African Reserves

COBALT NEWS | MarketScreener


Unknown – October 29, 2021

The video toured WhatsApp, Twitter and Facebook groups. Shot in a Chinese-owned copper mine in the Democratic Republic of the Congo, it showed two men screaming and writhing on the dusty ground as soldiers beat and whipped them, watched by helmeted managers.

A sign of the DRC’s growing importance to the Chinese economy, Beijing is rising to the challenge with unexpected speed and humility, rushing to repair its damaged image in the Central African country … Wu Peng, China’s top diplomat for Africa, used Twitter to announce a crackdown on illegal and unauthorized mining operations in the DRC, a problem that has been going on for years and that has sparked conflict with local communities but had previously been ignored by Beijing. The country’s ambassador to Congo, Zhu Jing, said that a special cell had been set up within his embassy to “support the Congolese government in the fight against the illegal exploitation of natural resources”. across the country for visits to Chinese mines and construction sites previously closed to foreigners, generating a flurry of positive headlines… It was a very unusual surge of activity for Chinese diplomats and companies, which traditionally avoid the spotlight. “In the past two months, I have seen more unprecedented behavior from Chinese people in Africa than in 10 years,” said Eric Olander, co-founder of the China Africa Project who previously worked as a journalist in Kinshasa. , the capital of the DRC. …“It all comes back to cobalt,” he added.… A hard silver metal, created by melting blocks of blue-speckled minerals extracted from the earth’s crust, cobalt is essential in the production of lithium-ion batteries, preventing them from overheating or even exploding… Since 2015, when the government launched its “Made In China 2025”, which calls on the country to become a dominant force in the global electric vehicle industry, around 100 billion RMB ($ 19.4 billion) has been invested in manufacturers of electric vehicles and related companies, according to the Qichacha commercial database… The DRC is home to about 51% of the world’s cobalt reserves, or about 3.6 million tonnes, more than double that of Australia, which comes in second position, according to data from the US Geological Survey… If the road crosses the DRC, it crosses China. Over 90% of DRC’s cobalt exports in recent years have gone to China, which is also the No. 1 destination for Congolese copper … China is the DRC’s largest trading partner by a factor of five, and is also a major supplier of grants and development loans. Between 2007 and 2017, Chinese commitments to the DRC totaled around 7.5 billion US dollars, of which nearly 4 billion US dollars were concentrated in the mining sector, according to a recent report by AidData… Robert Friedland, executive co-chairman of the Canadian company Ivanhoe Mines. Ltd., which operates three projects in the DRC, including a partnership with the Chinese conglomerate Zijin Mining Group Co. Ltd., compared Congo’s importance in the new energy sector to Saudi Arabia’s role in the oil boom of the last century… China has been exploiting the mineral wealth of the DRC for more than a decade. At a signing ceremony in Kinshasa in 2007, representatives from China and the DRC announced mining investments worth $ 9 billion and loans for infrastructure – including roads, railways , hospitals and schools – in exchange for copper and cobalt concessions. Some commentators have presented it as “the deal of the century.”… “The Chinese are huge players,” said Johanna Malm, head of research at the Swedish Academy Folke Bernadotte and expert on Sino-Congolese relations. She pointed to figures which show that around 70 percent of mining projects in the DRC are now controlled by Chinese companies or partnerships …In May, President Félix Tshisekedi, visiting the mining town of Kolwezi in Katanga province, dominated by Chinese industry, complained about people coming to the DRC to “get rich”. “They come with empty pockets and leave billionaires,” he said… Since then, Mr. Tshisekedi has pushed to renegotiate a number of agreements. He ordered a full account of the Sicomines deal, still the largest by far … In September, the DRC government admitted that Chinese companies had spent only $ 825 million of the $ 3 billion pledged in infrastructure – but he pledged the remaining amount of over US $ 2 billion would be spent over the next four years. Ideally, this coincides with a national election in the DRC in 2023, in which the increased spending could be of use to the government … Instead of much-needed roads, some of the Chinese infrastructure projects were football stadiums, mostly useful to the government. politicians in election campaigns. “These are resources for present and future generations that are wasted on projects like football stadiums,” said Mr. Kayombo. “We could have been smarter.”… In defense of Chinese mining investors, Chinese diplomats and media have suggested that President Tshisekedi has come under US influence, allowing Washington to exploit the mining dispute for his own interests in a superpower. conflict….

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Fortune Minerals Limited published this content on November 03, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 03 November 2021 13:34:02 UTC.

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Sales 2020

2020 net income -1.72M
-1.38 million
-1.38 million
Net debt 2020 9.28 million
7.47 million
7.47 million
PER 2020 ratio -15.7x
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37.0 million
36.9 million
VE / Sales 2019
VE / Sales 2020
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Free float 86.5%

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