Mining

IRH of Abu Dhabi to invest in South Africa

October 1, 2024, 2:57 PM

IRH and PIC will work to improve logistics in South Africa's ports, including Durban

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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”.

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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.”