UAE-based International Resources Holding RSC (IRH) and South Africa’s Public Investment Corporation SOC (PIC) have sealed a Memorandum of Understandi
UAE-based International Resources Holding RSC (IRH) and South Africa’s Public Investment Corporation SOC (PIC) have sealed a Memorandum of Understanding (MoU) driving economic growth and sustainable development in South Africa.
Key aspects of the collaboration include enhancing the country’s transport and logistics infrastructure, optimizing mining opportunities, developing green energy solutions, and establishing an AI-enabled geoscience company.
Scope of partnership
The collaboration aims to improve export capacity by addressing key bottlenecks in South Africa’s mining corridors leading to critical ports such as Richards Bay, Saldanha, and Durban. This move will enhance the efficiency of transport systems, contributing to the growth of the mining sector and broader economic development.
The partnership will work on revitalizing underperforming or undeveloped mining assets, applying advanced technologies and best practices. The goal is to bring these assets to full production capacity, unlocking their full economic potential and contributing to South Africa’s economic objectives.
IRH and PIC plan to support South Africa’s energy transition, focusing on sustainable green energy initiatives. This effort is intended to offset the decommissioning of coal-fired plants, aligning with the country’s commitment to reducing greenhouse gas emissions.
The agreement includes the establishment of a cutting-edge geoscience company that will employ artificial intelligence (AI) and data analytics to conduct geological surveys and identify new mining opportunities. This innovative approach will help boost the mining sector’s efficiency and sustainability.
IRH’s CEO, Ali Rashdi, emphasized the potential of the partnership to unlock significant value in the mining and energy sectors by leveraging advanced technologies. Meanwhile, PIC’s Chief Investment Officer, Kabelo Rikhotso, highlighted the collaboration’s contribution to addressing South Africa’s economic constraints, promoting job creation, and supporting sustainable development across Africa.