Mining company International Resources Holding (IRH) has acquired a 51% stake in Zambia’s Mopani Copper Mines for $1.1 billion. IRH’s deal was finalized in December 2023 but the acquisition was completed in March 2024.
Mopani Copper Mines requires a $300 million investment to scale up production to 200,000 metric tons of copper within the next three years. In 2022, the company produced 72,694 metric tons of copper.
“This venture is a key part of our strategic vision to support and grow high-value assets, as well as to deploy our expertise in fostering resource management that is both responsible and sustainable,” stated IRH CEO Syed Basar Shueb.
This investment highlights increasing interest in critical mineral mining in Zambia and may encourage other international mining companies to rejuvenate existing mines in the Copperbelt region.