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Vol 3 (AAC) No 2

Published 1st December 2009


Liberia

Beijing's bankroll for Bong's ore

The China Development Bank promises to save China Union's US$2.68 Bong Mine project but will take an 85% stake to provide the finance and pay Monrovia

The US$2.68 billion China Union plan to revitalise Liberia's Bong Mines has not taken off, almost a year after it was first signed. Initial concerns about the little-known Chinese mining company's ability to raise such sums now seem well founded (AAC Vol 2 No 4). Seeing no progress on the ground, Liberian President Ellen Johnson-Sirleaf was one of a handful of African presidents to attend the ministerial Forum on China-Africa Cooperation in November. She talked with Chinese Premier Wen Jiabao and got him to promise that the China Development Bank would bankroll China Union.

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