Zambia and International Resources Holding, the Abu Dhabi investor that controls Mopani Copper Mines, have reaffirmed their partnership, Bloomberg reported on Wednesday, in the first public sign of repair since the relationship was strained by a formal breach notice last month. Delta Mining, IRH’s subsidiary, owns 51 percent of Mopani, with state investor ZCCM Investments Holdings holding the remaining 49 percent.
The dispute behind the headline is detailed. In a September 18 letter, ZCCM-IH chief executive Kakenenwa Muyangwa alleged that Delta’s payments into Mopani during 2025 were $61 million below the required minimum, that the state investor knew of no transfers toward Delta’s $140 million funding obligation for 2026, and that only $62.3 million of a $308.1 million project development budget had been spent by the end of March. The letter also alleged that Mopani had taken on costly debt without required approval, that some appointed contractors lacked the necessary expertise, and that 2025 copper cathode production came in more than 50 percent below the business plan.
IRH took control of Mopani in 2024 in a transaction that committed it to invest up to $1.1 billion, paying $620 million for its stake in instalments and extending shareholder loans that let Mopani settle debts to former operator Glencore. ZCCM-IH had reserved the right to seek damages or arbitration while saying its preferred outcome was an amicable resolution, and IRH said it maintained a strong and constructive relationship with its partner.
A reaffirmation does not settle the funding questions in the letter, none of which have been tested in arbitration or court. But it signals that, at copper prices near records and with Zambia courting mining capital, both the government investor and its Gulf partner prefer to fix the venture in public partnership rather than litigate the Copperbelt’s flagship rescue.