Latest news with #MopaniCopperMines
Reuters
5 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.
CTV News
27-05-2025
- Business
- CTV News
Ontario Mine Rescue teaches Zambian delegates about hosting a competition
A group of mine rescue workers is in Sudbury this week to learn the ins and outs of putting on a major mine rescue competition. Eighteen mining professionals from Zambia are in Sudbury this week learning how to host a mine rescue competition. The group is being taught by Ontario Mine Rescue at Workplace Safety North. Zambia mine rescue Eighteen mining professionals from Zambia are in Sudbury this week learning how to host a mine rescue competition. (Amanda Hicks/CTV News) 'They are here just to wrap their head around: how do you organize a mine rescue competition and the planning process and all that goes into hosting?' said Shawn Rideout, Ontario Mine Rescue chief mine rescue officer and lead instructor. 'Essentially, what is an international mock emergency?' The group is primarily emergency response workers, as well as a public relations officer and a medical doctor. Rideout said the group is here to learn about hosting large competitions. 'What they're unfamiliar with is the actual planning process,' he said. 'So, everything that goes into hosting essentially 26 to 28 mine rescue teams from around the world.' Zambia will host the International Rescue Competition in April 2026, the first time the event is being held in Africa. 'We want to do the best we can' Christopher Chileshe, manager of training and development at Mopani Copper Mines, also runs the training centre where most of the competition will be held. 'There's a lot of expectation and obviously a lot of nervousness, as well, because we don't want to embarrass the company. We don't want to embarrass the government. We don't want to embarrass the continent,' Chileshe said. 'We want to do the best we can. And the only way to get this is preparation. So, we really see this visit here as key to everything that we do.' He said there is a lot of pressure to get everything done right. 'The president is being made aware now that there was this thing happening. That's like an Olympic-scale event, even though it's just one sector in mining,' Chileshe said. 'At the end of the day, mining is the biggest sector in the country, you know, so anything to do with mining is of national importance.' Monday was the first day of training, and Chileshe said it has been helpful so far. Lots of work ahead 'I think just from this visit today, we know we are talking some pretty serious expertise here and a lot of what (Rideout) has already shared with us tells us there's a lot of work to do,' he said. 'We will make sure that we kind of just keep with that ethos of just keeping the competition getting better and better year on year. So, yes, we are in the right place, that is for sure.' Ontario Mine Rescue hosted an international competition of its own in 2016, hosting 13 nations and 27 teams. The organization frequently establishes similar competitions on a smaller scale. 'You have teams from China and Germany and South Africa and Australia,' Rideout said. Organizers have to do everything from book hotels and meeting spaces to ensuring there are food and beverages. 'Then the main event which is the mock emergency,' he said. 'So, setting that event up in a realistic atmosphere. So, they're leaning towards hosting it underground as we did in 2016. So setting up a mine that can host that scale of event and host that many people.' Ontario Mine Rescue also is a sitting board member of the International Mine Rescue Board. 'Just recently we were over in Poland and we put together an IMC, so International Mine Rescue Competition rules committee,' Rideout said. 'So, what we're going to do is write a standardized set of rules. So, countries moving forward that host the event … have a starting point -- they're not starting from scratch.' The group will be in the northeast for the next two and a half weeks. They will be in Timmins next week for the provincial competition. Chileshe said for some, it's their first time visiting Canada. 'We weren't sure what to expect,' he said. 'We've loved what we've seen here. You know, the people seem lovely. That's been great. And the weather's been kind as well, you know? So, it's just been lovely.'
Gulf Business
25-02-2025
- Business
- Gulf Business
Abu Dhabi: IHC reports net profit of Dhs25.7bn in 2024
Image: IHC International Holding Company ( IHC's revenue surged 54.2 per cent to Dhs92.7bn, compared to Dhs60.1bn in 2023, driven by strong performances across sectors including real estate and construction, marine and dredging, and hospitality and leisure. The company's net profit reached Dhs25.7bn, reflecting a recalibration towards value-driven investments, while total assets expanded by 52 per cent to Dhs401.8bn, supported by strategic acquisitions and operational efficiencies. Sheikh Tahnoon bin Zayed Al Nahyan, chairman of IHC, commented on the company's performance: 'IHC's strong performance in 2024 underscores our commitment to active portfolio management, leveraging AI-driven efficiencies, and reinvesting in high-growth industries. 'By strategically divesting from mature assets and replenishing our portfolio with innovative investments, we continue to reinforce our position as a global investment powerhouse, building dynamic value networks that transcend traditional sector boundaries to unlock greater opportunities.' The company's growth strategy includes focusing on high-value investments, driving cash flows, and enhancing financial resilience through disciplined management. The successful integration of AI-powered technologies and digital advancements has played a critical role in IHC's expansion across its verticals, with notable successes in sectors such as financial services and technology. Syed Basar Shueb, CEO of IHC, reflected on the year's achievements: '2024 has been a transformational year for IHC, reflecting our relentless pursuit of excellence and strategic vision. Our ability to drive substantial growth across all verticals, backed by disciplined financial management and a forward-thinking approach, has cemented our position as a global leader. As we enter 2025, we remain focused on expanding our footprint, leveraging our strong balance sheet, and investing in high-yield businesses that align with our long-term growth strategy.' Syed Basar Shueb, CEO of IHC/ Image: IHC In line with its strategic vision, IHC participated for the first time in the World Economic Forum in Davos in 2025, leading a delegation of key subsidiaries to engage with global leaders. This participation allowed IHC to spearhead discussions on transformative solutions, forge strategic partnerships, and reinforce its commitment to sustainable economic growth and investment innovation. IHC Group highlights in 2024 NMDC Energy's IPO success: MENA's largest share buyback programme: IHC launched a Dhs5bn share buyback programme, beginning with an initial tranche of Dhs1.8bn, representing 36 per cent of the total programme. Successful integration of Aiden Insight: IHC integrated Aiden Insight, an AI-powered virtual entity, as a Board Observer, enhancing corporate governance. Mopani Copper Mines acquisition: International Resources Holding acquired a 51 per cent stake in Zambia's Mopani Copper Mines, one of the largest copper and cobalt producers in the country. Modon Holding's real estate expansion: A merger of assets from Modon Properties, ADNEC, La Zagaleta, MIZA Investments, and others created one of the UAE's largest real estate entities. Enersol's strategic acquisition: Enersol, a joint venture between IHC and ADNOC Drilling, acquired a 42.2 per cent stake in Gordon Technologies, becoming the majority equity shareholder. Grupo Nutresa investment: IHC acquired a 14.83 per cent stake in Grupo Nutresa, strengthening its position in Latin America's food-processing sector. Launch of 2PointZero: IHC launched 2PointZero, an investment platform focused on emerging technologies and sustainable businesses. Multiply Group's strategic development: Multiply Group acquired Backlite Media, boosting IHC's position in digital out-of-home advertising. Easylease's move into the logistics sector: Easylease acquired a 51 per cent stake in Gallega Global Logistics, securing 3.5 million square feet of logistics infrastructure in the UAE. Sawaeed's acquisition: Emirates Stallions Group (ESG) acquired Sawaeed Holding, positioning it as a flagship platform for manpower and accommodation services.
Zawya
25-02-2025
- Business
- Zawya
Abu Dhabi's Sheikh Tahnoon eyes reinvestment in ‘high-growth industries' as IHC revenues surge to $25bln
Abu Dhabi's Sheikh Tahnoon bin Zayed Al Nahyan is eyeing reinvestment in 'high-growth industries' following IHC's 54.2% surge in revenue to 92.7 billion UAE dirhams ($25.2 billion) for 2024. Sheikh Tahnoon, who serves as the Chairman of Investment Holding Company (IHC), attributed the results of the diversified conglomerate to 'active portfolio management' and 'leveraging AI-driven efficiencies', even as it eyes further expansion in 2025 to leverage favourable market conditions. Total assets reached AED 401.8 billion in 2024 for IHC, a 52% increase from December 2023, with net profit after tax reaching AED 25.7 billion. Strong performances across IHC verticals, including real estate and construction, marine and dredging, and hospitality and leisure, supported financial growth, the company said, along with strategic acquisitions and project expansions. One of the biggest IHC acquisitions of 2024 was the UAE holding company acquiring a 51% stake in Mopani Copper Mines, one of the largest copper and cobalt producers in Zambia. Last year also saw Enersol, a joint venture between Alpha Dhabi Holding, a subsidiary of IHC, and ADNOC Drilling, acquiring an additional 42.2% equity stake in Gordon Technologies for approximately $270 million, becoming the majority equity shareholder in the company. Established in 1999, IHC has market capitalisation of AED 876.5 billion, spanning over 1,200 subsidiaries. (Writing by Bindu Rai, editing by Seban Scaria)
