Baker McKenzie, a prominent global law firm, has successfully advised ZCCM Investments Holdings on a pivotal transaction with International Resources Holding RSC (IRH) from Abu Dhabi. Through its subsidiary, Delta Mining, IRH acquired a 51% stake in Mopani Copper Mines, committing to a significant investment package totaling USD 1.1 billion. This includes USD 620 million in new equity capital, alongside provisions for settling up to USD 96 million in third-party letters of credit and up to USD 396 million in shareholder loans. The completion of this deal on March 20, 2024, marked Glencore’s exit from its financial involvement with Mopani Copper Mines.
This strategic partnership is a landmark achievement for Zambia’s copper mining industry and aligns with the country’s ambition to reach a production target of three million metric tonnes of copper per annum by 2030. ZCCM-IH will maintain a 49% share in Mopani and hold three out of nine board seats, ensuring continued participation in Mopani’s governance and operational oversight. The collaboration between ZCCM-IH, IRH, Mopani, and the Zambian government signifies a robust effort to foster growth and attract further investments into the Zambian mining sector.
The Baker McKenzie team, led by corporate partner Richard Blunt, included experts from transactional energy, banking, tax, and competition practices, underscoring the firm’s comprehensive approach to complex cross-border transactions. The involvement of professionals from London and Johannesburg offices highlights the firm’s global reach and expertise in navigating the intricacies of international mining agreements. 
