Construction of a 4-hundred and 80-million-dollar cement plant in Ndola will commence next April.
This follows the signing of a financing agreement this morning between Central African Cement Company -CAC- and China Building Materials Industries -CBMI- who have a 51 percent stake.
CAC are putting in 85 percent of the cost while Zambia Consolidated Copper Mines Investment Holdings -ZCCM – IH- will put in 15 percent equity of its 49 percent stake.
CAC Chairperson Willie Sweta says the plant will produce 2-million tons of cement annually.
Mr. Sweta says the plant will also be generating 50 Megawatts of thermal electricity alongside electricity generated from heat waste.
He said the three-month construction period will see 1-thousand jobs being created while 5-hundred permanent jobs will be created at production stage.
Mr. SWETA is optimistic that the plant will contribute to economic development of Zambia as it will lead to a decline in cement prices and growth of the real estate industry.
And CBMI Chairperson Tong Laigou has expressed confidence in CAC bringing the biggest cement plant in Zambia to life.
Meanwhile, ZCCM-IH Chief Executive Officer Pius Kasolo says the investment in the plant is part of the company’s diversification agenda from copper to cement production and power generation.
Dr. Kasolo said the venture reflects strong development ties between Zambia and China.