UAE conglomerate seeks to gatecrash China’s JCHX Zambian copper deal

A unit of International Holding Company, Abu Dhabi’s most valuable company, is interested in acquiring Zambia’s Lubambe copper mine, an asset that China’s JCHX Mining has already agreed to buy, three sources familiar with the details toldInternational Resources Holding recently told EMR Capital that it is interested in bidding for the private equity manager’s 80% stake in the Lubambe copper project, which is up for sale, a development that may complicate a sale process that’s already underway,...

The sale process requires approval from the Zambian government, which is pending and unclear at the moment, one of the sources said.The IHC unit’s interest is spurred by an aggressive push by cash-rich oil majors United Arab Emirates and Saudi Arabia to secure critical metal supply in Africa, as they bid to diversify their economies and engage with energy transition.

EMR Capital’s binding deal agreed directly with JCHX technically precludes it from entertaining any new offers, one of the sources said. Still, EMR is aware that IRH is interested in buying the assets and that the UAE firm has officially informed the Zambian government and ZCCM-IH of its interest, two sources said.

of a 51% stake in Zambia’s Mopani Copper Mines last month, its first mining deal in Africa’s second-largest producer of the metal that is key to products from power lines and industrial machinery to electric vehicles.

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