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Business Writer

STANBIC Bank Zimbabwe has called upon stakeholders in the mining industry to scale up collaborative efforts towards unlocking the full potential of the sector and its value chain.

The Standard Bank Group subsidiary’s chief executive, Mr Solomon Nyanhongo, said the mining sector has the potential to drive sustainable growth and development across Africa and beyond especially if key stakeholders work together towards achieving this goal.

Mr Solomon Nyanhongo

He told participants at the just-ended Chamber of Mines Conference in Victoria Falls that Stanbic Bank was committed to play its part 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,” said Mr Nyanhongo.

“The bank also leverages on the support of a specialised mining and metals desk at Standard Bank Group level, which helps us to efficiently assess running mining projects and offer specialised advice where required,” he added.

Several mining houses have leveraged such facilities, which have allowed them to purchase new equipment and refurbish existing plants. To that end, 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 customised financial literacy sessions, which speak directly to the mining sector and its operations while ensuring total compliance for their clients. Mr Nyanhongo said Stanbic Bank Zimbabwe 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 development targets. As such, the giant financial services institution commands about 40 percent market share in the mining sector. Further, Mr Nyanhongo said Stanbic Bank understands the vital role that mining plays in Zimbabwe’s economy and is proud and committed to supporting this 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, global head mining, and Sean Evans, mining executive — platinum and diamonds, demonstrated Stanbic’s commitment and involvement with the Chamber of Mines.