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Vol 3 (AAC) No 5

Published 1st March 2010


Victory for the Kinshasa vultures

The execution of the US$6 billion ore-for-infrastructure deal originally signed in April 2008 between the Congolese state and Chinese companies China Railway Group and Sinohydro has suffered a setback. On 10 February, the Hong Kong High Court of Appeal decided to freeze, at the request of the United States ‘vulture fund’ FG Hemisphere Associates LLC, $221 million due from the Chinese companies in entry fees for their access to more than 10 mn. tonnes of copper and 600,000 tonnes of cobalt reserves.

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