ZCCM-IH Accuses Abu Dhabi Investor of Breaching Mopani Agreements
Zambia’s ZCCM-IH Accuses IRH of Funding and Operational Breaches at Mopani Copper Mines
Zambia’s state-owned mining investment company ZCCM Investments Holdings (ZCCM-IH) has accused Abu Dhabi-based International Resources Holding (IRH) of breaching financial and operational agreements linked to its takeover of Mopani Copper Mines.
In a September 18 letter to IRH subsidiary Delta Mining, ZCCM-IH alleged that Delta had failed to meet funding commitments and allowed Mopani to take on costly debt without the required approval.
Delta holds a 51% stake in Mopani, while ZCCM-IH retains 49%.
ZCCM-IH said only US$62.3 million of Mopani’s US$308.1 million project development budget had been spent by the end of March 2026. It also raised concerns over the expertise of some contractors appointed to the project.
Mopani’s copper cathode production in 2025 was more than 50% below the target set in its business plan, according to the letter. ZCCM-IH also said Delta’s payments into Mopani during 2025 were US$61 million below the minimum required under the agreements.
The state investor said it was also unaware of any payment towards Delta’s US$140 million funding obligation for 2026.
The allegations come less than three years after IRH took control of Mopani in a transaction valued at US$1.1 billion, with the investment intended to support the mine’s redevelopment and increase copper production.
ZCCM-IH has called for engagement with Delta to address the alleged breaches and indicated that it could pursue contractual remedies, including damages or arbitration, if the issues are not resolved.
IRH has said it maintains a strong and constructive relationship with ZCCM-IH and that the matters raised are being addressed through the normal shareholder channels.
