IQ seems to correlate most strongly with working memory, though ones capacity for working memory doesn't seem to have much bearing on the mechanism behind the formation of new memories themselves. Building semantic memory requires repeated exposure.
What really matters is the rate at which the individual exposes themselves to learning opportunities. This appears to be a function of how rewarding it is to you, how expensive it is for you, and how much (or in some cases little) executive control you have.
I think the point of this research is that this requirement is pretty consistent in humans regardless of their other capacities or prior knowledge.
Reading through all the comments I can see a lot of people struggling to reconcile this result with their existing mental models of intelligence and learning.
I think higher IQ people might in some cases learn faster because if they understand the thing they are trying to remember, they can "replay it" in their heads bumping up the number of exposures which might help remembering. But not everyone with high IQ does that.