Abu Dhabi, UAE – 30 September 2024: International Resources Holding RSC Ltd. (IRH), a dynamic, diversified natural resources company based in the United Arab Emirates, operating across upstream, midstream and downstream processes, is pleased to announce it has signed a Memorandum of Understanding (MoU) with the Public Investment Corporation SOC Limited (PIC).
The PIC is wholly owned by the South African government and has ZAR 2.89 trillion (US$165.6 billion) assets under management, making it Africa’s largest asset manager.
The MoU symbolises a shared commitment to collaborate in South Africa with a focus on unlocking value across the mining, green energy and transport & logistics sectors. IRH has committed to deploy its extensive technical and financial expertise with a focus on boosting economic growth, job creation and sustainable development across South Africa for the mutual benefit of both parties.
Highlights of the collaboration
- Optimise mining opportunities: bring underperforming and undeveloped mining assets to full production capacity by applying best practices in mining operations, including advanced technologies and innovative methodologies. Collaboration between the IRH and the PIC will seek to unlock the full potential of these assets, ensuring that they contribute effectively to the economic objectives of all stakeholders involved.
- Developing sustainable green energy: support South Africa’s commitment to reduce greenhouse gas emissions and transition towards sustainable energy sources. This initiative is designed to offset the energy production capacity of the coal-fired thermal plants scheduled to be decommissioned.
- Enhancement of transport & logistics infrastructure: target an increase in export capacity over the next few years by addressing critical bottlenecks in key mining corridors leading to the Richards Bay, Saldanha, and Durban ports. This enhancement is anticipated to facilitate increased efficiency of transport and increase South Africa’s export capacity.
- Creation of an AI-Enabled Geoscience Company: establish a cutting-edge geoscience company that will conduct extensive geological surveys and research, employing advanced artificial intelligence (AI) and data analytics to identify and assess new mining opportunities.
Mr. Ali Rashdi, CEO of International Resources Holding commented:
“We are delighted to announce this partnership with the PIC on this breakthrough agreement, which will see both parties work together to unlock value across the mining sector and accelerate new sustainable energy initiatives. This MoU represents a step forward in realising South Africa’s full economic potential and addressing the current energy and logistics challenges the country is facing. With a business model centred on leveraging cutting-edge technologies and artificial intelligence throughout upstream, midstream, and downstream processes, we are able to address critical industry challenges and are dedicated to creating substantial in-country value for the communities, companies, and nations with which we partner.”
Mr. Kabelo Rikhotso, Chief Investment Officer for the PIC, believes the MOU will positively contribute to provide solutions for existing constraints to economic growth, job creation and sustainable development in South Africa. He commented: “By leveraging our combined financial and technical expertise, we hope to contribute to the broader development goals of South Africa and Africa as a whole. IRH has shown its value and technological capabilities in Zambia with the extraordinary turnaround of the Mopani Copper Mines. We look forward to moving this MOU forward to definitive agreements.”
IRH’s Investment in Mopani Copper Mines
IRH owns a 51% stake in Zambia’s Mopani Copper Mines after completing the acquisition in early 2024. The Company’s strategic vision is to transform Mopani into the most productive green copper mine in the world through the introduction of evolutionary technologies, including AI technologies. By applying advanced and innovative new technologies, IRH aim is to decarbonise the project whilst simultaneously increasing copper output to 200,000 tonnes, from 60,000 tonnes, over the course of the next 3 years.
The introduction and implementation of Information of Things (IoT) devices, Artificial Intelligence (AI), and an improved telecommunication network will facilitate improved productivity, efficiencies, and safety across Mopani’s operational footprint. Moreover, the improved analytics and accuracy of data collection enabled through this advanced technology will lead to more informed decision-making and optimised operations. As part of the upgrade IRH has implemented cutting edge technology that will improve the operational efficiency of Mopani, contributing to Zambia’s goal of reaching 3 million tonnes of annual copper production.
For more information, please contact:
Tavistock Communications
Media Enquiries
Jos Simson, Gareth Tredway
twopointzero@tavistock.co.uk
+44 (0) 20 7920 3150
About International Resources Holding
International Resources Holding (IRH) is a dynamic natural resources extractive company with a portfolio of diverse metals and minerals. Operating in the entire mining value chain, IRH undertakes upstream, midstream and downstream processes. We embrace the highest standards of safety for people and processes and create in-country value for the communities and countries we partner with through responsible mining practices, social investments, and respect for ecosystem sustainability.
About Public Investment Corporation
The Public Investment Corporation SOC Ltd is a state-owned company based in South Africa, responsible for managing public sector pension, provident and social security funds. The PIC invests in listed and unlisted asset classes in South Africa, the rest of Africa, emerging and developed markets economies.
Disclaimer: As much as the MoU between the parties does not constitute a binding legal or funding agreement, it provides a clear framework and foundation for how the parties intend to collaborate on initiatives to support a proposed South African growth strategy. Any future investments will be made in terms of the internal corporate governance processes of both parties.
