ZCCM Investment Holdings (ZCCM-IH) has selected the UAE's International Resources Holdings (IRH) as Mopani Copper Mines' strategic equity partner.
It said IRH, which is linked to Abu Dhabi's most valuable listed company, International Holdings Company (IHC), will invest funds in Mopani to boost short-term working capital, finance the mine expansion, unleash its long-term potential, and reorganise its balance sheet.
"The proposed investment in Mopani is the largest single investment to date by IRH and represents a key step in the development of its strategy to become a major player in the African minerals sector," ZCCM was quoted as saying by Reuters.
It said that the new investor will "reset" Mopani's relationship with Glencore.
Zambia had been seeking a new investor for Mopani after buying the assets from Glencore in 2021 for $1.5 billion in debt.
Offtake rights for Mopani copper were held by Glencore.
ZCCM expects Mopani to produce 200,000 tonnes of copper annually with the proposed cooperation.
Mopani needs $300 million to increase output over three years and $150 million to maintain operations.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
