Zambia's Country Focus Session Ignites Mining Indaba 2025

Key Highlights from Zambia’s Participation at the Mining Indaba

Country Showcase – Republic of Zambia:

A highlight of Zambia’s participation was its Country Showcase, which saw overwhelming attendance, with standing-room-only crowds reflecting heightened global interest in Zambia’s mining sector. The session emphasized Zambia’s position as Africa’s second-largest copper producer and underscored the country’s growing potential in critical minerals such as cobalt and lithium. Attendees were drawn to investment opportunities spurred by the government’s progressive policies, including mining tax reforms, exploration incentives, and major infrastructure upgrades. Officials and industry leaders spoke on Zambia’s dedication to ESG (Environmental, Social, and Governance) principles, local beneficiation, and economic diversification. The emphasis on Zambia’s role in the global green energy transition highlighted the country’s strategic importance in supplying minerals essential for renewable technologies.

Investment Promotion: Zambia presented an ambitious plan to ramp up copper production to 3 million tonnes annually by 2032. This goal is part of the government’s broader strategy to position Zambia as a top-tier mining investment destination, offering policy stability, fiscal incentives, and a strong focus on sustainable development.

Strengthened Partnerships: Dr. Musokotwane underscored the importance of robust partnerships between financial institutions and the mining sector to drive sustainable economic growth. A networking cocktail event hosted by ZANACO facilitated high-level discussions and collaborations, cementing relationships with both domestic and international investors.

Corporate and Institutional Highlights

Stanbic Bank’s Commitment to Mining Growth:

During the Zambian breakfast meeting at the Indaba, Stanbic Bank CEO Mwindwa Siakalima highlighted the critical role of collaborative efforts in addressing Zambia’s energy challenges, essential for sustaining mining operations and broader economic growth. A key development was the $55.5 million GreenCo Finance Solutions power emergency imports deal, facilitated by Stanbic and Standard Bank of South Africa.

Stanbic also emphasized Zambia’s steady progress in transitioning to renewable energy sources, aligning with the national goal of increasing non-hydro renewable energy to 33% by 2030. The bank played a pivotal role in underwriting the second tranche of CEC Renewables’ Green Bond, valued at $96.7 million.

Kanona Power Company Limited’s Vision:

Kanona Power Company Limited outlined its mission to transform Africa’s energy landscape through innovative, sustainable, and value-driven power solutions. Their commitment to regional power connectivity and sustainable development aligns with Zambia’s broader goals of energy security and economic growth. Kanona’s projects are designed to benefit both the mining sector and local communities, reinforcing Zambia’s leadership in forward-thinking energy solutions.

KoBold Metals’ Role in Zambia’s Mining Future:

KoBold Metals, an AI-driven mining company backed by prominent investors like Bill Gates and Jeff Bezos, showcased its significant contributions to Zambia’s mining sector. The company announced the discovery of a massive copper deposit at the $2 billion Mingomba site, projected to produce at least 300,000 tonnes annually from the 2030s. With $1 billion raised and a $537 million funding round valuing the company at $2.96 billion, KoBold is utilizing cutting-edge AI technology to identify untapped mineral resources. This positions Zambia as a key supplier of critical minerals essential for electric vehicle batteries and other technologies.

Additionally, the U.S.-backed revival of the Lobito railway line, connecting the DRC, Zambia, and Angola, will play a crucial role in efficiently transporting these minerals. KoBold plans to allocate 40% of its new capital towards developing its Zambian project, further cementing the country’s importance in the global supply chain.

Enpower and IFC’s Strategic Energy Partnership:

Enpower, in collaboration with the International Finance Corporation (IFC), showcased the Kalumbila-Kolwezi 700MW interconnector project. This initiative will link Zambia to the Democratic Republic of Congo, alleviating power deficits in southern DRC and enhancing regional electricity trade. The IFC, acting as lead arranger, will facilitate debt syndication and lender due diligence, ensuring the project’s financial viability. Supported by institutional investors like African Infrastructure Investment Managers (AIIM), this interconnector is poised to become a critical energy infrastructure investment that underpins the mining sector’s energy needs.

ZANACO’s Support for Mining Investments:

ZANACO reaffirmed its strategic commitment to Zambia’s mining sector, having facilitated $247 million in financing for various mining projects over the past two years. CEO Mukwandi Chibesakunda emphasized the bank’s role in funding both large-scale ventures and artisanal mining operations, promoting financial inclusion and economic diversification. ZANACO’s participation at the Indaba highlighted its dedication to fostering robust financial partnerships that support sustainable growth in the mining industry.

FNB Zambia’s Role in Mining and Energy Sectors:

FNB Zambia showcased its tailored financial solutions for the mining and energy sectors, emphasizing its commitment to supporting infrastructure projects, renewable energy initiatives, and mining operations. The bank’s strategic partnerships contribute significantly to Zambia’s economic growth and sustainability goals, underscoring the vital role of the financial sector in driving development across critical industries.

Mulenga Mundashi Legal Practitioners (MMLP) at the Indaba:

MMLP, one of Zambia’s leading corporate and commercial law firms, demonstrated its extensive expertise in legal advisory services for the mining sector. The firm has played a crucial role in advising major mining companies on complex transactions, regulatory compliance, and environmental matters. Notable engagements include advising KoBold Metals on a $150 million investment in the Mingomba Mining Project and assisting First Quantum Minerals on the ZCCM-IH Royalty Transaction. MMLP’s participation at the Indaba highlighted its pivotal role in creating legal frameworks that support sustainable mining and cross-border investments in Zambia.

GreenCo’s Role in Zambian and Regional Energy Leadership:

GreenCo emerged as a central player in energy discussions at the Mining Indaba. GreenCo’s vision of enabling regional power trade was emphasized through its expansions into South Africa, Zimbabwe, Namibia, and the DRC. Their $55.5 million transaction with Stanbic Bank and First Quantum Limited was a standout deal, underscoring the innovative financial models driving growth in the energy sector.

GreenCo’s initiatives extend beyond mining, their emergency power transaction with ZESCO has stabilized grids and supported economic activities, proving essential for both industry and communities. GreenCo’s recent entry into South Africa, marked by securing NERSA electricity export/import and internal trading licenses, further solidifies its regional presence. At the Indaba’s closing reception, CEO Ana Hajduka emphasized the need for regional energy solutions and transparent, market-driven investments to ensure sustainable growth. The event, attended by South Africa’s Minister of Electricity and Cape Town’s Mayor, highlighted Africa’s potential to lead in the global critical minerals and energy transition. South Africa’s leadership at the G20 on behalf of the entire continent was a focal point, with discussions emphasising the importance of regional cooperation in shaping global energy policies. GreenCo’s efforts align with this vision, fostering regional integration and ensuring that Africa’s resources drive long-term, inclusive growth.