Abu Dhabi-based International Resources Holding and Zambia’s state miner ZCCM-IH say they have patched up their financing dispute over Mopani Copper Mines. The statement skirted the charges in ZCCM-IH’s September letter, which accused IRH — part of Sheikh Tahnoon bin Zayed’s International Holding Company — of failing to provide equity funding and taking on unapproved debt. Instead, the partners pointed to new joint-exploration projects, 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 needs Gulf capital for its bid to more than triple copper 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.
