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Government invest in cement plant to diversify economy

Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) and Sinoconst are to build a $548-million cement plant in Ndola.

The development is part of efforts to diversify the economy and reduce reliance on the country’s economic mainstay copper mining.

President Edgar Lungu said the two companies will raise financing for the project from local and international financial institutions.

Government has been trying to diversify away from mining to insulate the economy from commodity price shocks by investing in other areas including agriculture.

Lungu said the plant to be built in Ndola would be completed in three years and create roughly 1 000 jobs at construction stage.

“The copperbelt being a largely mining province and with the cyclical nature of this industry that has affected job security, I believe this project could not have come at a better time,” the President said.

Lungu further said two 20 MW coal-fired power plants are to provide electricity to the plant expected to have a daily output of 5 000 t of cement.

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