the country to increase copper production in line with national economic goals.