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Zambia’s state-owned mineral and energy investment company, ZCCM Investment Holdings Plc, agreed to form a $30 million joint venture with the Wonderful Group of Companies to revive a historic limestone and cement facility on the nation’s copperbelt.
The transaction marks a turnaround effort for Ndola Lime, an industrial operation that has supplied Zambia’s copper, construction, and agricultural sectors since 1931. The plant’s previous owner plunged into insolvency in 2018 following prolonged operational challenges. Under the new agreement, ZCCM-IH will retain a 45% stake in the venture, while the Wonderful Group will hold the remaining 55% majority share.
The partners plan to modernize the facility using new technology to stabilize industrial-scale production. The development will roll out across three phases, beginning with the construction of a lime production plant capable of producing 600 tons per day. A second phase, scheduled for completion within a year of the initial launch, will introduce either a dedicated cement processing unit or an additional lime plant. Further expansions under the third phase will depend on broader market demand.
The deal aligns with ZCCM-IH’s broader strategy to actively manage its portfolio by bringing in well-capitalized operating partners. “We are bringing in a capable operating partner to deliver investment, technology, and scale,” ZCCM-IH Chief Executive Officer Kakenenwa Muyangwa said in a statement, adding that the revived site will support industrial renewal in the city of Ndola and generate shareholder value.
Securing a reliable local supply of lime is highly strategic for Zambia, Africa’s second-largest copper producer, as the material is essential for processing ore. “Restoring lime production at industrial scale is essential to Zambia’s continued economic growth,” said Wonderful Group Chief Executive Officer Huang Yaochi.
