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Randgold warns on resource nationalism as governments ask for more

Feb 5, 2013 4:02pm by Andrew Bowman
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Randgold chief executive Mark Bristow has criticised a “disturbing” tendency among African governments to increase taxes and regulations on mining investors, as the company disputes its tax bill with the Malian government.

The chief executive of the FTSE 100 gold mining company, which has operations in Mali, the Democratic Republic of Congo and Ivory Coast made his statement at the Mining Indaba conference currently taking place in Cape Town. He claimed that revisions to mining laws risked deterring investment on the continent. Continue reading »

Tags: , , , Posted in Africa, Congo, Ivory Coast, Mali |

PE in Kenya: more deals please

Mar 6, 2012 2:42pm by Katrina Manson
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Private equity in east Africa is punching below is weight. The region attracted nearly a third of the 66 private equity deals done in sub-Saharan Africa in 2011 – but their value was just $188m out of a total $3bn, or 6 per cent. Deals worth six times as much were done in west Africa. Continue reading »

Posted in Africa, Congo, Ethiopia, Global, Kenya, South Sudan |

Minmetals: into Africa

Feb 17, 2012 8:39am by Stefan Wagstyl
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China’s Minmetals Resources (MMR) has finally achieved its ambition of getting into Africa, with the completion on Friday of its C$1.3 bn ($1.3 bn) bid for Anvil Mining and its interest in the Kinsevere copper project in the the Democratic Republic of Congo (DRC).

But the Chinese state-run group and its western boss (CEO Andrew Michelmore,  pictured) remain on the lookout for more overseas acquisitions and have plenty of funds for the right deals. Anvil is a modest buy compared to the $6.6bn Minmetals put on the table last year in a failed attempt to take over Canada’s Equinox Resources. Continue reading »

Tags: , Posted in Africa, China, Congo, Global |

Sundance backs A$1.65bn Hanlong deal

Oct 4, 2011 8:51am by Stefan Wagstyl
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The stock market may be shot and commodity prices all over the place, but China’s drive for natural resources acquisitions goes on. Tuesday’s news is that Australia’s Sundance Resources has recommended a sweetened takeover bid worth A$1.65bn from Hanlong Mining.

Even an annoying insider dealer probe involving three Australia-based Hanlong executives hasn’t derailed the deal, which Sundance has backed after Hanlong improved its initial offer. No shortage of funds, then, when it comes to buying strategic assets – in this case Sundance’s African iron ore deposits. Continue reading »

Tags: , Posted in Cameroon, China, Congo, Global |

Congo: France Telecom calling

Jul 18, 2011 7:29pm by Pan Kwan Yuk
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With over 71 per cent of its 66m population living in poverty and a GDP per capita a meagre $160, the Democratic Republic of Congo – which is still rebuilding after years of war, dictatorship and turmoil – is not an obvious place for a company to be looking to do business in.

Yet for France Telecom, it is precisely the lack of competition and the prospects of developing a relatively untapped market that has prompted it to mull a bid for Congo’s fourth-largest mobile operator. Continue reading »

Tags: Posted in Africa, Congo |

Rumble in the Congo: Jinchuan v Vale

Jul 5, 2011 7:48pm by William MacNamara
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The contest for Africa’s copper and iron ore is sometimes likened to the Great Game, as various powers vie for geopolitical and investment advantages on a volatile continent. This analogy is criticised because of its colonial nineteen-century overtones. But to do so misses a basic fact. The powers in today’s Game come from emerging markets and bypass established economies entirely.

This was confirmed on Tuesday when Jinchuan Group, one of China’s largest state-owned miners, started a bidding war with Vale, the Brazilian mining giant. Their target is a small South Africa-based company whose main asset is in the Democratic Republic of Congo. Continue reading »

Tags: , , , , , , Posted in Africa, Asia, Brazil, China, Congo, LatAm |

Canada to press Congo mining dispute at G20 meeting

Jun 25, 2010 8:36pm by William Wallis
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Add another item to the agenda at this weekend’s G20 summit: African resource nationalism and the twin issue of security of mining contracts. That’s thanks to a burgeoning dispute between Canadian miners and the authorities in the Democratic Republic of Congo.

Canadian prime minister Stephen Harper, who is hosting the meeting, plans to raise concerns about the case, which Canada views as particularly egregious. Canadian authorities think they should play a part in a decision by the IMF and World Bank due next week on whether to conclude the write-off of $9bn of Congo’s historic foreign debt. Continue reading »

Tags: , , , Posted in Congo |

BB: time to register

Dear beyondbrics readers,

After more than three years of fully open access, we are taking the step of asking our readers to register on FT.com to read our articles. Beyondbrics will still be free but we'd like to know a bit more about you, our readers. Other FT blogs (including Alphaville) already do the same thing. Registration is active on beyondbrics from May 6.

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Stefan Wagstyl, emerging markets editor

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