IRH secures Africa's mineral wealth

(MENAFN) In a bid to solidify its presence in the global mining landscape, IRH, a subsidiary of the UAE-based International Holding Company (IHC), is aggressively pursuing mining rights across Africa. Bolstered by a staggering valuation of USD240 billion, IHC's mining arm is making strategic moves to secure valuable mineral assets on the continent.

Having made its initial foray into the African market last year with the acquisition of a significant copper mine in Zambia, IRH, under the umbrella of Global Holdings, has swiftly moved forward by entering joint ventures to extract iron ore in Angola, specifically at the Kasala Kitongo and Muninga sites. Additionally, the company is engaged in advanced negotiations to tap into nickel deposits in Burundi, alongside exploring opportunities for various minerals in Tanzania and Kenya, as highlighted by Syed Basr Shuaib, the CEO of IHC.

In an exclusive interview with the Financial Times, shared with Sky News Arabia, Shuaib outlined IHC's ambitious plans to clinch acquisition deals worth approximately one billion dollars in the mining sector this year alone. These endeavors underscore IHC's strategic vision to assert its dominance in the global mining arena, particularly amid stiff competition.

At present, the industry is witnessing heightened competition, epitomized by BHP's pursuit to acquire Anglo American for a staggering 34 billion pounds sterling. This fierce global rivalry underscores the critical importance of securing access to key minerals such as copper, iron ore, and lithium, which are indispensable for the transition towards cleaner energy sources.

Central to IHC's strategy is the ownership of mines rather than relying on supply contracts. Shuaib emphasized that their approach diverges from merely investing in other operators in exchange for future raw material supplies. Instead, IHC aims to directly acquire mining concessions, thereby exerting greater control over its resource base. Moreover, the company is committed to adopting environmentally sustainable practices, aiming to make its mining projects "green and environmentally friendly" through the utilization of renewable energy sources, notably solar energy.



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