The mining investment arm of Abu Dhabi’s most valuable company has offered to buy a majority stake in Vedanta Resources’ Zambian copper assets, two sources familiar with the matter said. This is part of its drive to build an African copper mining empire.
The unit of International Holding Co recently made an offer of more than $1bn (R19bn) to buy a 51% stake in Konkola Copper Mines (KCM) from Indian billionaire Anil Agarwal-owned Vedanta, the sources said. The unit — International Resources Holding (IRH) — is racing to broaden its burgeoning copper mining business in Zambia after buying a 51% stake in Mopani Copper Mines in a deal worth $1.1bn...
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