Skip to content Skip to Search
Skip navigation

Abu Dhabi’s IRH completes Zambian copper mine deal

Zambia copper mine Reuters/Salim Henry
Zambia is Africa’s second largest producer of copper, after the Democratic Republic of Congo next door
  • $620m injection of new capital
  • IRH interested in Lubambe Copper Mine
  • On a ‘strategic journey’ in industry

Abu Dhabi’s International Resources Holdings (IRH) has completed its acquisition of Mopani Copper Mines in Zambia and is reported to be interested in acquiring more of the country’s minerals industry.

IRH is part of International Holding Company, Abu Dhabi’s most valuable company.

Previous reports said IRH would invest $1.1 billion through the deal in return for a 51 percent stake in Mopani Copper Mines.

IRH will provide $620 million in new equity capital in exchange for that stake. Nearly $400 million will be handed over as a shareholder loan to part-settle a $1.5 billion debt owed to Glencore, Mopani Copper Mines’ previous owner.



International Holding Company’s CEO Syed Basar Shueb said the venture was “a key part of our strategic vision to support and grow high-value assets, as well as to deploy our expertise in fostering resource management that is both responsible and sustainable”.

Mopani Copper Mines has a primary listing on the Lusaka Securities Exchange and secondary listings on the London Stock Exchange and the Euronext Access Exchange in Paris.

The company posted a loss of $298 million for 2022 in its most recent financial statements, as copper production fell to 72,500 tonnes over the year, down 17 percent on 2021.

Ali Rashdi, CEO of IRH said the acquisition marked a crucial step in its “strategic journey in the mining industry”.

Reports on Friday from Reuters suggested that IRH was also interested in acquiring Lubambe Copper Mine in Zambia. This is despite a deal already being agreed between the owner of an 80 percent stake in the mine and JHCX Mining of China.

Zambia is Africa’s second largest producer of copper behind the Democratic Republic of Congo and was the world’s ninth biggest producer in 2022.

The mining sector contributes around 12 percent of the country’s GDP, with copper mining, in particular, accounting for around 70 percent of its export earnings.

The Zambian government has revealed a plan to ramp up annual copper output from 83,000 tonnes to more than 3 million tonnes by 2032.

Latest articles

A cattle drive in the Pantanal region. Meat is a major component of Brazil's trade with Saudi Arabia

Brazil’s JBS to open Saudi food factory as trade ties deepen

Brazilian multinational JBS is to open a food factory in Saudi Arabia with an investment of SAR500 million ($133 million), in a further sign of the strengthening ties between the two countries. JBS, one of the largest meat and poultry producers in the world, will open the facility in Jeddah under its subsidiary Seara by […]

Architecture, Building, Convention Center

First Abu Dhabi revenue rises 16% on overseas growth

First Abu Dhabi (FAB), the UAE’s biggest lender, said revenues rose 16 percent year on year to AED15.7 billion ($4.3 billion) in the first half of 2024, driven by 30 percent annual growth in international franchise. Net profit increased 3 percent to AED8.4 billion in the first six month ended June 30, 2024, compared to […]

People, Person, Adult

Diriyah awards $2bn contract for Wadi Safar masterplan

The Public Investment Fund-backed Diriyah Company has awarded its largest single contract to date to a Saudi-Qatari joint venture for the Wadi Safar masterplan. The SAR8 billion ($2.13 billion) contract was awarded to the joint venture between Urbacon Saudi Company, the local unit of Qatar’s Urbacon International, and Saudi-headquartered Al Bawani Company, the state-backed Saudi […]

Adult, Male, Man

Kuwait turns to budget deficit as oil income drops 19%

Kuwait reported a budget deficit of KD1.6 billion ($5.2 billion) in 2023/24 from a surplus of KD6.4 billion in the previous year, the finance ministry said. Oil revenues fell to KD21.6 billion in 2023/24, down 19 percent, compared to KD26.7 billion a year ago, the state-run Kuna news agency reported, citing a ministry statement. The […]