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LUSAKA, Nov 4 (Reuters) - Standard Chartered's Zambian unit grew revenues by 18 percent in the nine months to September to 278 billion kwacha ($60 million) from 236 billion a year earlier, the bank said on Wednesday. Managing director Mizinga Melu said the bank's assets also jumped 24 percent year-on-year to 2.879 trillion kwacha from 2.315 trillion in 2008 despite the many challenges thrown up from the global economic slowdown. "We have delivered an excellent set of results for the first three quarters of 2009," he said in a statement. Melu said he was confident the Zambian economy would continue to grow in the last quarter of the year, driven mainly by a resurgent mining sector, with copper prices expected to hold steady above $6,000 per tonne until the end of the year. The southern African country is Africa's biggest producer of copper, and is set to grow at 6.3 percent in 2009, according to a forecast last week from the Central Statistical Office. However, the government is likely to have to increase domestic borrowing to 3 percent of GDP from a targeted 1.8 percent in the current financial year to compensate for an expected cut in donor funding. (Editing by Ed Cropley) ($1=4615 Kwacha) Keywords: ZAMBIA ECONOMY/STANCHART COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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