The countries that control the minerals will have leverage for decades
As the world turns away from oil and toward the clean energy systems of the future, the nations that once built empires on petroleum are now staking their next fortunes on copper, cobalt, and lithium. The United Arab Emirates, through one of Abu Dhabi's most powerful institutions, has moved decisively into Zambia's mining sector — acquiring a controlling stake in Mopani Copper Mines and positioning itself to challenge China for a second. This is not merely a business transaction; it is a civilizational pivot, as Gulf states translate old wealth into new leverage over the supply chains that will define the coming century.
- The UAE's International Holdings Company — worth $238 billion and run by the UAE's national security adviser — has secured 51% of Mopani Copper Mines, signaling that Abu Dhabi is treating African minerals as a matter of state strategy, not just commerce.
- A direct confrontation with China is now unfolding over Lubambe Copper Mine, where the UAE is preparing a counter-offer against a deal Beijing's JCHX had already agreed to — raising the temperature of a rivalry that spans an entire continent.
- Saudi Arabia is accelerating in parallel, with over $500 million in African agreements signed and a new sovereign-wealth-backed minerals trading arm, Manara Minerals, entering the field — turning what was once a China-versus-West contest into a multi-front scramble.
- The minerals at stake — copper, cobalt, lithium, rare earths — are not peripheral commodities; they are the irreplaceable physical foundation of electric vehicles, wind turbines, and the batteries that make renewable energy storable and scalable.
- Africa sits at the center of this competition with finite reserves and growing leverage, while the outcome of deals like Lubambe will shape who controls the critical supply chains of the green energy era for decades to come.
The race for Africa's mineral wealth has entered a new phase, and the United Arab Emirates is now one of its most aggressive players. On a single Thursday, a company controlled by Abu Dhabi's most powerful figures closed a deal for a 51 percent stake in Zambia's Mopani Copper Mines — a struggling but strategically vital operation that the Emirati capital injection is meant to revive. The Zambian government retains the remaining share, and President Hichilema welcomed the deal as a lifeline for a mine whose output had fallen to unsustainable levels.
But Mopani is only the opening move. The same UAE entity — International Resources Holding Limited, an arm of the $238 billion International Holdings Company run by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser — is now eyeing Lubambe, a second Zambian copper mine with even greater potential. The complication: China's JCHX had already agreed to buy it. The UAE is reportedly preparing a counter-offer to the private equity firm that controls 80 percent of the asset, with the Zambian government holding approval power over any final sale.
The deeper logic behind these moves is a civilizational one. Gulf states built their wealth on oil. Now, as the global economy pivots toward clean energy, they are pivoting with it — hunting for the copper, cobalt, lithium, and rare earth elements that power batteries, electric motors, and wind turbines. The UAE has become Africa's fourth largest investor overall, while Saudi Arabia is scaling rapidly through sovereign-wealth vehicles like Manara Minerals and a flurry of agreements signed at last year's Arab-African Economic Conference.
China remains the continent's dominant trading partner, having deployed $1.8 billion in African foreign direct investment in 2022 alone. But what was once a bilateral contest between Beijing and Western capitals has become a multi-sided scramble. The minerals are finite. The demand is only growing. And the Gulf states, armed with capital, political will, and long strategic horizons, have made clear they intend to shape who controls the supply chains of the next era.
The race for Africa's mineral wealth is heating up, and the United Arab Emirates has just made a bold move. On Thursday, a company controlled by Abu Dhabi's most powerful figures secured a controlling stake in one of Zambia's major copper mines. But that deal is just the opening move in a much larger competition—one that pits the Gulf states against China, Europe, and the United States for the raw materials that will power the world's shift away from fossil fuels.
Copper, cobalt, lithium, and nickel are not luxuries. They are the backbone of modern batteries. Rare earth elements, meanwhile, are essential to the magnets that spin electric vehicle motors and wind turbine blades. For decades, wealthy Middle Eastern nations built their fortunes on oil. Now, as the global economy pivots toward clean energy, those same countries are pivoting too—hunting for the minerals that will define the next era of wealth and geopolitical influence.
The UAE's move came through International Holdings Company, Abu Dhabi's most valuable business, which acquired a 51 percent controlling stake in Mopani Copper Mines. The Zambian government retains the remaining 49 percent. President Hakainde Hichilema announced the deal on the day it closed, noting that the UAE company would inject fresh capital and help pay down the mine's substantial debt. Mopani had been struggling—its output had fallen below sustainable levels—and the infusion of Emirati money signals a serious commitment to reviving the operation.
But there is more. According to three sources who spoke to Reuters, the same UAE company is now eyeing a second Zambian copper mine: Lubambe, which has the potential to become one of the country's largest. The complication is that China's JCHX already agreed to buy it. International Resources Holding Limited, the UAE unit making the bid, has informed the private equity firm that owns 80 percent of Lubambe that it is considering a counter-offer. The Zambian government, which owns the remaining 20 percent, must approve any sale. For now, the outcome remains uncertain.
The company behind these moves is International Holdings Company, with a market capitalization around $238 billion. It is run by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser and deputy ruler of Abu Dhabi—a figure with the ear of the highest levels of power. This is not a speculative venture by a minor player. This is the state, moving decisively.
The UAE is now Africa's fourth largest investor, trailing only China, the European Union, and the United States. But Saudi Arabia is accelerating its own push. At last year's Saudi-Arab-African Economic Conference, Riyadh signed more than $500 million in agreements spanning minerals, renewable energy, and food processing. The kingdom has also established Manara Minerals, backed by its sovereign wealth fund, which is now setting up a metals trading operation to support overseas mining investments.
China remains the continent's largest trading partner and has been for over a decade. In 2022 alone, China deployed $1.8 billion in foreign direct investment across Africa, much of it flowing into mining operations. The competition is not new, but it is intensifying. What was once a bilateral contest between Beijing and Western capitals has become a multi-sided scramble, with Gulf states now muscling in with capital, political will, and strategic patience. The minerals are finite. The demand is only growing. And the stakes—for energy security, industrial capacity, and geopolitical leverage—have never been higher.
Notable Quotes
The UAE company would help revive the mine's activity and inject new capital while paying off significant debt— Zambian President Hakainde Hichilema, on the Mopani Copper Mines deal
The Hearth Conversation Another angle on the story
Why does the UAE care about copper mines in Zambia? They have oil.
They have oil, but oil is becoming a liability. The world is moving to electric vehicles and renewable energy. The countries that control the minerals powering that transition will have leverage for the next fifty years. The UAE is reading the map ahead.
So this is about the future, not the present.
Exactly. Right now, copper and cobalt are more valuable to global markets than oil per barrel. That gap will only widen. The UAE is positioning itself before the competition gets even fiercer.
Why Zambia specifically?
Zambia has the deposits. It's also politically accessible—the government is willing to negotiate, and the country needs the investment. It's a natural entry point for a Gulf state with capital and ambition.
What happens if China wins the Lubambe deal?
Then the UAE loses a major asset and China's grip on African mineral supply tightens. But the UAE's move on Mopani shows they're not waiting passively. They're competing actively, deal by deal.
Is this good for Zambia?
That depends on the terms. Capital and debt relief help in the short term. But Zambia needs to ensure it's not trading one form of dependence for another—swapping reliance on China for reliance on the UAE. The real question is whether Zambia retains control over its own resources.