ZCCM-Investment Holdings (IH) has signed a shareholders’ agreement with China Machinery Construction Group (SinoConst) for the development of a US$480 million cement plant in Masaiti.

The plant will be under the incorporated JVC, Central Africa Cement (CAC) Limited.

Company chief executive officer Pius Kasolo said under the shareholders’ agreement signed last month, ZCCM-IH will hold 35 percent of the shares in CAC while SinoConst will hold the remaining 65 percent.

This is contained in a statement issued on Friday by Stockbroker Zambia Limited, as a sponsoring broker on the Lusaka Securities Exchange.

And ZCCM-IH says the construction of the cement plant, will also include a thermal power plant, expected to start this year.

In an interview at the ongoing Agricultural and Commercial Show, ZCCM-IH public relations manager Loisa Kakoma said the project will create about 1,000 jobs with a production capacity of about 2.1 million tonnes of cement annually.

Source: Zambia Daily Mail