Stanbic Bank calls for unity of purpose in mining

Harare (New Ziana) –Stakeholders in the mining sector should work together to unlock its potential and that of its value chain, an official has said.

Chief executive of the Standard Bank Group subsidiary Solomon Nyanhongo said the mining sector has the potential to drive sustainable growth and development across Africa and beyond, especially if all key stakeholders work together towards achieving that goal.

Nyanhongo told participants at the just-ended Chamber of Mines conference that Stanbic Bank is prepared to contribute towards the goal through its regional and international partnerships, which give it an edge in the industry.

“Stanbic has dedicated and experienced relationship managers whose sole purpose is to ensure our clients receive all the necessary support. The bank also leverages on the support of a specialised Mining & Metals desk at Standard Bank Group level, which helps us to efficiently assess running mining projects and offer specialised advice where required,” he said.

Several mining houses have leveraged on facilities which have allowed them to purchase new equipment and refurbish existing plants. Stanbic Bank has extended its services to clients with understanding of various exchange control and legislative requirements as changes take place.

The Bank has developed customized financial literacy sessions which speak directly to the mining sector and its operations, ensuring total compliance for their clients.

Nyanhongo said Stanbic Bank has adopted an intentional growth strategy for the mining industry for the past 30 years as it plays a pivotal role in boosting the sector in line with National Targets, which has seen it command a 40 per cent market share in the sector.

He said Stanbic Bank understands the vital role that mining plays in the Zimbabwean economy and is proud and committed to support the industry through its banking services and financial expertise.

“It is imperative to utilise and maximise on platforms such as this conference and its unique opportunity to come together, share insights and experiences, and collaborate on solutions to the challenges facing our sector and hopefully forge new partnerships,” he said.

The attendance by Standard Bank Group representatives Mark Buncombe the global head for mining, and Sean Evans, mining executive for Platinum and Diamonds, demonstrated Stanbic’s commitment and involvement with the Chamber of Mines.

Recent statistics show that Zimbabwe mineral exports topped US$5.6 billion in 2022 compared to US$2.7 billion in 2017, a 100 per cent growth within a space of 5 years.

Nyanhongo said such a growth rate was commendable given the time mining projects take to reach full production stage, adding that more could be achieved with concerted efforts from all stakeholders.

New Ziana