Standard Bank provides c.US$206 million funding across two facilities to FQM Trident Limited and GreenCo Zambia, thereby supporting Zambia’s mining sector growth and a stable supply of power to FQM

FQM Trident Limited operates the Sentinel copper mine and the Enterprise nickel mine in Zambia. It is fully owned by First Quantum Minerals (FQM), a multinational group that engages in the production, exploration and development of copper, nickel, gold and cobalt. FQM’s key operating mines are located in Zambia and Panama, with other smaller operations in Finland, Turkey, Spain, Australia and Mauritania. The FQM group accounts for more than half of Zambia's copper production and employs more than 20 000 people worldwide.

SBSA acted in its capacity as lender and agent to FQM Trident Limited to refinance its existing syndicated facility and, as part of this process, retained its existing commitment of US$ 150 million of the total US$ 425 million facility size.

Zambia is currently facing an energy crisis which was brought on by the drought, and as a mining companies, FQM Trident and FQM Kansanshi require access to stable power supply in order to operate efficiently.

As such, SBSA is also proud to announce that with Stanbic Zambia it partnered to act as mandated lead arranger, lender and hedge provider in a transaction where Greenco Zambia received a US$ 55.5 million term and working capital facility to facilitate the purchase of electricity by Greenco Zambia for sale to FQM and other customers. This transaction will allow Greenco Zambia to bring more imports of power into Zambia, and in addition to supplying FQM and its other customers with electricity, this will allow for additional electrons to be supplied to state-owned energy company Zambia Electricity Supply Corporation Limited (ZESCO).

As Africa’s largest bank by assets, we are committed to driving economic development across Africa. This transaction has allowed us to partner with a key client to deliver a funding solution with the utmost urgency, while also providing solutions that will benefit the country of Zambia as a whole. We look forward to partnering with FQM to execute the company’s future corporate initiatives.