{"id":83678,"date":"2024-04-22T00:00:00","date_gmt":"2024-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/04\/22\/ihc-arm-has-its-eyes-on-another-zambia-mine-acquisition\/"},"modified":"2024-04-22T00:00:00","modified_gmt":"2024-04-22T00:00:00","slug":"ihc-arm-has-its-eyes-on-another-zambia-mine-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/04\/22\/ihc-arm-has-its-eyes-on-another-zambia-mine-acquisition\/","title":{"rendered":"IHC arm has its eyes on another Zambia mine acquisition"},"content":{"rendered":"

IHC\u2019s International Resources Holding bids for Konkola Copper Mines in another <\/strong>Zambia acquisition:<\/strong> The International Holding Company\u2019s (IHC) mining investment arm, International Resources Holding (IRH) reportedly bid over USD 1 bn for Mumbai-based Vedanta's stake in Zambia's Konkola Copper Mines, Reuters<\/a> reported on Friday, citing people with knowledge of the matter. IRH has presented a non-binding offer to acquire London-based mining company Vedanta Resources' 51% stake in the mines, Reuters says, with talks still ongoing. <\/p>\n

IHC is doubling down on securing critical metal supplies from Africa:<\/strong> The natural resources extractive company snagged a 51% stake in Zambia\u2019s Mopani Copper Mines<\/a> for USD 1.1 bn last month<\/a>. IRH is also reportedly looking<\/a> to bid for private equity player EMR Capital's 80% stake in Zambia\u2019s Lubambe Copper Mine. <\/p>\n

Stop in the tracks? <\/strong>Vedanta \u2014 which owns an 80% stake in KCM \u2014 is considering retaining its majority ownership of the Zambian copper field, owing to its longstanding desire to retain the assets under its belt, the sources said. The company hired Standard Chartered to seek investors with a minority interest in KCM, as opposed to IRH\u2019s aim for a controlling stake.<\/p>\n

Not entirely off the table: <\/strong>Vedanta is looking to raise USD 1 bn over five years for a Konkola-based deep mining project and USD 300 mn to settle local debts, which might make it look favorably to IRH\u2019s bid. In 2019, the company entered into legal disputes with the Zambian government, which ended with its forced liquidation of KCM, a capital shortage and near operational standstill. Vedanta only recently gained back ownership of the copper assets in last September<\/a> after pledging to invest USD 1 bn in Zambia.<\/p>\n","protected":false},"excerpt":{"rendered":"

International Resources Holding is offering USD 1 bn for a 51% stake in Konkola Copper Mines<\/p>\n","protected":false},"author":1,"featured_media":83679,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[11,79,196,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseclimate","tag-ma-watch","tag-mining","tag-uae","wpautop","entry"],"acf":{"mongo_id":"5b93cbb4-9b6e-4bcf-91e7-b3d102418936","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2158.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IHC arm has its eyes on another Zambia mine acquisition","related_issue":[83666],"teaser":"International Resources Holding is offering USD 1 bn for a 51% stake in Konkola Copper Mines","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.938ae968-5b99-4f83-979d-6feece9ebc44.mp3"},"yoast_head":"\nIHC arm has its eyes on another Zambia mine acquisition - 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