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Published 1st October 2011

Vol 4 (AAC) No 12


Zambia

Ties will remain strong, says Sata

Image courtesy of Panos Pictures
Image courtesy of Panos Pictures

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Slating bad Chinese investment in Zambia was a major plank of oppositionist Michael Sata’s electioneering but Beijing’s businessmen are not worried

Immediately after Michael Sata’s election as President of Zambia on 22 September, global copper prices fell to their lowest point in almost a year, hitting US$7,500 per tonne, amid fears that debt problems in Europe would slow global growth. Government projections, however, show that annual copper exports should reach 1 million tonnes by 2012 and 1.5 mn. tn. by 2015. Asian investors have not been spooked by President Sata’s hot pre-campaign rhetoric and are instead bolstered by the prospects for copper production in the coming years. In early October, Standard Bank signed a $500 mn. bridge financing deal with India’s Vedanta Resources, the operators of the Konkola Copper Mines (see map). Standard said that it is also working on a $700 mn. loan to finance new investments.


Insider trading

Australian financial authorities are investigating the trading activities of resource company executives in two lucrative takeover deals

The latest attempt by a Chinese company to secure African mining assets from Australian companies has hit the skids over concerns about insider trading by Hanlong Mining. Sever...


Diamond dealers

Parliamentary investigations expose a cosy relationship between the South Korean government and the backers of a controversial diamond project

President Lee Myung-bak’s government faces another corruption scandal linked to its African resource diplomacy after a little-known mining company claimed to have made a recor...


Rebuilding relations

The National Transitional Council (NTC) has finally formed a government, which should kickstart Libya’s reconstruction despite the fact that loyalists to former leader Moammar el...


The wages of Xin

The award of the ZISCO deal to India’s Essar is only one sign that Chinese companies are losing traction in the government of national unity

Chinese companies are finding life in Zimbabwe more difficult under the national unity government, according to United States diplomatic cables released by WikiLeaks. Ambassado...


Dalai Lama dumped again

Beijing appears to call the shots in relations with South Africa. While the Dalai Lama awaited a visa to attend Archbishop Desmond Tutu’s 80th birthday party on 7th October, So...



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