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 »