ZCCM-IH and Wonderful Group launch $30 million joint venture to revive Ndola Lime

ZCCM Investments Holdings has signed a joint venture with Wonderful Group of Companies to restore industrial-scale lime and cement production in Ndola, backed by $30 million in new investment.

The agreement, brings the 95-year-old Copperbelt institution back into production after a seven-year hiatus. Lime has been produced at the Ndola site since 1931, supplying critical inputs to Zambia's copper, construction and agricultural sectors, but operational difficulties led to insolvency in 2018.

Under the terms of the deal, Wonderful Group will hold a 55 per cent stake in the new vehicle, Ndola Lime (2026) Limited, through a $25 million equity contribution and a $5 million shareholder loan. ZCCM-IH will hold the remaining 45 per cent through the contribution of operating assets from Limestone Resources Limited and the write-off of $9.8 million of historic debt.

Development will proceed in three phases. Phase one will see the construction and commissioning of a lime plant with a capacity of 600 tonnes per day. Phase two, within twelve months, will deliver either a cement processing plant or a second lime plant. Phase three will follow with further expansion based on market conditions.

ZCCM-IH Chief Executive Officer Kakenenwa Muyangwa said the partnership brought "a 95-year-old Copperbelt institution into its next chapter as a modern, sustainable industrial operation" and described it as a clear example of the company's active portfolio management strategy in practice.

Wonderful Group CEO Huang Yaochi said the integrated lime and cement facility reflected the group's long-term commitment to Zambia's industrial development. The agreement became effective on 11 May 2026.