Tag: Africa
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More Evidence of China’s Diminishing Appetite for African Oil
It wasn't that long ago when China sourced a third of its imported oil from three African suppliers that included Angola. Today that figure is down to just 10% and appears to be steadily declining as Chinese buyers shift to sourcing crude from Russia, Persian Gulf countries ...
CMOC Deal Signals A New Moment in China-DRC Relations, With Possible Global Impacts
Shares in China Molybdenum (aka CMOC) jumped by 10% in Shanghai and 12% in Hong Kong on the news that the mining giant reached a deal with the Democratic Republic of Congo that will allow it to resume copper and cobalt exports from the Tenke Fungurume mine, one of ...
Unpacking the CMOC Deal: What Do We Know So Far?
The newly-announced deal between the Chinese mining giant CMOC and the DRC’s state mining company Gécamines is raising many questions. We asked our Francophone editor Christian-Géraud Neema, who is also an expert on DRC mining, to clue us in: WHAT DO ...
Zambia’s Creditors to Reconvene in May, Amid Growing Global Debt Concern
Bloomberg reports that Zambia’s official creditor committee, which is co-led by China, has reportedly made progress in meetings this week, which will lead to them reconvening for a follow-up session next month. The next meeting could see them signing a memorandum ...
China-Gabon Relations Upgraded
China and Gabon's relationship has been upgraded to a Comprehensive Strategic Cooperative Partnership, the main takeaway from President Ali Bongo Ondimba's state visit to Beijing. WHY IS THIS IMPORTANT? The elevation of the relationship to a strategic level might worry the United States ...
Chinese Company Targets Zimbabwe’s Solar Power Generation Amidst Crippling Blackouts
The China Energy Engineering Corp. has propositioned the Zimbabwean government for the construction of a 1,000-megawatt (MW) floating solar plant on the Kariba dam along the Zambezi River. At nearly $1 billion, the project will be on the world’s largest man-made ...
China’s CMOC Reaches Breakthrough Contract Settlement Deal With DRC Over the TFM Cobalt Mine
The Chinese mining giant CMOC announced on Wednesday that it finalized a deal with the DR Congo's state-run mining company Gécamines over royalty payments for the massive Tenke Fungurume (TFM) copper and cobalt mine. CMOC said in a statement published on ...
Gabon President’s Trip to Beijing Highlights Two Important Trends in Chinese Diplomacy
The arrival of Gabonese President Ali Bongo Ondimba in Beijing this week may seem at odds with the dozens of other leaders from much larger, far more powerful countries who've traveled to China this year to meet with President Xi Jinping. ...
Chinese Embassy in Nigeria Refutes Times (UK) Story That Claimed “Beijing is Indirectly Funding Terrorism”
The Chinese embassy in Abuja denounced a report published last weekend in The Times (UK) newspaper that alleged Chinese companies are bribing militants for access to mineral reserves in northern Nigeria. The embassy said the report by the paper's West Africa correspondent ...
South African, Chinese Communist Party Officials Meet in Beijing
The head of South Africa's Communist Party, Solly Afrika Mapaila, met the director of the CPC's international liaison department, Liu Jianchao, on Tuesday in Beijing. From the gist of the read-out of the meeting, it does not appear that the meeting ...
Backgrounder: China-Australia Iron Ore Fight
The Australian-based company Sundance Resources is suing the China-linked Australia-based AustSino for malpractice and corruption over the Mbalam-Nabeba iron project on the border of Cameroon and the Republic of Congo. The court case has led to eye-popping allegations, including that the dispute ...
Lots of Talk, Little Action: Zambia’s Debt Relief Process Remains Stalled Says Finance Minister
Zambia's Finance Minister Situmbeko Musokotwane said it's urgent that the country's international creditors finalize a debt restructuring deal at once, or else a $188 million IMF emergency financial package could be at risk. Musokotwane expressed frustration in an interview with ...