ZCCM-Investment Holdings has announced that it has signed a shareholders' agreement with China Machinery Construction Group Ltd, also known as SinoConst, for the development of a cement plant.

The joint venture project, called Central African Cement Ltd (CAC), will see ZCCM-IH holding 35 per cent of the shares in CAC, while SinoConst will hold the remaining 65 per cent.

The project have a cement production capacity of 5000tpd and will use two 20MW captive coal-fired power plants. The details are contained in the new ZCCM-IH 2018-2023 Strategic Plan released this week.

Last year, President Edgar Lungu launched a US$548m cement plant project to be built in Ndola by the government and China's Sinoconst.