(4 Minutes Read)
Emirati conglomerate’s International Holding Company (IHC) plans to acquire mining concessions worth USD 1 billion across several African countries in 2024. The Emirati group will proceed through International Resources Holding (IRH), its subsidiary.
Emirati conglomerate’s International Holding Company (IHC) plans to acquire mining concessions worth USD 1 billion across several African countries in 2024. The Emirati group will proceed through International Resources Holding (IRH), its subsidiary.IRH has already signed joint venture agreements for iron ore extraction in Angola and is in advanced talks for nickel extraction in Burundi, as well as various metals in Tanzania and Kenya, stated Syed Basar Shueb , CEO IHC. The deals spree is part of a push by oil-rich United Arab Emirates (UAE) to secure critical metal supplies from Africa, a move that could also help them participate in the transition to green energy.
The conglomerate, which acquired the Mopani copper mine in Zambia in 2023, is also in discussions with the Zambian government to take over the Konkola copper deposit, currently operated by India’s Vedanta group. Shueb added that IRH’s strategy is to acquire mining concessions directly rather than providing financing to other operators in exchange for future commodity supply. The company aims to make its mining projects “green” by using renewable energy sources like solar power.
Read Also:
With USD 240 billion in assets, IHC is part of a business empire overseen by its chair, Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE’s national security adviser and a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan.
Sheikh Tahnoon is at the helm of two of Abu Dhabi’s biggest wealth funds, Abu Dhabi Investment Authority and ADQ, and also chairs First Abu Dhabi Bank, the UAE’s biggest lender by assets.
