UAE’s investment giant International Holding Company (IHC) plans to make USD 1 bn worth of acquisitions in the mining sector this year, chief executive Syed Basar Shueb told The Financial Times. The IHC’s mining subsidiary International Resource Holding (IRH) has already signed joint venture agreements for iron ore exploration in Angola, and is now working on a nickel mining agreement in Burundi while discussing the mining of metals in Tanzania and Kenya, Shueb added. The mining firm plans to use renewable energy sources to power its mining projects.

Why the sudden interest? IRH came onto the mining investment scene to secure a supply of raw materials without having to turn to other operators, the CEO said. The moves come as the global race to acquire critical energy transition minerals heats up, with reports that Australia’s mining company BHP is in talks to merge with IHC’s rival Anglo American in a proposed takeover deal worth GBP 34 bn. The IRH is also competing against the Chinese for mining assets, Shueb said. The predicted increased demand for EVs, wind turbines, and solar panels is creating a looming critical minerals shortage.

REFRESHER- IHC is doubling down on securing critical metal supplies from Africa: The natural resources extractive company snagged a 51% stake in Zambia’s Mopani Copper Mines for USD 1.1 bn in March. IRH bid over USD 1 bn for Mumbai-based Vedanta’s stake in Zambia’s Konkola Copper Mines in April, and presented a non-binding offer to acquire London-based mining company Vedanta Resources’ 51% stake in the mines. “It makes a lot of sense that one party manages Mopani and KCM,” Shuab told FT. The company is also reportedly looking to bid for private equity player EMR Capital's 80% stake in Zambia’s Lubambe Copper Mine.

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