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07/11/2024
Mining News

UAE’s International Resources Holding to launch copper trading hub in Abu Dhabi

The UAE’s International Resources Holding (IRH) has announced plans to establish a copper trading hub in Abu Dhabi as part of its expansion into critical minerals. An affiliate of the International Holding Company, IRH aims to trade over half a million metric tons of copper annually starting next year, according to a recent LinkedIn post.

This initiative follows IRH’s recent acquisition of a 51% stake in Zambia’s Mopani Copper Mines for $1.1 billion. The company stated, “We are set to launch a copper trading hub in Abu Dhabi, targeting over 500,000 tons of green copper annually by 2025.” This move is intended to enhance the region’s role in the global energy transition.

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The oil-rich UAE, alongside Saudi Arabia, is aggressively securing critical metal supplies from Africa and Latin America, positioning itself to play a significant role in the green energy transition. In a related development, Sigma Lithium recently announced an agreement to supply 22,000 tons of lithium concentrates to IRH, marking the first deal between the two firms.

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