Row erupts between ZCCM-IH, Mopani investor
ZAMBIA’S state-owned ZCCM Investments Holdings has accused Abu Dhabi-based International Resources Holding (IRH) of breaching agreements tied to its takeover of the Mopani copper mining complex, raising fresh questions over the future of one of the country’s key copper assets.
ZCCM-IH, which co-owns Mopani Copper Mines with IRH subsidiary Delta Mining, outlined the alleged financial and operational breaches in a letter sent to Delta earlier this month, according to Bloomberg.
Under the joint venture, Delta holds a 51 per cent stake in Mopani, while ZCCM-IH retains 49 per cent.
However, ZCCM-IH has now alleged that Delta failed to provide the required equity funding and allowed Mopani to take on expensive debt without the necessary approval.
The Zambian company also said it had spent only US$62.3 million of a US$308.1 million project development budget by the end of March while some contractors on the project lacked the required expertise.
Copper output falls short
Mopani’s copper cathode production in 2025 also came in more than 50 per cent below the target, according to the letter.
ZCCM-IH said Delta’s payments into Mopani during 2025 were US$61 million below the minimum required under their agreements. It also said it was unaware of any payment toward Delta’s US$140 million funding obligation for 2026.
IRH said it maintains a strong relationship with ZCCM-IH and is addressing the issues through normal discussions between shareholders.
ZCCM-IH has called for talks to resolve the dispute but reserved the right to pursue damages or arbitration if an agreement cannot be reached.
The dispute comes as Zambia seeks to expand copper production and attract investment into a sector central to its economy and export earnings.
Copper is Zambia’s main source of export revenue. The country was the world’s eighth-largest producer of mined copper in 2024, accounting for 3.6 per cent of global output. The United Arab Emirates is also an important destination for Zambian copper. – Business Insider Africa
