IRH IN TALKS TO ACQUIRE STAKE IN VEDANTA’S ZAMBIAN COPPER ASSETS

International Resources Holding (IRH), the mining investment arm of Abu Dhabi’s International Holding Company, is engaged in discussions to purchase a stake in Vedanta Resources’ Zambian copper assets, according to Chris Griffith, Vedanta’s chief executive for base metals.

IRH, part of a conglomerate with assets totaling approximately $244 billion, is conducting due diligence on acquiring a stake in Konkola Copper Mines (KCM).

This interest underscores IRH’s commitment to expanding its presence in copper mining, as indicated in previous statements to Reuters.

Griffith confirmed that besides IRH, other investors have shown interest in KCM assets, although he did not disclose specific names during a mining conference in London.

Vedanta, led by Indian billionaire Anil Agarwal, aims to sell up to 30% of its stake in Konkola to raise around $1.2 billion. This capital infusion is intended to revive operations and boost copper production after a protracted legal battle over ownership with Zambia’s previous administration.

Griffith revealed that IRH has participated in Vedanta’s data-room process and expressed interest in acquiring more than the proposed 30% stake. Negotiations are ongoing in this regard.

Earlier reports suggested IRH’s interest in purchasing a 51% stake in KCM for over $1 billion, following its acquisition of a majority stake in Mopani Copper Mines for $1.1 billion. Griffith indicated that several long-term investors are also exploring opportunities to invest in KCM.

Vedanta plans to reinvest in increasing copper output at Konkola over the next five years and is close to securing an additional $270 million to settle outstanding debts and fulfill social commitments associated with KCM.

Despite the divestment, Vedanta intends to retain majority ownership in KCM, emphasizing its strategic interest in the future development of Zambia’s copper industry.