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Abu Dhabi copper trading hub? International Holding Company’s mining investment arm, International Resources Holding (IRH) plans to establish a copper trading hub in Abu Dhabi, Reuters reports, citing a LinkedIn post from IRH that EnterpriseAM UAE could not track down. IRH aims to trade over 500k tons of green copper annually starting in 2025, Reuters quotes IRH as saying.
Lithium shipments are already on their way: The company just struck an agreement with lithium producer Sigma Lithium to ship 22k tons of lithium concentrates to the Abu Dhabi-based firm, according to Sigma’s press release. The company has already exported 9k tons of the lithium, with the remaining amount set for export sometime this quarter, according to the statement. The exact value of the transaction was not disclosed, but the statement said the shipment was initially set at a floating price equivalent to 8.25% of battery-grade lithium carbonate quoted at the Guangzhou Futures Exchange (GFEX).
REMEMBER- IRH is doubling down on securing critical minerals, with plans to invest USD 1 bn in mining acquisitions in 2024. It acquired a 51% stake in Zambia’s Mopani Copper Mines for USD 1.1 bn in April and inked joint venture agreements for iron mining in Angola, with advanced discussions held to mine nickel in Burundi, along with metals in Tanzania and Kenya. It is also eyeing a majority stake in Zambia’s Lubambe Copper Mine.
