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The UAE’s International Resources Holding has withdrawn a bid to buy a stake in Vedanta Resources Ltd’s Zambian copper mines, it said on Wednesday, after talks collapsed because of a failure to agree on the assets’ value.
It had wanted the mines to consolidate its copper position in Zambia after buying a 51% stake in Mopani Copper Mines in a deal concluded in March.“IRH terminated the transaction discussions two months ago due to discrepancies in valuation,” it added in an emailed statement.The UAE and even bigger regional oil power Saudi Arabia are seeking to secure critical metal supplies from Africa, as they attempt to participate in the transition to green energy.
Vedanta, owned by Indian billionaire Anil Agarwal, late last year regained control of KCM after a five-year battle to recover the copper mines and smelter that were seized by the administration of former Zambian president Edgar Lungu after it accused the company of failing to invest in expanding copper production.
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