- Joined
- Jan 3, 2009
- Messages
- 2,605
- Points
- 0
Fall in copper prices cause China miners to abandon Congo.
Is this a new trend for PRC investments abroad.?
-------------------------
Chinese miners leave Congo in shambles
Malaysia Sun
Sunday 22nd February, 2009
Many Chinese copper smelters have been standing idle in the Democratic Republic of Congo, after staff were left without wages.
The government of the Democratic Republic of Congo has revealed Chinese owners abandoned many sites in Katanga province, which is a major part of the Congo’s copper strip.
As copper prices tumbled, Chinese mining officials left the mines with the resultant debts, job cuts and rising crime.
Katanga province has enjoyed a copper boom in recent years with foreigners rushing in to exploit its copper deposits.
The south-eastern province has been the mainstay of Congo’s economy, producing most of the country’s copper, cobalt, zinc, diamonds and gold.
Is this a new trend for PRC investments abroad.?
-------------------------
Chinese miners leave Congo in shambles
Malaysia Sun
Sunday 22nd February, 2009
Many Chinese copper smelters have been standing idle in the Democratic Republic of Congo, after staff were left without wages.
The government of the Democratic Republic of Congo has revealed Chinese owners abandoned many sites in Katanga province, which is a major part of the Congo’s copper strip.
As copper prices tumbled, Chinese mining officials left the mines with the resultant debts, job cuts and rising crime.
Katanga province has enjoyed a copper boom in recent years with foreigners rushing in to exploit its copper deposits.
The south-eastern province has been the mainstay of Congo’s economy, producing most of the country’s copper, cobalt, zinc, diamonds and gold.
