UAE conglomerate International Holding Company (IHC) will allocate approximately $1 billion toward mining acquisitions in Africa this year, building on its acquisition of the Mopani Copper Mine in Zambia completed last March.
According to IHC CEO Syed Basar Shueb, the company’s mining subsidiary International Resources Holding (IRH) recently finalized joint venture agreements for iron ore mining in Angola’s Kassala-Kitungo and Munenga regions. Additionally, IRH is in advanced discussions for nickel mining in Burundi, while also exploring opportunities in Tanzania and Kenya for various metals.
IHC is also in discussions to acquire the Konkola Copper Mine (KCM) in Zambia, engaging with both the Zambian Government and shareholder Vedanta Resources, an Indian metals and energy group seeking to divest its minority stake.
“Next to Mopani is KCM…we are talking to the government because it makes a lot of sense that one party manages Mopani and KCM,” Shueb said to the Financial Times. “We had a few meetings with Vedanta and the government, but of course, Vedanta is a large player, they are much more experienced than us.”
IHC is strategically consolidating its mining interests under IRH, as it focuses on acquiring mining concessions. Emphasizing sustainability, IRH aims to integrate eco-friendly practices by incorporating renewable energy sources such as solar power into its mining operations.
