Stanbic Bank calls for unity of purpose in mining

HARARE, 06 June 2023 - Stanbic Bank has called on mining stakeholders to work together to unlock full potential of the sector and its value chain.

The Standard Bank Group Subsidiary's Chief Executive (CE), Solomon Nyanhongo said the mining sector has the potential to drive sustainable growth and development across Africa and beyond especially if key stakeholders all work together towards achieving this goal.

Nyanhongo told participants at the just-ended Chamber of Mines Conference that Stanbic Bank is on hand to contribute towards this 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," said Nyanhongo.

Several mining houses have leveraged off facilities which have allowed them to purchase new equipment and refurbish existing plants.  Stanbic Bank has extended its services to assist clients with the 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.

He 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. To that end, the leading financial services institution commands a 40% market share in the mining sector.

Nyanhongo said Stanbic Bank understands the vital role that mining plays in Zimbabwe's economy and is proud and committed to support this industry through its banking services and financial expertise.

"It is imperative to utilise and maximise on platforms such as the 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," said Nyanhongo.

The attendance by Standard Bank Group representatives - Mark Buncombe, Global Head Mining, and Sean Evans, Mining Executive - 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 2.7 billion in 2017 a 100% 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.