Fri Oct 04 14:19:25 UTC 2024: ## UAE Investment Group Partners with South African Fund to Revitalize Mining

**JOHANNESBURG, SOUTH AFRICA** – The Public Investment Corporation (PIC), South Africa’s largest asset manager, has joined forces with Dubai’s International Resources Holding (IRH) to revitalize struggling South African mines. This strategic partnership aims to unlock the country’s vast mineral potential while also addressing its energy and logistical challenges.

IRH, a subsidiary of International Holding Company (IHC), is a relatively new player in the mining scene. Led by CEO Syed Basar Shueb, IHC has a strong focus on acquisitions, aiming to invest $1 billion in the sector. IRH has already established a presence in Africa through joint venture agreements for iron ore mining in Angola and nickel mining in Burundi.

The partnership between PIC and IRH will encompass various initiatives. Firstly, they will jointly invest in green energy projects in South Africa, contributing to the country’s transition towards a sustainable future. Secondly, they will collaborate to enhance South Africa’s minerals export capacity through infrastructural upgrades. Finally, the two entities will establish a geosciences company powered by artificial intelligence to identify and develop new mineral resources.

“This MOU represents a step forward in realizing South Africa’s full economic potential and addressing the current energy and logistics challenges the country is facing,” said Ali Rashdi, CEO of IRH.

The partnership follows IRH’s successful turnaround of Mopani Copper Mines in Zambia. The company’s expertise in this area has reassured PIC about their capabilities. “IRH has shown its value and technological capabilities in Zambia with the extraordinary turnaround of the Mopani Copper Mines,” said Kabelo Rikhotso, PIC’s chief investment officer.

However, IRH’s past dealings have raised some concerns. Bloomberg News reported in July that IRH Mining had engaged with gold smugglers in Africa. While IRH has not commented on these allegations, the potential for controversy remains a factor to consider.

Despite these concerns, the partnership between PIC and IRH holds significant potential for boosting South Africa’s mining sector. It remains to be seen how the two entities will address these challenges and translate their plans into tangible results.

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