By Nawa Mutumweno – Konkola Copper Mines (KCM) has signed a memorandum of understanding (MoU) to provide 8 000 tonnes of copper cathode annually to an Egyptian company, Giza Cable Industries, which is to set up a cable manufacturing plant in Zambia.
This comes on the backdrop of President Rupiah Banda’s recent visit to Egypt where the two countries sealed business transactions involving investments totaling over $70 million.
KCM corporate affairs manager Jacqueline Kabeta disclosed this in a statement issued in Kitwe on January 8, 2011.
“KCM has undertaken to provide 8 000 metric tonnes of the copper cathodes to Giza Cable Industries subject to its availability and will support Giza’s plans to establish a manufacturing plant in Zambia,” Ms Kabeta said.
Under the MoU, Giza Cable Industries will obtain necessary regulatory permits to enable it to establish the plant within one year after signing the MoU with KCM. The two companies signed the MoU on December 23, 2010.
“KCM is happy to facilitate local processing of copper as this fits into our plans to ensure there is value addition to copper, which will also create more jobs and wealth for Zambians. We see this as a way of ensuring that more benefits accrue to Zambians from their mineral wealth,” Ms. Kabeta elaborated.
In December 2010, Zambia signed three business pacts with Egyptian business enterprises to set up an energy-saving bulb factory, another for pre-paid electrometers and a company to manufacture power cables.
Giza Cable Industries produces telephone cables, power cables and enameled wires using copper.