The economic turmoil brought on by the ongoing pandemic has done nothing to stem the appetite of Chinese mining companies looking to expand their presence in Africa. This week alone, Chinese mining giants Zijin and Chifeng Jilong both received approval this week to proceed with deals that total more than $1.2 billion combined:
- DR CONGO: Chinese mining major Zijin Mining received approval from its board to invest $769 million to build the largest copper smelting facility in Africa at its Kamoa-Kakula mine in the DRC that it runs with jointly with Canadian firm Ivanhoe Mines. (REUTERS)
- GHANA: China’s Chifeng Jilong Gold Mining has received Ghana’s approval to proceed with the acquisition of Golden Star Resources, which owns 90% of the Wassa gold mine in the country’s southwest, for $470 million in cash. (MINING.COM)
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