The mining investment arm of Abu Dhabi’s prestigious International Holding Company has expressed interest in acquiring a controlling share in Vedanta Resources’ Zambian copper assets, sources familiar with the matter revealed. This move aligns with their strategy to establish a significant presence in Africa’s copper mining sector.
According to insiders, the subsidiary, International Resources Holding (IRH), has submitted a bid exceeding $1 billion to acquire a 51% stake in Konkola Copper Mines (KCM), which is owned by Indian business magnate Anil Agarwal’s Vedanta. IRH has been actively expanding its footprint in Zambia’s copper mining industry, recently acquiring a majority share in Mopani Copper Mines for $1.1 billion. Additionally, IRH has announced its intention to bid for a stake in Lubambe Copper Mine, currently owned by EMR Capital and up for sale.
These strategic investments reflect the broader initiative of oil-rich nations like the United Arab Emirates (UAE) and Saudi Arabia to secure crucial metal resources from Africa. This move is also seen as a step towards participating in the global transition towards sustainable energy sources.
