The mining business owned by $240bn Abu Dhabi conglomerate IHC has embarked on a flurry of deals in Africa, after breaking into the market last year with its acquisition of a major Zambian copper mine.
IHC chief executive Syed Basar Shueb, told the Financial Times that its IRH subsidiary had signed joint venture agreements for iron ore mining in two places in Angola — Kassala Kitungo and Munenga — and that it was in advanced talks to mine nickel in Burundi as well as various metals in Tanzania and Kenya.
IHC expected to make about $1bn of mining acquisitions this year, Shueb told the FT.
The Abu Dhabi group’s foray into the mining industry comes as BHP’s £34bn approach for rival Anglo American highlights the race to secure access to minerals such as copper, iron ore and lithium that are critical to the transition to cleaner energy.
Asked who IRH was bidding against for mining assets, Shueb said the “majority of the time you’re competing with Chinese. There’s no other countries.”
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