IRH and Zambia's state miner resolve copper financing dispute
The truce followed a meeting in Abu Dhabi between Zambian President Hakainde Hichilema and IRH’s CEO.
Abu Dhabi-based International Resources Holding (IRH) and Zambia's state miner ZCCM-IH have resolved their financing dispute over the Mopani Copper Mines. The statement did not repeat the grievances raised in ZCCM-IH's September letter, which alleged that IRH had not provided the necessary equity funding and had taken on unauthorized debt.
Instead, both parties emphasized their ongoing commitment to the mine's long-term development through new joint-exploration projects. The reconciliation came after a meeting in Abu Dhabi between Zambian President Hakainde Hichilema and IRH's CEO the day the letter was made public. In 2024, IRH invested $620 million to acquire a 51% stake in Mopani as part of a deal valued at over $1 billion.
Neither party can afford a conflict: Zambia seeks Gulf capital to increase copper production capacity from its current 66,369 tons to 3 million tons annually by 2029, while IRH aims to boost Mopani's output from 66,369 tons in 2025 to 300,000 tons by the same year.
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