Standard Chartered Bank Zambia Plc pledges continuous support to the mines
March 19, 2018
CHINGOLA, 16 March 2018: Standard Chartered Bank Zambia Plc Managing Director Herman Kasekende says the bank will continue to collaborate with the mines in order to develop a facility for financing and supporting mine suppliers and outsourced firms.
Speaking in Chingola after touring Konkola Copper Mines (KCM) and holding meetings with the company’s management, Mr Kasekende said the financing facility would focus on risk transfer and long-term project financing. The facility would boost and sustain minerals production and shore-up economic growth.
Mr Kasekende said Standard Chartered Bank Zambia Plc plays a critical role in supporting the growth of key economic sectors as well as in driving inward investments that strengthen enterprise.
Mr Kasekende said the bank was building on its good working relationship with KCM by providing the company with balance sheet support and working capital under trade and transactional banking of cash management in addition to other services.
The Standard Chartered Bank Zambia Plc Managing Director welcomed KCM plans to ramp up production to 500,000 tonnes of copper per annum over the next few years as it would improve cash flow and revenue for the organisation.
“We need to further explore, how we can work better and provide more efficiency in areas of managing costs on a continuous basis,” Mr Kasekende added.
He encouraged KCM to continue investing in technology and equipment that would spur efficiency, adding that, “Investments in activities that increase revenues and platforms that mitigate risks are essential to the business. As a bank we will continue to scope for opportunities for further collaboration with the mines to enable them perform better.”
Mr Kasekende commended KCM for its robust Corporate Social Responsibility programmes, which include providing clean water and supporting the education sector. He also hailed the mining firm for embarking on agricultural projects as part of its support to economic diversification.
KCM CEO Steven Din said the mine was focusing on expanding production from its brownfield mine operations by mining at deeper levels in order to achieve a production turnaround.
He said KCM with its technical partners MMS Contractor at Konkola mine were working on mining developments at deeper levels to access additional ore.
KCM plans to quadruple copper ore production from Konkola mine to 6 million tonnes per annum from its dry mine project in order to produce 163,000 tonnes of copper in concentrates.
Mr Din said the mine would ensure additional investments in dewatering and material handling to expose the copper ore and that cheaper energy will be key to mine effectively.