Latest news with #InternationalResourcesHolding
Yahoo
14 hours ago
- Business
- Yahoo
Gulf countries expand their footprint in Africa
Gulf countries are expanding their footprint in Africa — moving beyond traditional sectors like mining, logistics, and agriculture — as they seek to deepen their commercial and diplomatic ties to the continent. The UAE is backing a new economic zone and digital incubator in Ghana, while Qatari businesses have been in talks over possible investments in construction and infrastructure projects in Tanzania. The African Export-Import Bank estimates Gulf countries invested more than $100 billion in Africa in the decade to 2022. Much more has followed since then, and the UAE now outpaces China, France, and the UK when it comes to investment in the continent. Gulf companies are still pouring capital into traditional sectors: Emirates Global Aluminium is planning a major investment in a bauxite project in Ghana, and Abu Dhabi's International Resources Holding agreed to buy a majority stake in a Democratic Republic of Congo tin producer for $367 million. — Dominic Dudley
Reuters
6 days ago
- Business
- Reuters
UAE firm IRH buys majority stake in Congo tin miner Alphamin
June 4 (Reuters) - UAE-based International Resources Holding has agreed to buy a controlling stake in major tin producer Alphamin Resources (AFM.V), opens new tab for C$503 million ($367 million), it said on Wednesday, as the firm expands its presence in African mining. IRH, a unit of International Holding Co ( opens new tab, entered into an agreement to buy a 56% stake in Alphamin from Tremont Master Holdings, paying C$0.70 per share or about $367 million, the companies said in a joint statement. Alphamin owns Bisie tin mine in the Democratic Republic of Congo's eastern region, which is also rich in minerals including tantalum, tungsten and coltan. Alphamin's Bisie mine produces about 6% of global tin supplies annually. Alphamin's production profile "aligns with our strategy of securing interests in high-quality mining assets," IRH CEO Ali Alrashdi said in the statement. The UAE firm last year concluded a deal to buy a 51% stake in Zambia's Mopani Copper Mines for $1.1 billion. Since then, IRH has said it is seeking deals for critical minerals in Zambia and Congo. Major oil producers the UAE and also Saudi Arabia are seeking to diversify their sources of income and secure critical metal supplies from Africa and Latin America to allow them to benefit from the transition to green energy. Tin is used in electronics, renewable energy, and semiconductors. Alphamin was earlier this year forced to temporarily halt mining at Bisie as Rwanda-backed rebels M23 made advances in the vicinity of its Bisie mine.
The National
6 days ago
- Business
- The National
Abu Dhabi's IRH acquires majority stake in Congo's tin producer for $367 million
International Resources Holding (IRH), a unit of International Holding Company (IHC), has entered into a definitive agreement to buy a majority stake in the Democratic Republic of Congo's tin producer Alphamin Resources for $367 million as the Abu Dhabi-based company continues to expand its presence in Africa. As part of the agreement, IRH, through a wholly owned subsidiary, acquired a 56 per cent stake in Alphamin from Tremont Master Holdings, paying C$0.70 per share, or about $367 million, the two companies said in a statement on Wednesday. Alphamin, which is listed on Canada's TSX Venture Exchange and the Johannesburg Stock Exchange, is one of the world's largest producers of tin that is used in electronics, manufacturing, and industrial applications. 'This acquisition strengthens IRH's position in the global industrial metals sector, adding a majority interest in a highly productive and strategically important tin asset to its portfolio,' the companies said. IRH is part of 2PointZero, which was set up by IHC last year, with more than Dh100 billion ($27.2 billion) in assets. The company has been expanding its operations globally, with a focus on energy transition minerals and resources such as copper, cobalt, nickel, lithium, 3T (tin, tantalum and tungsten), manganese and graphite. Last year, IRH completed the acquisition of Mopani Copper Mines in Zambia, to expand its operations in the mining sector, for $1.1 billion. It also signed a joint venture agreement for mineral exploration ion Balochistan province of Pakistan in March. Its other agreements include a collaboration with South Africa's Public Investment Corporation, with a focus on unlocking value across the mining, green energy and transport and logistics sectors. "Alphamin's strong production profile aligns with our strategy of securing interests in high-quality mining assets with long-term growth potential,' Ali Alrashdi, chief executive of IRH, said. IHC, the largest listed company in the UAE, is on an acquisition spree. The conglomerate aims to double its asset base to Dh800 billion and hit the Dh200 billion annual revenue mark by the end of the decade, its chief executive Syed Basar Shueb told The National in an interview last month. The UAE, the Arab world's second-largest economy, accounts for 60 per cent of IHC's Dh416.5 billion asset base as of the first quarter this year, while the rest is spread across the region and the markets beyond.
Bloomberg
6 days ago
- Business
- Bloomberg
Abu Dhabi's IRH Buys Control of Alphamin's Tin Complex in Congo
Abu Dhabi's International Resources Holding agreed to acquire a majority stake in Alphamin Resources Corp., gaining access to one of the world's biggest tin mines. IRH will buy a 56% interest in Alphamin from a unit of private equity firm Denham Capital for about C$503 million ($366 million), it said in a statement. Bloomberg News reported in November that the Emirati mining firm was in talks about investing in the company, which owns the Bisie tin complex in the Democratic Republic of Congo.
