UAE seeks to buy stake in Zambia’s copper mining

International Resources Holding, IRH, a mining investment arm of a very valuable company in Abu Dhabi, United Arab Emirate, UAE,  is interested in buying a majority share in Vedanta Resources’ Zambian copper assets.

This move is part of their strategy to expand their copper mining business in Africa.

The company has made an offer of over $1 billion to acquire a 51% stake in Konkola Copper Mines.

This is part of their larger plan to build a significant presence in the copper mining industry in Zambia.

The offer is still under discussion and not yet final.

Vedanta, the current owner of the assets, is considering the offer but may be hesitant to give up a majority stake as they have always wanted to keep these assets on their books.

The sale is being managed by Standard Chartered to raise capital to improve the assets, which have faced challenges in the past.

This move is part of a larger trend where countries like the UAE and Saudi Arabia are looking to secure metal supplies from Africa to support their interests in green energy.

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