Neelkanth Cables Ltd US$14 million copper cable plant launched

President Lungu yesterday launched the US$14 million Neelkanth copper cables plant, In Masaiti district, Chief Chiwala’s area. 

The plant becomes the second copper cables manufacturing facility in Zambia after Zamefa.

Speaking at the official commissioning ceremony yesterday, Neelkanth cables group Director Subhash Motibhai Patel said that his company has invested over US$100 million in Zambia. 

The copper cables plant is among other investment, we have also invested in Neelkanth Lime and we are also investing in a hotel and apartment suites in Lusaka opposite the mandahill police station that will be run under Sarova hotel.

Neelkanth has appealed to government to consider imposing an import tax on finished copper cables imports as the launched plant is currently operating at about 40% capacity which can be increased with incentives to support local processing of copper to finished goods. 

‘The copper is being sourced locally from Chambishi and Mopani mines, we need incentives that will stop the historical exporting of raw copper cathodes at lower prices and importing copper cables at a much higher price. 

President Lungu called for more companies to partner with his government to deliver diversification even within the copper value chain. 

He stated that these investments that are coming into Zambia are a demonstration of the good business environment for investors. 

Zambia has faced a touch challenge of attracting copper cable manufacturing companies on shore which would mean more jobs being created locally.

There are also other benefits as regards industrialization of the entire copper value chain that would result in the country deriving more benefits from its rich copper reserves by more advanced upstream and downstream industries.