International Resources Holding (IRH), a unit of International Holding Company (IHC), has entered into a definitive agreement to buy a majority stake in the Democratic Republic of Congo’s tin producer Alphamin Resources for $367 million as the Abu Dhabi-based company continues to expand its presence in Africa.
As part of the agreement, IRH, through a wholly owned subsidiary, is buying a 56 per cent stake in Alphamin from Tremont Master Holdings, paying C$0.70 per share, or about $367 million, the two companies said in a statement on Wednesday.
Alphamin, which is listed on Canada’s TSX Venture Exchange and the Johannesburg Stock Exchange, is one of the world’s largest producers of tin that is used in electronics, manufacturing, and industrial applications.
“This acquisition strengthens IRH’s position in the global industrial metals sector, adding a majority interest in a highly productive and strategically important tin asset to its portfolio,” the companies said.
IRH is part of 2PointZero, which was set up by IHC last year, with more than Dh100 billion ($27.2 billion) in assets.
The company has been expanding its operations globally, with a focus on energy transition minerals and resources such as copper, cobalt, nickel, lithium, 3T (tin, tantalum and tungsten), manganese and graphite.
Last year, IRH completed the acquisition of Mopani Copper Mines in Zambia, to expand its operations in the mining sector, for $1.1 billion. It also signed a joint venture agreement for mineral exploration ion Balochistan province of Pakistan in March.
Its other agreements include a collaboration with South Africa’s Public Investment Corporation, with a focus on unlocking value across the mining, green energy and transport and logistics sectors.
“Alphamin’s strong production profile aligns with our strategy of securing interests in high-quality mining assets with long-term growth potential,” Ali Alrashdi, chief executive of IRH, said.
IHC, the largest listed company in the UAE, is on an acquisition spree. The conglomerate aims to double its asset base to Dh800 billion and hit the Dh200 billion annual revenue mark by the end of the decade, its chief executive Syed Basar Shueb told The National in an interview last month.
The UAE, the Arab world’s second-largest economy, accounts for 60 per cent of IHC’s Dh416.5 billion asset base as of the first quarter this year, while the rest is spread across the region and the markets beyond.
Pope Francis in UAE
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
‘Joker’
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
Killing of Qassem Suleimani
Killing of Qassem Suleimani
While you’re here
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UAE currency: the story behind the money in your pockets
While you’re here
Killing of Qassem Suleimani
While you’re here
UAE currency: the story behind the money in your pockets
While you’re here…
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead – and with some lofty ambitions – on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe’s position and said diplomacy should be a guiding principle through the current moment.
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
While you’re here
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
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