A fresh push for critical minerals in India: International Resources Holding (IRH) — the extractive subsidiary of UAE’s investment giant International Holding Company’s 2PointZero — signed a strategic agreement with India’s ONGC Videsh Ltd (OVL), Oil India, and Khanji Bidesh India to partner on critical minerals, according to a statement.

What’s on the cards: The partnership will focus on the supply chain of critical minerals and the acquisition and development of minerals projects globally and within India, boosting public-private partnerships between UAE and the country. No further details were provided on the mining cooperation.

IRH has previously shown interest in Indian mining companies’ interests overseas: It reportedly bid over USD 1 bn in April for India’s leading mining firm Vedanta's stake in Zambia's Konkola Copper Mines. The company withdrew its bid in July as Vedanta was reportedly only willing to sell a minority stake for nearly double the amount IRH offered for a larger shareholding.

IRH has a lot in the works in resource-rich Africa: The company acquired in March a 51% stake in Zambia’s Mopani Copper Mines for USD 1.1 bn. IRH is also reportedly looking to bid for private equity player EMR Capital's 80% stake in Zambia’s Lubambe Copper Mine.

With big mining investments this year: The IHC plans to make USD 1 bn worth of acquisitions in the mining sector this year, company officials said in May. Its mining subsidiary 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.

And India is focusing on its critical minerals industry: The Indian government could reportedly channel USD 50 mn to finance collaborations by research institutes to help assist mining technology, Reuters reported last month, citing an unnamed government source. The initiative aims to reduce the country's heavy reliance on imports of lithium and rare earth minerals and build up its domestic critical mineral industry. Previous attempts to auction lithium blocks failed due to low mineral concentration and high extraction costs, the newswire writes.

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