According to SMM, the International Resources Holding Company (IRH) of the United Arab Emirates is set to invest $1.1 billion in the Mopani Copper Mine in Zambia in exchange for a 51% ownership stake. ZCCM-IH stated in a press release that the $1.1 billion investment from IRH will be used to fund Mopani's production expansion plan, provide operating funds, and repay part of the $1.5 billion debt owed to the previous owner Glencore. Additionally, Mopani needs $300 million to increase copper production to 200,000 tons within the next three years. The mine's copper production in 2022 was 72,694 tons, lower than the 87,618 tons in 2021, and it incurred a loss of nearly $158 million in the first half of 2023, due to decreased production, increased scrap copper, and rising borrowing costs.