{"id":92437,"date":"2024-05-28T00:00:00","date_gmt":"2024-05-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/ihc-eyes-usd-1-bn-in-mining-acquisitions-this-year\/"},"modified":"2024-05-28T00:00:00","modified_gmt":"2024-05-28T00:00:00","slug":"ihc-eyes-usd-1-bn-in-mining-acquisitions-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/28\/ihc-eyes-usd-1-bn-in-mining-acquisitions-this-year\/","title":{"rendered":"IHC eyes USD 1 bn in mining acquisitions this year"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Good morning, wonderful people. <\/strong><span style=\"background-color: transparent;\">It\u2019s a slower than usual start to the week, but we have a lot of news from the first day of the Make it in the Emirates forum to dig your teeth into, as well as more data on the country\u2019s real estate sector in 1Q 2024, and updates on a long-standing real estate dispute.<\/span><\/p>\n<p class=\"tag-border-left\">PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai residents will now need to pay their vehicle fines digitally<\/strong> through the Roads and Transport Authority\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/bf225a52-574a-4427-aca4-9892db7c0ba9\/palm-jebel-ali-infrastructure-awards-handed-to-dbb,-khansaheb\" style=\"\" rel=\"noopener\">upgraded<\/a>&nbsp;<a target=\"_blank\" href=\"https:\/\/apps.apple.com\/ae\/app\/rta-dubai\/id426109507\" style=\"\" rel=\"noopener\">smart application<\/a> or <a target=\"_blank\" href=\"https:\/\/www.rta.ae\/wps\/portal\/rta\/ae\/home?lang=ar\" style=\"\" rel=\"noopener\">website<\/a>, after the service was discontinued at the authority\u2019s customer and service centers, the authority <a target=\"_blank\" href=\"https:\/\/x.com\/rta_dubai\/status\/1794699833107755321\" style=\"\" rel=\"noopener\">said on X<\/a>. <\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>IHC ups its assets in Africa:<\/strong> The International Holding Company\u2019s (IHC) mining investment arm, International Resources Holding (IRH), has inked new joint venture agreements for iron ore mining in Angola\u2019s Kassala Kitungo and Munenga, IHC CEO Syed Basar Shueb told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/2885f8da-cafc-4bc6-b15b-1c5275db1280\" style=\"\" rel=\"noopener\">Financial Times<\/a> yesterday. IRH is also in advanced talks to mine nickel in Burundi and various metals in Tanzania and Kenya, expecting to make some USD 1 bn of mining acquisitions this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- The company plans to directly buy the mining concessions and make them \u201cgreen\u201d<\/strong> by using renewable energy sources like solar power, Shueb said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- IHC is doubling down on securing critical metal supplies from Africa.<\/strong> Last month, the company snagged a 51% stake in Zambia\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/296cdee4-0fa9-4cf9-96d5-54ec57b399b0\/international-resources-holding-completes-mopani-copper-mines-in-zambia-acquisition\" style=\"\" rel=\"noopener\">Mopani Copper Mines<\/a> for USD 1.1 bn, and reportedly bid over USD 1 bn for Mumbai-based Vedanta's 51% stake in Zambia's <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1245f56d-ecc3-47f5-8d17-de3f56ca8d4a\/%253cmark%253eihc%253c%2Fmark%253e-arm-has-its-eyes-on-another-zambia-mine-acquisition\" style=\"\" rel=\"noopener\">Konkola Copper Mines<\/a>. The natural resources extractive company is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/482e41b3-3619-4bbd-95ac-21dfbd9c9c4d\/\" style=\"\" rel=\"noopener\">also reportedly looking<\/a> to bid for private equity player EMR Capital's 80% stake in Zambia\u2019s Lubambe Copper Mine.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other bidders?<\/strong> \u201cMajority of the time you\u2019re competing with Chinese. There\u2019s no other countries,\u201d Shueb said.<\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- President Sheikh Mohamed bin Zayed Al Nahyan heads to South Korea for a <\/strong><strong>two-day visit today<\/strong>, at the invitation of South Korean President Yoon Suk Yeol, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3a4qe7-uae-president-commence-state-visit-republic-korea\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The state leaders will discuss ramping up cooperation in trade, investment, energy, and technology, in addition to regional and international developments. Marking the president\u2019s first visit to Korea, the landmark working visit is expected to see the two countries sign a number of investment agreements and MoUs to bolster bilateral business cooperation, according to Korean news portal <a target=\"_blank\" href=\"https:\/\/www.korea.net\/NewsFocus\/policies\/view?articleId=251879&amp;koreanId=251878\" style=\"\" rel=\"noopener\">Korea.net<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Yemeni Prime Minister Ahmad Awad bin Mubarak arrived in the Emirates on Sunday on <\/strong><strong>an official visit<\/strong> in response to an invitation sent by the Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, <a target=\"_blank\" href=\"https:\/\/www.sabanew.net\/story\/ar\/111678\" style=\"\" rel=\"noopener\">Saba Net<\/a> writes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The MENA Investor Conference hosted by Arqaam Capital kicked off yesterday and runs <\/strong><strong>through to today<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2142.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Over 70 companies from eight major markets in the region, with a combined market cap of over USD 500 bn across 20 sectors, are attending. The conference will explore regional market trends, Saudi Arabia's mega projects, the UAE's real estate market, and economic outlooks for Qatar, Egypt, and Kuwait. <\/p>\n<p class=\"tag-border-left\">HAPPENING THIS WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#1- Dubai-based contractor Drake &amp; Scull\u2019s shares <\/strong><strong>will resume trading on the Dubai Financial Market (DFM) tomorrow<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2185.pdf\" style=\"\" rel=\"noopener\">DFM disclosure (pdf)<\/a>. The contractor\u2019s relisting comes following its capital increase, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/39a70cf5-950a-43b1-b6dc-5836b846a059\/drake-&amp;-scull-can-now-relist-on-the-dfm-after-raising-aed-450-mn-in-capital-boost\" style=\"\" rel=\"noopener\">raised over AED 450 mn<\/a> as part of its restructuring plan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The DFM approved its restructuring plan \u2014 which will write off 90% of its debt \u2014 back in November 2023, which it was required to implement within a year from approval. The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The President will head to China on Thursday, 30 May,<\/strong> at the invitation of Chinese President Xi Jinping, to ring in the 40th anniversary of diplomatic relations between the UAE and China, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3bbllw-uae-president-begin-state-visit-china-may\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The visit seeks to build on the countries\u2019 existing strategic partnership, with the state leaders set to discuss furthering economic, developmental, and cultural cooperation to promote sustainable development and economic growth across both countries. President Al Nahyan will also attend the latest Ministerial Conference of the China-Arab States Cooperation Forum during his visit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to subscribe? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE delivered every weekday before 7am UAE time \u2014 without charge, thanks to our friends at Mashreq.<br \/>***<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One story is on every front page this morning: Israel\u2019s deadly strike in Rafah<\/strong> and Israeli troops exchanging fire with Egyptian forces at the Rafah crossing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s been a global outcry after Israel killed at least 45 people in a Rafah tent camp.<\/strong> Even its closest allies in the US have piled on, though two US officials told <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/05\/27\/rafah-tent-camp-strike-biden-israel-red-line\" style=\"\" rel=\"noopener\">Axios<\/a> that the Biden administration is still deciding whether the attack crosses a red line. European Union foreign ministers have for the first time \u201cengaged in \u2018significant\u2019 discussion on sanctioning Israel if it doesn\u2019t comply with international humanitarian law,\u201d <a target=\"_blank\" href=\"https:\/\/www.politico.eu\/article\/eu-foreign-ministers-sanctions-against-israel-micheal-martin\/\" style=\"\" rel=\"noopener\">Politico<\/a> reports, citing remarks by Irish Foreign Minister Miche\u00e1l Martin. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PRESENTED WITHOUT COMMENT- A \u201ctragic mistake,\u201d says Netanyahu:<\/strong> Addressing the Israeli Parliament yesterday, Prime Minister Benjamin Netanyahu said that the deaths were due to a \u201ctechnical failure\u201d and came despite Israel\u2019s \u201cimmense efforts to avoid harming the non-involved\u201d (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=-ofsZVm3F9s\" style=\"\" rel=\"noopener\">watch, runtime: 0:45<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news is everywhere this morning:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egyptian-guard-killed-shooting-rafah-border-israel-egypt-investigating-2024-05-27\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cc2b8b0f-b6c1-42a5-9f90-26764887bbc4\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/05\/27\/world\/middleeast\/egypt-shooting-border-crossing-rafah.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"http:\/\/timesofisrael.com\/egyptian-soldier-killed-in-clash-with-israeli-troops-at-rafah-crossing\/\" style=\"\" rel=\"noopener\">Times of<\/a><a target=\"_blank\" href=\"http:\/\/timesofisrael.com\/egyptian-soldier-killed-in-clash-with-israeli-troops-at-rafah-crossing\/\" style=\"\" rel=\"noopener\">Israel<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-palestinians-hamas-war-news-05-27-2024-7b743a848ef8bfbe69a9659a4a5dd047\" style=\"\" rel=\"noopener\">Associated Press<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- An Egyptian officer was shot dead <\/strong>during an exchange of fire between Israeli and Egyptian forces yesterday. The Egyptian Armed Forces are <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyArmySpox\/posts\/pfbid02Rribct35GtAi6AAvFHSVTuuyDLdWB6uDkVkDsgQxne6Xni8Guw5aYKgjZSMQhPASl\" style=\"\" rel=\"noopener\">investigating<\/a>, a military spokesman said. The two sides are in talks to de-escalate, according to a statement from the Israeli side picked up by the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cc2b8b0f-b6c1-42a5-9f90-26764887bbc4\" style=\"\" rel=\"noopener\">Financial Times<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- It\u2019s crickets in the global business press this morning.<\/strong> Both US and UK markets were closed yesterday for national holidays. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: At least 45 killed in Israeli attack on a refugee camp in Rafah<\/p>\n","protected":false},"author":1,"featured_media":92438,"comment_status":"","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":[1543],"tags":[54,60,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-diplomacy","tag-ma-watch","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"28249232-99e6-40c9-ba1a-83a2689db990","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/111.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: IHC eyes USD 1 bn in mining acquisitions this year","related_issue":[92435],"teaser":"Plus: At least 45 killed in Israeli attack on a refugee camp in Rafah","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.4afa99f1-3d4a-4a75-8d3c-0536a39868d3.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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