186 Views A Joint venture between ZCCM-IH (45%) and Wonderful Group (55%), backed by $30 million of new investment from Wonderful Group, to restore industrial-scale lime and cement production in Ndola. Three-phase development starting with a 600 tonnes-per-day lime plant, followed by cement or second lime plant within 12 months, and further expansion thereafter. Restoration […]

186 Views

A Joint venture between ZCCM-IH (45%) and Wonderful Group (55%), backed by $30 million of new investment from Wonderful Group, to restore industrial-scale lime and cement production in Ndola.

Three-phase development starting with a 600 tonnes-per-day lime plant, followed by cement or second lime plant within 12 months, and further expansion thereafter.

Restoration of a 95-year-old Copperbelt institution, supplying critical inputs to Zambia’s copper, construction and agricultural sectors.

ZCCM Investments Holdings Plc (“ZCCM-IH”), Zambia’s listed mineral and energy investment holding company, today announced it has entered into a joint venture agreement with Wonderful Group of Companies Limited (“Wonderful Group”) to develop and operate an integrated lime and cement production facility through a new joint venture vehicle, Ndola Lime (2026) Limited.

The transaction restores production at one of the Copperbelt’s longest-standing industrial operations.

Limestone Resources Limited and its predecessor Ndola Lime Company have produced lime in Ndola since 1931, supplying critical inputs to Zambia’s copper, construction and agricultural sectors.

Operational difficulties at Ndola Lime led to insolvency in 2018, and the new partnership is structured to install new state-of-the-art plant and technology, restore reliable production at industrial scale, and re-anchor lime supply on the Copperbelt.

This will support Zambia’s mining industry and the wider revival of industrial activity in Ndola.

Kakenenwa Muyangwa, Chief Executive Officer of ZCCM-IH, said:

“This partnership brings a 95-year-old Copperbelt institution into its next chapter as a modern, sustainable industrial operation. It is a clear example of our active portfolio management strategy in practice.

“We are bringing in a capable operating partner to deliver investment, technology and scale. The revived facility will support the industrial renewal of Ndola and generate value for our shareholders.”

Huang Yaochi – Group Chief Executive Officer of Wonderful Group, said:

“We are pleased to partner with ZCCM-IH on this strategically significant investment. Restoring lime production at industrial scale is essential to Zambia’s continued economic growth. The integrated lime and cement facility reflects our long-term commitment to the country’s industrial development.”

The agreement, which became effective on 26th May 2026, will be implemented in three phases. Phase 1 will see the construction and commissioning of a lime production plant with a capacity of 600 tonnes per day.

Phase 2, within twelve months of Phase 1, will deliver either a cement processing plant or a second lime production plant. Phase 3 will follow with further expansion based on market conditions.

Under the terms of the agreement, Wonderful Group will hold 55% of the new vehicle through a US$25 million equity contribution and a US$5 million shareholder loan, while ZCCM-IH will hold the remaining 45% through the contribution of operating assets from Limestone Resources Limited and the write-off of US$9.8 million of historic debt.

The joint venture marks further progress in ZCCM-IH’s active portfolio management strategy, which focuses on partnering with capable operators to deploy capital and capability across the Company’s holdings.

Issued by:

ORIGINAL SIGNED

Loisa Mbatha

Corporate Affairs Manager

ZCCM Investments Holdings Plc