Zambia makes up with Gulf investor in major copper mine

The expansion of the copper sector is a cornerstone of the country’s economic growth plan. Zambia’s state miner and Abu Dhabi-based International Resources Holding (IRH) say they have patched up their financing dispute over Mopani Copper Mines, the development of which is a cornerstone of the southern African country’s economic growth plan. In a letter in September, Zambia’s ZCCM-IH accused the Emirati company of failing to provide equity funding and taking on unapproved debt. The latest statement skirted the issue, describing new joint-exploration projects and saying they “remain aligned on the long-term development” of the mine, but left funding questions open. The truce followed a meeting in Abu Dhabi between Zambian President Hakainde Hichilema and IRH’s CEO on the day the letter became public. IRH paid $620 million in 2024 for a 51% stake in Mopani as part of a deal worth more than $1 billion. Neither side can afford a fight: Zambia, Africa’s second-largest copper producer, needs Gulf capital for its bid to more than triple its output to 3 million tons a year, and IRH aims to lift Mopani’s production from 66,369 tons in 2025 to 300,000 tons by 2029.