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Chinese Miner Sinomine Announces Pivot Away from Zambia, Citing Debt Crisis

File image of raw lithium that is the new focus of one of China's largest mining companies. Photo by Alexander Schimmeck on Unsplash.

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:

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