Zambia hands over copper mine to Emirati firm

In 2024, Zambia handed over the management of Mopani Copper Mines, one of its largest copper producers, to the Emirati firm International Resources Holding (IRH). The goal was to restart copper production and boost the local economy, with a long-term target of producing 300,000 tons of refined copper annually by 2029.

Partnership structure and funding

The partnership agreement, finalized in March 2024, gave IRH a 51% stake in Mopani, with ZCCM Investments Holdings (ZCCM-IH), a state-owned company, holding the remaining 49%. The initial financial commitment was set at $1.1 billion, including $620 million in equity and up to $480 million in loans to restructure debts inherited from the previous owner, Glencore.

Production progress and mine improvements

Mopani reported a 63% increase in copper production between 2023 and 2025, with 66,369 tons of copper produced in 2025. Several infrastructure projects, including the underground development of Mindola Deep and upgrades to the Mufulira facilities, have progressed. In June 2026, the mine announced its highest monthly ore production in two years.

Economic benefits for Zambia

The Mopani project has already injected over $685 million into Zambia’s economy through more than 1,300 local companies in its supply chain. Of this, $311 million went to Zambian-owned firms, and $374 million to foreign companies registered in the country. The project has also created over 13,000 jobs, including 2,293 since March 2024, and launched a $14.8 million hospital modernization program.

Disputes over financial commitments

Tensions arose between IRH and ZCCM-IH over the project’s financing. ZCCM-IH accused IRH’s subsidiary, Delta Mining, of underfunding Mopani, with payments in 2025 falling $61 million short of minimum commitments. Other issues include unspent development budgets and unauthorized use of costly loans, raising concerns about management practices and subcontractor qualifications.

Political discussions and joint statement

Zambian President Hakainde Hichilema met with IRH’s CEO in Abu Dhabi to address concerns about Mopani’s performance and its role in Zambia’s copper ambitions. The October 14 joint statement between IRH and ZCCM-IH aimed to ease tensions, though it did not clarify additional financial commitments or dispute resolution plans. For Mopani to meet its goals, both partners must now focus on increasing investments and achieving profitability.