ZCCM-IH says it is diversifying from copper mining to thermal electricity Production.
This is under the 480 million US dollar Central African Cement (CAC) project aimed at constructing a 2 million tons per annum Cement Grinding Plant and a 2 by 25-megawatt captive thermal Power Plant Projects.
The CAC has since signed a financing agreement with a Chinese construction Company, CBMI, which has signed to finance 85 percent of the total amount and the remaining 15 will be financed by ZCCM.
CAC Chairman Willie Sweta says the financing agreement follows the Engineering procurement and Construction of Construction EPC contract that was signed on 30th July 2018 Between CAC and CBMI.
Mr. Sweta adds that about 1,000 people are expected to be employed during the construction of the plant which will last for about 20 to 36 months, while about will be employed after is commissioned.
He says once it is operational, the cost of building materials is expected to reduce in the country, thereby stabilizing real estate Businesses and making it easier for ordinary Zambians to be able to build.
He was speaking at the signing ceremony of the financing agreements in Lusaka today.
Speaking at the same event, CBMI Chairman Tong Laigou says his organization will contribute to the progress of Zambia’s building materials industry as well as technological progress and to the lack of electricity the Zambia currently has.
And ZCCM-IH Chief Executive Officer Dr. Pious Kasolo says the project is expected to commence in April 2019, subsequent to the 90 day long funding process.
He has also said that ZCCM-IH has 35 percent worth of shares in CAC and is expected increase to 49 percent in future While CAC owns 65 percent of shares.

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