Baker McKenzie worked with ZCCM-IH on Mopani’s US$1.1 billion partnership with IRH

Baker McKenzie, a prominent global law firm, provided legal counsel to ZCCM Investments Holdings Plc in connection with its execution of an investment agreement with International Resources Holding RSC Limited (IRH), a leading mining entity in Abu Dhabi. The agreement entails IRH’s commitment to invest $1.1 billion in Mopani Copper Mines Plc (Mopani), a key copper mining operation in Zambia. The completion of the transaction is contingent upon the satisfaction of specific conditions precedent, including the restructuring of the longstanding relationship between Glencore International AG and Mopani.

Mopani plays a crucial role in the Zambian Copperbelt, aligning with President Hakainde Hichilema’s economic national development plan. ZCCM-IH gained full control of Mopani from Glencore in 2021 and, in collaboration with IRH, will collaborate with Mopani and the Government of the Republic of Zambia to explore additional opportunities in the Zambian mining sector, thereby attracting more investments to the region. Rothschild & Co served as the financial adviser to ZCCM-IH for this transaction, with Giles Douglas leading the team.

The Baker McKenzie team, led by corporate partner Richard Blunt, included the following members:

• Transactional Energy team (London): Partners Richard Blunt, Philip Thomson, and Susie Davies, Senior Associates Andrew Burleigh and Alexander Gee, Associates Andrew Paget, Priya Shah, and Jacob Turner, Trainees Uzo Oforka and Hermon Bahru, and Johannesburg-based partner Angela Simpson.
• Banking (London): Senior Associate Philippe Bernier-Cormier and Associate Rory Tredwell.
• Tax (London): Partner Oliver Pendred and Associate Thomas Roberts.
• Competition: Partner Lerisha Naidu (Johannesburg), Of Counsel Robert Eriksson (London), Director Designate Angelo Tzarevski (Johannesburg), and Senior Associate Sphesihle Nxumalo (Johannesburg).

Expressing his thoughts on the transaction, Richard Blunt, the chair of Baker McKenzie’s global Energy, Mining, Infrastructure, and Projects practice group, stated, “We are thrilled to have contributed to this exciting transaction, which underscores the opportunities presented by the Zambian market. The energy transition is gaining momentum, and the global competition for copper and cobalt is underway.”