Zambia's ZCCM-IH Sells 55% Controlling Stake in Ndola Lime to China’s Wonderful Group

Zambia’s state-backed mining investment company, ZCCM Investments Holdings (ZCCM-IH), has agreed to sell a 55% stake in Ndola Lime Company, now operating as Limestone Resources Limited, to China’s Wonderful Group of Companies in a deal focused on restarting and expanding operations at the struggling plant. The agreement is intended to support efforts to restore production capacity at the company, which has faced years of operational and financial difficulties. Ndola Lime, once a key supplier of lime products to Zambia’s mining sector, was placed under provisional liquidation in 2018 after accumulating heavy debts and experiencing prolonged operational disruptions.

$30 Million Investment Planned

Under the terms of the transaction, Wonderful Group will invest approximately $25 million for the majority stake while also providing an additional $5 million shareholder loan to support working capital and rehabilitation work at the facility.

Funding from the deal is expected to support equipment upgrades, improve production levels, and help stabilise operations at the plant. Lime products remain essential to Zambia’s copper mining industry, where they are used in mineral processing and several industrial applications.

ZCCM-IH said the partnership would bring additional funding, technical support, and operational experience needed to help restore the company’s output. The state mining investment firm will retain a minority shareholding after the transaction is completed.

The deal also highlights continued Chinese investment in Zambia’s mining and industrial sectors as the country works to increase copper production and revive key industrial assets. China remains one of Zambia’s biggest investment partners in mining, manufacturing, and infrastructure.

Wonderful Group already operates in Zambia through investments linked to manufacturing and mining activities. The acquisition of the Ndola Lime stake increases the company’s involvement in Zambia’s mining supply chain as demand grows alongside copper production expansion plans.

The reopening and expansion of operations at the Ndola-based plant could also support economic activity on the Copperbelt through job creation, stronger supply chains for mining companies, and increased industrial output.

Concerns Over Foreign Ownership

Debate around foreign ownership of strategic industrial assets and the role of state participation in Zambia’s mining sector is also likely to resurface following the transaction. Concerns over the sale of national assets to foreign investors have emerged in previous mining deals, although supporters argue that outside capital is necessary to restore struggling operations.

Successful implementation of the investment could help return one of Zambia’s long-standing industrial companies to stable production while supporting the country’s plans to increase copper output in the years ahead.