ZCCM Investments Holdings Plc, Zambia's state-controlled mining investment company, has agreed to sell a majority stake in its lime and cement venture to a privately held Chinese company. The transaction marks another step in the state firm's strategy to offload non-core assets and tap into foreign capital for its portfolio.

The deal signals growing Chinese involvement in Zambia's construction materials sector. For ZCCM Investments, disposing of the lime and cement business lets it concentrate on its mining operations while bringing in a new operator with appetite for the sector. The private Chinese buyer gains access to established infrastructure in a key African market.

Terms of the sale were not disclosed. The transaction is part of ZCCM Investments' broader effort to streamline its holdings and generate returns from ventures outside its core mining business.