(Ecofin Agency) - International Holding Company (IHC) plans to acquire mining concessions worth $1 billion across several African countries in 2024. The Emirati group will proceed through International Resources Holding (IRH), its subsidiary. 

Emirati conglomerate International Holding Company (IHC) plans to acquire many mines in Africa this year. According to The Financial Times, which reported the news on May 27, 2024, the group will back its ambition with $1 billion, through its subsidiary International Resources Holding (IRH).

“IRH has already signed joint venture agreements for iron ore extraction in Angola and is in advanced talks for nickel extraction in Burundi, as well as various metals in Tanzania and Kenya,” according to IHC CEO Syed Basar Shueb.

The conglomerate, which acquired the Mopani copper mine in Zambia in 2023, is also in discussions with the Zambian government to take over the Konkola copper deposit, currently operated by India's Vedanta group.

Shueb added that IRH's strategy is to acquire mining concessions directly rather than providing financing to other operators in exchange for future commodity supply. The company aims to make its mining projects "green" by using renewable energy sources like solar power.

With $240 billion in assets, IHC is chaired by Abu Dhabi’s ruler and business mogul, Sheikh Tahnoon bin Zayed Al Nahyan.