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ZCCM Investments Holdings Plc (ZCCM-IH) has entered into a Joint Venture Agreement with Wonderful Group of Companies Limited to establish and operate an integrated lime and cement production facility under a newly incorporated company, Ndola Lime (2026) Limited.
The agreement, effective May 26, 2026, will see Wonderful Group inject US$5 million through a shareholder loan and a further US$25 million in equity financing into the project.
According to a statement issued on Wednesday, ZCCM-IH will contribute by transferring assets valued at K36.9 million (approximately US$1.92 million) from Limestone Resources Limited to Ndola Lime (2026) Limited. The company will also write off outstanding debts amounting to US$9.8 million owed by Limestone Resources Limited.
Under the shareholding arrangement, Wonderful Group will hold a 55 percent stake while ZCCM-IH will retain 45 percent ownership.
According to a transaction announcement released to the Lusaka Securities Exchange (LuSE), the project will be implemented in three phases. The first phase involves the construction and commissioning of a lime production plant with a capacity of 600 tonnes per day.
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The second phase, expected within 12 months of completing Phase One, will involve the development of either a cement processing plant or an additional lime production facility. The third phase, also scheduled within 12 months of Phase Two, will focus on further expansion into cement or lime production depending on market demand.
The company stated that the transaction followed earlier cautionary announcements issued on August 6, 2025, and April 21, 2026.
“In compliance with the requirements of Section 9 of the Listings Requirements of LuSE, the key features of the transaction include the investors, ZCCM-IH and Wonderful Group, and the nature of the business, which is mining and processing limestone into lime, cement, and related products,” the announcement said.
As of May 6, 2026, ZCCM-IH’s market capitalisation stood at approximately US$1.4 billion, based on the Bank of Zambia mid-rate of K18.9232 to the US dollar. The transaction value of US$11.65 million represents about 0.83 percent of the company’s market capitalisation.
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