UAE’s IRH Withdraws Bid for Vedanta’s Zambian Copper Mines
International Resources Holding (IRH), a subsidiary of UAE’s International Holding Company IHC.AD, has announced the withdrawal of its bid to acquire a stake in Vedanta Resources Ltd’s Zambian copper mines.
The decision follows unsuccessful negotiations over the valuation of the assets, as reported by Reuters.
IRH had proposed acquiring a 51% stake in Vedanta’s Konkola Copper Mines (KCM) for more than $1 billion, aiming to strengthen its copper holdings in Zambia after a recent acquisition of a 51% stake in Mopani Copper Mines.
“IRH terminated the transaction discussions two months ago due to discrepancies in valuation,” IRH stated in an emailed statement to Reuters.
The UAE, alongside Saudi Arabia, is strategically pursuing critical metal supplies from Africa to support their transition to green energy.
Vedanta, which holds 80% of KCM, has been seeking to sell a stake in the Zambian copper mines to raise approximately $1.2 billion for debt settlement, operational revival, and investment in the Konkola Deep Mining Project.
“We remain committed to exploring funding options aligned with KCM’s best interests,” said a Vedanta spokesperson, declining to comment on ongoing negotiations.
The withdrawal marks a setback in IRH’s expansion plans in Zambia’s copper sector amid global shifts towards sustainable energy sources.
