UAE International Resources Holding acquires majority stake in Mopani Copper Mines, Zambia

Summary

International Resources Holding (IRH), a subsidiary of International Holding Company (IHC, Abu Dhabi), acquired a majority stake in Mopani Copper Mines Plc in Zambia in 2023-2024. Mopani comprises the Mufulira underground copper mine and smelter and the Nkana copper mine in Kitwe, with a combined nameplate capacity of approximately 60,000-80,000 tonnes of copper per year (historically higher before Glencore's temporary closure in 2020-2021).

IRH is the first Gulf-state-controlled majority acquisition of an operational copper mine in southern Africa. The SWP Aug 2025 report (Müller et al.) notes that IRH "became majority owner of a Zambian copper mine in 2024 and also secured a deal for a tin mine in the DRC."

State instruments

• IHC/Abu Dhabi capital: IHC is closely linked to Abu Dhabi sovereign capital; the acquisition reflects Abu Dhabi sovereign capital deployed via IHC's investment arm rather than the formal ADIA/Mubadala SWF channels — giving it greater operational flexibility and lower public-disclosure requirements.
• Zambia ZCCM-IH retained stake: ZCCM Investments Holdings retained a minority interest; the Government of Zambia positioned the transaction as rescuing Mopani from the Glencore divestiture without defaulting to Chinese ownership.
• IRH minerals mandate: Following the Mopani deal, IRH stated plans to build a portfolio of operating copper, cobalt, and battery-metals assets across Africa.

Key figures

• Asset: Mopani Copper Mines Plc (Mufulira + Nkana)
• IRH stake: majority (exact % not publicly confirmed; Zambian press indicates 51%+)
• Historical copper output: 60-100 kt Cu/yr at peak capacity
• Location: Copperbelt Province, Zambia (adjacent to CNMC Chambishi)
• Strategic concern: UAE's involvement in African illicit gold trade creates due-diligence risk for European buyers sourcing copper from IRH-controlled Mopani (SWP Aug 2025)