China Inc. Takes Another Bite of Congo's Copper Mining Riches
- Citic Metal has agreed to buy a stake in Ivanhoe mines
- Ivanhoe developing Africa’s biggest copper discovery in Congo
Photographer: Simon Dawson/Bloomberg
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China is making another big bet on copper in the Democratic Republic of Congo, deepening its presence in a country that’s proved very difficult for Western business.
Congo holds huge reserves of copper, but is also one of the hardest countries to navigate -- with problems with security, transparency and infrastructure. A case in point is Glencore Plc, the biggest producer of copper in Congo. The company is facing three court cases and a possible U.K. bribery probe related to its dealings in Congo, as well as a tax hike and tougher mining laws.