Stanbic sinks $164m into mining for working capital

STANBIC Bank Zimbabwe has invested $164 million over the past 12 months in funding the working capital requirements of the mining industry.

BY BUSINESS REPORTER

Speaking at the Chamber of Mines Presidential Gala dinner, which the bank hosted recently, Stanbic Bank official, Rhett Groves told guests the mining sector was of key strategic importance.

“Mining is without a doubt the sector that is playing a leading role in the current economic transformation push and ongoing Zimbabwean renaissance,” he said.
“This and other reasons are clearly why we look for ways to continuously demonstrate our commitment to partner the industry.”

Groves said the mining industry was a key pillar of the Zimbabwean economy, contributing more than 15% to the nominal gross domestic product, 50% to national exports and 60% to foreign direct investment inflows.

He said such statistics gave impetus to Stanbic Bank to constantly search for ways to leverage its parent company, South African Standard Bank’s expertise, as well as the increasingly positive sentiment Zimbabwe was currently exuding.

Stanbic Bank’s investment came as mining in the country has attracted interest from foreign investors.

Groves said, as a financial institution, they were excited about the future mining prospects in the country.

“To you the industry, we commend the leading role you play and the massive efforts demonstrated in employment creation and education via the various corporate social investment programmes in the communities where you operate,” he said.

In February this year, Stanbic Bank sponsored the two-day mining investment conference held at the Meikles Hotel in Harare.

The conference was sponsored in conjunction with African Chrome Fields and Liberation Mining, as well as the Mines and Mining Development ministry, Minerals and Marketing Corporation of Zimbabwe and the Chamber of Mines.


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