Abu Dhabi’s IHC unit makes bid for Irish miner

International Resources Holdings (IRH), a unit of Abu Dhabi conglomerate International Holding Company (IHC), has made a bid to acquire Irish titanium miner Kenmare Resources, as part of its global expansion drive.

Dublin-based Kenmare’s board confirmed in a regulatory filing on the London Stock Exchange (LSE) that it received a non-binding proposal from IRH for a possible cash offer.

Discussions with IRH are ongoing, the miner said, adding that “there can be no certainty that a firm offer will be made, or as to the terms of any such offer, should one be made”.

IRH must announce a firm intention to make an offer for Kenmare by November 17 under the Irish takeover rules. An extension can be granted only by the takeover panel.

Following the announcement, Kenmare shares closed 21 percent higher at £220 on October 6 on the LSE. The shares had initially jumped 41 percent.

IRH also owns stakes in copper mines in Zambia and aims to achieve a production rate of 200,000 tonnes of copper cathodes by 2027, according to its website.

IHC, listed on the Abu Dhabi Securities Exchange, is part of a business conglomerate led by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser and brother of President Sheikh Mohammed bin Zayed Al Nahyan.

The company has more than 1,300 subsidiaries operating across various sectors and international markets and has deployed AED14 billion ($3.8 billion) into associates, joint ventures, financial assets and real estate properties in the first half of this year.

IHC shares closed 0.5 percent lower at AED360 on Tuesday, down nearly 10 percent so far this year.

• More than 100 companies vie for Egypt’s mining rights
• Saudi discovers millions of tonnes of rare earth and uranium ores
• Push on critical minerals slowed but not halted by war