Leveraging Africa's natural resources for growth

As the 31st Investing in African Mining Indaba kicks off in Cape Town, industry leaders are gathering to discuss the future of mining in Africa. One of the key topics of conversation is how countries like Zambia, with significant copper deposits, can leverage their natural resources for growth. CNBC Africa's Fifi Peters sat down with Mwindwa Siakalima, Chief Executive of Stanbic Bank Zambia, to discuss the opportunities and challenges facing the country's mining sector. Siakalima highlighted the importance of the mining industry to Zambia's economy, with 70% of the country's foreign exchange coming from copper exports. He also emphasized the role of mining in driving growth, as outlined in the Eighth National Development Plan, which identifies mining as a key sector alongside agriculture, manufacturing, and tourism. Siakalima explained that Stanbic Bank Zambia is actively working to support the growth of the mining sector by financing projects and collaborating with policymakers and other financial institutions. He noted that there is a strong appetite for investment in the sector, particularly given the increasing demand for copper in renewable energy technologies. Siakalima highlighted the importance of sustainability in the mining industry, citing examples of green bond issuances and renewable energy projects that Stanbic Bank Zambia has supported to help reduce the country's power deficit. Overall, Siakalima expressed optimism about the future of Zambia's mining sector and the opportunities for growth and development.