IRH Reaffirms $1.1 Billion Mopani Copper Investment After Dispute With Zambia’s State Miner

International Resources Holding (IRH), the Abu Dhabi-based mining company linked to Emirati royal Sheikh Tahnoon bin Zayed Al Nahyan, has reaffirmed its $1.1 billion investment commitment to Zambia’s Mopani Copper Mines following a dispute with state-owned ZCCM Investments Holdings (ZCCM-IH) over funding and operational obligations.

In a joint statement issued on October 14, IRH and ZCCM-IH said they remained aligned on Mopani’s development after what they described as constructive discussions. The investment commitment covers equity, shareholder funding and operational support. IRH holds a 51% stake in Mopani, while ZCCM-IH owns the remaining 49%.

IRH chief executive Ali Rashed Alrashdi said the investment represented a long-term commitment to both the mining company and Zambia. ZCCM-IH chairman Phesto Musonda also emphasised Mopani’s importance to the country.

The statement did not confirm whether all the issues raised by ZCCM-IH had been resolved. However, the two companies said they were also exploring further cooperation in mineral exploration and broader mining operations.

The renewed commitment follows a dispute that became public in late September, when ZCCM-IH raised concerns about IRH’s financial and operational obligations under their partnership agreements.

In a letter dated September 18 to Delta Mining, the IRH subsidiary holding the Mopani stake, ZCCM-IH chief executive Kakenenwa Muyangwa alleged that the company had fallen short of several commitments.

According to the letter, Delta Mining’s payments into Mopani during 2025 were $61 million below the required minimum. ZCCM-IH also said it was unaware of transfers towards Delta’s $140 million funding obligation for 2026. Further concerns included debt incurred without approval, delays in project spending, questions about some contractors’ capabilities and copper cathode production in 2025 falling more than 50% below the business plan.

ZCCM-IH said it preferred an amicable resolution but reserved the right to seek damages or pursue arbitration. IRH previously denied that the dispute reflected a breakdown in the relationship, saying the matters were being addressed through normal shareholder discussions.

Zambian President Hakainde Hichilema also met Alrashdi in Abu Dhabi during a working visit to the United Arab Emirates in late September. Hichilema highlighted Mopani’s role in Zambia’s ambition to increase annual copper production to three million tonnes.

Mopani Expansion Central to Zambia’s Copper Ambitions

IRH completed its acquisition of a 51% stake in Mopani in March 2024, with payments totalling $620 million made in instalments. The company also extended shareholder loans that helped Mopani settle debts owed to Glencore. ZCCM-IH had taken over the mine from the Swiss commodities group in 2021.

Operating mines and processing facilities on Zambia’s Copperbelt, Mopani produced 66,369 tonnes of copper in 2025. The partners said contained copper output increased by 63% between 2023 and 2025, and they are targeting annual production of 300,000 tonnes of finished copper by 2029.

According to the joint statement, more than 99% of Mopani’s workforce is Zambian, while the company has spent over $685 million with more than 1,300 Zambian suppliers.

The planned expansion is significant for Zambia, which aims to increase annual copper production to three million tonnes by 2031. Achieving that target will require substantial investment in mining infrastructure, equipment, processing capacity and operational efficiency.

IRH Expands Its African Mining Interests

Mopani is a central part of IRH’s strategy to expand its presence in Africa’s critical minerals sector. The company operates within Abu Dhabi’s broader investment network, with IRH forming part of 2PointZero Group and the wider International Holding Company group associated with Sheikh Tahnoon.

In 2025, IRH agreed to acquire a controlling 56% stake in Alphamin Resources, operator of the Bisie tin mine in the Democratic Republic of the Congo, in a transaction valued at approximately $367 million.

The company also made a non-binding offer exceeding $1 billion for Vedanta’s stake in Zambia’s Konkola Copper Mines, although that proposed transaction did not proceed.

IRH’s reaffirmed Mopani commitment provides renewed backing for the mine’s expansion plans, but the outstanding details of the earlier dispute remain unclear. The extent to which the funding commitments translate into higher production will be important for Mopani’s future performance and Zambia’s broader copper growth strategy.