Zambia’s state mining firm ZCCM-IH and Abu Dhabi’s International Resources Holding (IRH) reaffirmed their commitment to the Mopani copper complex following allegations of funding breaches. In a joint statement, both parties said they remain aligned on the long-term development of Mopani, with IRH controlling 51% and ZCCM-IH holding the remainder. The statement came weeks after ZCCM-IH CEO Kakenenwa Muyangwa accused IRH in a Sept. 18 letter of failing to provide equity funding and allowing unapproved third-party debt.
Muyangwa stated ZCCM-IH preferred an amicable resolution but was prepared to invoke contractual remedies. IRH, the mining arm of the $224 billion International Holding Co. chaired by Sheikh Tahnoon bin Zayed Al Nahyan, reiterated its commitment to help Mopani reach 300,000 tons of annual copper production by 2029. The partners are also exploring new opportunities in mining operations to grow Zambia’s mineral output.
Zambian President Hakainde Hichilema met with IRH CEO Ali Rashed Alrashdi in Abu Dhabi around the time the allegations surfaced. Mopani has increased copper output by 63% between 2023 and 2025 since IRH’s takeover, which followed Glencore’s exit in 2021. Zambia aims to more than triple its copper output to 3 million tons annually by the early next decade.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing