Mining IRH of Abu Dhabi to invest in South Africa By Neil Halligan October 1, 2024, 2:57 PM Alamy via Reuters IRH and PIC will work to improve logistics in South Africa's ports, including Durban Mining, green energy and transport covered AI geoscience company founded Clean energy to replace coal plants Abu Dhabi’s most valuable company is investing in mining, green energy and transport via Africa’s largest asset manager. International Resources Holding (IRH), part of International Holding Company, has signed an agreement with the Public Investment Corporation (PIC) of South Africa. IRH and PIC have also agreed to create an artificial intelligence-enabled geoscience company to explore new mining opportunities. PIC has $165.6 billion in assets under management and is owned by the South African government. The agreement will seek to “bring underperforming and undeveloped mining assets to full production capacity”, IRH and PIC said in a joint release, through “best practices in mining operations”. IHC H1 profit up $3.4bn as revenue rises 46% Abu Dhabi’s IHC forms $27bn holding company 2PointZero IHC reports marginal profit despite revenue climbing 18% The two companies will work on replacing South Africa’s coal-fired thermal plants with clean energy. They will also seek to improve the transport and logistics infrastructure surrounding the ports of Richards Bay, Saldanha and Durban to help increase their export capacity. The planned AI geoscience company announced in the agreement between IRH and PIC will conduct extensive geological surveys and research, using AI and data analytics to identify and assess new mining opportunities. Ali Rashdi, CEO of International Resources Holding, said its business model, “centred on leveraging cutting-edge technologies and artificial intelligence,” helped improve efficiencies and operations. In March, IRH completed a deal to acquire 51 percent of Mopani Copper Mines in Zambia. Increasing output IRH said it plans to decarbonise the project while simultaneously increasing copper output to 200,000 tonnes, from 60,000 tonnes, over the course of the next three years. It aims to improve productivity through the use of internet of things devices, AI and an improved telecommunication network. Kabelo Rikhotso, chief investment officer for PIC, said: “IRH has shown its value and technological capabilities in Zambia with the extraordinary turnaround of the Mopani Copper Mines. “We look forward to moving this MOU forward to definitive agreements.” Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
