The Chinese mineral exploration and mining company Sinomine (aka China Mining Resources Group) announced on Tuesday that it’s withdrawing from a mining and construction contract with the Zambian government because of Zambia’s debt crisis and the ongoing COVID-19 pandemic.
The company released a statement on Tuesday announcing the decision. Because no funds have yet been disbursed, the contract termination is expected to go ahead without dispute. Seen in isolation, the termination is a minor data point. However, it is an indicator that signals major implications for Zambia and the world: