IRH, ZCCM-IH renew commitment to scaling up performance at Mopani Copper Mines

The US$1.1 billion commitment comprises equity, shareholder funding and additional operational support for the mining company.

IRH Chief Executive Officer, Ali Rashed Alrashdi, said the investment demonstrated the company’s long-term commitment to Mopani and Zambia.

“IRH and ZCCM-IH shared the ambition of developing a more productive operation that would contribute increasingly to Zambia’s copper industry,” he said.

ZCCM-IH Board Chairperson, Phesto Musonda, said the two shareholders would focus on increasing production, protecting jobs and creating more opportunities for local suppliers and surrounding communities.

“Mopani had supported livelihoods and skills development in Kitwe, Mufulira and other parts of the Copperbelt for generations,” Musonda said.

The shareholders said more than 99 percent of Mopani’s workforce was Zambian and pledged to continue investing in employee safety, skills development and training.

The shareholders said their partnership supported Zambia’s ambition to increase annual copper production to three million tonnes.

They added that they were exploring further cooperation in mineral exploration and other mining operations to attract investment and expand production across the country.

The renewed commitment follows engagements between IRH, ZCCM-IH and Zambia’s leadership, including a meeting in Abu Dhabi between Alrashdi and President Hakainde Hichilema to discuss Mopani’s development and the country’s copper production ambitions.

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