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China in African Mining Funded by the Horizon 2020 Programme of the European Union China in African mining – www.STRADEproject.eu present situation and future trends Cooperation on Sustainable Raw Materials for China and Europe STRADE-seminar Beijing September 27 2017 Magnus Ericsson/孟瑞松 Olof Löf Luleå University of Technology RMG Consulting Funded by the Horizon 2020 Programme AGENDA of the European Union ● Global background www.STRADEproject.eu ● Chinese mining investments globally ● Chinese mining investments in Africa ● Chinese companies abroad ● Conclusions 2 Funded by the Horizon 2020 Programme MINING IN THE WORLD of the European Union www.STRADEproject.eu Source: Raw Materials Data Funded by the Horizon 2020 Programme GLOBAL PRODUCTION VALUE of the European Union Billion USD 1800 www.STRADEproject.eu 1600 Other 1400 1200 India 1000 Russia 800 600 USA 400 Australia 200 0 China 4 Funded by the Horizon 2020 Programme CHINA REMAINS CENTRAL of the European Union 60 Aluminium www.STRADEproject.eu 50 China remains central Copper 40 Nickel 30 Zinc 20 Steel % consumption total % of 10 GDP(PPP) 0 1990 1995 2000 2005 2010 2015 Source: DAIECON, IMF, WBMS., 5 Funded by the Horizon 2020 Programme AGENDA of the European Union ● Global background www.STRADEproject.eu ● Chinese mining investments globally ● Chinese mining investments in Africa ● Chinese companies abroad ● Conclusions 6 Funded by the CHINESE OVERSEAS MINING INVESTMENTS Horizon 2020 Programme of the European Union Billion USD 25 www.STRADEproject.eu 20 15 10 5 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: NBS 7 Funded by the Horizon 2020 Programme MAJOR CHINESE OVERSEAS MINING M&A of the European Union Acquirer Target Country Comm Seller Price Status Tianqi Lithium Greenbushes (51%) Australia Lithium Talison $0.5 bn Completed May 2014 Minmetals-led Las Bambas (100%) Peru Copper Glencore $7.0 bn Completed Aug 2014 consortium www.STRADEproject.eu Shangdong Iron & Sierra African Tonkolili (100%) Iron ore $170 M Completed Apr 2015 Steel Leone Minerals Laos, Guangdong Rising 2 mines and projects Gold PanAus $0.9 bn Completed Jun 2015 PNG Barrick Porgera Zijin Mining PNG Gold Barrick Gold $0.3 bn Completed Aug 2015 (50%) Zijin Mining Kamoa project (40%) DR Congo Copper Ivanhoe $0.4 bn Completed Dec 2015 Bystrinsky project Chinese investors Russia Copper Norilsk Nickel $100 M Dec 2015 (13%) Chinalco Simandou (50%) Guinea Iron ore Rio Tinto $1.3 bn Agreed Oct 2016 Nióbio, Fosfatos Anglo China Molybdenum Brazil Nb, K2O $1.5 bn Completed Oct 2016 Brasil (100%) American Tenke-Fungurume Copper, China Molybdenum DR Congo Freeport $3.8 bn Completed Jan 2017 (80%) cobalt $2.45 Yancoal Coal & Allied (100%) Australia Coal Rio Tinto Agreed Jan 2017 bn $0.96 Shandong Gold Veladero (50%) Argentina Gold Barrick Agreed Apr 2017 bn $0.89 Fosun, Hainan Mining Polyus gold (10%) Russia Gold Polyus Agreed May 2017 bn Source: DAIECON, Various 8 SELECTED MAJOR CHINESE Funded by the Horizon 2020 Programme MINE DEVELOPMENTS of the European Union Billion USD www.STRADEproject.eu Kolwezi Toromocho Zijin Mining Chinalco Completed Operating/Expansion 2017 Bakubung 3.5+1.3 0.7 Jinchuan Husab Complete 2018 China National 2 Las Bambas 7 Nuclear 1.64 Minmetals Completed Operating 2016 2017 Palabora 9 HBIS Group New mine level Uranium Copper PGM -2030 Source: Various 9 CHINESE CONTROL OF Funded by the Horizon 2020 Programme OVERSEAS MINING of the European Union Chinese mining companies (excl ASM) control mineral output outside China to a value of 11 billion USD 2014. Copper is the dominant metal and Oceania main region. www.STRADEproject.eu By commodity By region Other Lead 3% Gold 3% Africa 10% 22% Copper Iron ore 11 billion 38% 11 billion 13% USD Oceania USD 51% Asia 16% Zinc 13% Latin Europe North Coal America 1% America 20% 10% 0% Source: Raw Materials Data 10 Funded by the Horizon 2020 Programme CHINESE CONTROL OPERATING MINES 2011 of the European Union www.STRADEproject.eu Source: Raw Materials Data 11 Funded by the Horizon 2020 Programme CHINESE CONTROL OPERATING MINES 2014 of the European Union www.STRADEproject.eu Source: Raw Materials Data 12 Funded by the Horizon 2020 Programme AGENDA of the European Union ● Global background www.STRADEproject.eu ● Chinese mining investments globally ● Chinese mining investments in Africa ● Chinese companies abroad ● Conclusions 13 CHINESE CONTROL OF Funded by the Horizon 2020 Programme AFRICAN MINE PRODUCTION 2011 of the European Union Contro Mine Company l 1 Awaso Bauxite Mine Bosai Minerals 80% www.STRADEproject.eu 2 Ruashi Copper Mine Jinchuan Group 75% 1 3 Chambishi Copper Mine CNMC 85% Chibuluma South Copper 4 Mine Jinchuan Group 85% 2,3,4,5,6,7 5 Baluba Copper Mine China nonferrous Metals 85% 2011 6 Muliashi Copper Mine China nonferrous Metals 85% China 8 7 Kolwezi Copper Mine Railway,SINOHYDRO 48% former Zimasco Chrome 8 Mines Sinosteel 86% 9,10 9 Dilokong Chrome Mine Sinosteel 60% 10 Vergenoeg Fluorspar Mine Jinchuan Group 70% Source: Raw Materials Data Gold Copper Iron Platinum Aluminium Nickel Other 14 CHINESE CONTROL OF Funded by the Horizon 2020 Programme AFRICAN MINE PRODUCTION 2014 of the European Union Mine Company Control 4 1 Tonkolili Iron Ore Mine* Shandong Iron and Steel 100% 1 2 Bong Iron Ore Mine* Wugang, China Union 100% www.STRADEproject.eu 2 3 Awaso Bauxite Mine Bosai Minerals 80% 3 4 Zara Gold Mine* China SFECO Group 60% 5 Bembele Manganese Mine* CITIC HK 51% 6 Kinsevere Copper/Cobalt Mine* China Minmetals 95% 5 7 Ruashi Copper Mine Jinchuan Group 75% 8 Chambishi Copper Mine China Nonferrous Metals 85% 9 Chibuluma South Copper Mine Jinchuan Group 85% 2017 10 Baluba Copper/Cobalt Mine China Nonferrous Metals 85% 6,7,8,9,10,11,18,20 11 Muliashi Copper Mine China Nonferrous Metals 85% 12 former Zimasco Chrome Mines Sinosteel 86% 13 Husab Uranimum Mine* China National Nuclear 90% 14 Dilokong Chrome Mine Sinosteel 60% 12 15 Vergenoeg Fluorspar Mine Jinchuan Group 70% 13 16 Palabora UG Copper Mine* Hebei Steel 75% 19 14,15,16,17,21 17 Petrex Gold Mines* Baiyin NMG, CADFund 90% 18 Tenke Fungurume Copper Mine* China Molybdenum Co 80% 19 Langer Heinrich Uranimum Mine* China National Nuclear 20% 20 Kolwezi Copper Mine China Railway,SINOHYDRO 48% 21 Modder East Gold Mine* Baiyin NMG, CADFund 90% Note * = new mine compared to 2011 Gold Copper Iron Platinum Aluminium Nickel Other Source: Raw Materials Data 15 CHINESE CONTROL Funded by the Horizon 2020 Programme AFRICAN MINE PROJECTS 2014 of the European Union www.STRADEproject.eu Gold Copper Iron Platinum Aluminium Nickel Source: Raw Materials Data 16 CHINESE CONTROL IN AFRICA Funded by the Horizon 2020 Programme IN PERSPECTIVE of the European Union Copper production in Africa Gold production in Africa 2014, total 2069 kt 2014, total 610 ton www.STRADEproject.eu 2% Australian Australian 4% companies companies 17% 24% Canadian Canadian companies Copper companies Gold 1% 61% 13% Chinese Chinese companies companies 78% Other Other Source: Raw Materials Data 17 CHINESE CONTROL OF FUTURE Funded by the Horizon 2020 Programme AFRICAN COPPER MINING of the European Union China to control ~ 30-35% of copper www.STRADEproject.eu production in 13% Africa 2018 China 2014 12% Tenke Fungurume Kolwezi 5% 2% Kamoa 68% Other Source: Raw Materials Data 18 CHINESE CONTROL OF Funded by the Horizon 2020 Programme AFRICAN MINING 1 of the European Union Control of African mining 2014, total value 100 billion USD www.STRADEproject.eu Chinese companies Anglo American 2.4% Glencore Anglogold Ashanti 6,1% 12,6% Exxaro OCP Sibanye Gold First Quantum 4,1% 3,7% Impala Platinum African Rainbow 100 billion 2,5% Randgold Barrick USD 2,1% 2,0% Harmony Gold Fields 48,9% Newmont Vedanta ENRC SeverStal Kinross Freeport-McMoRan Other Artisinal gold Source: Raw Materials Data 19 CHINESE CONTROL OF Funded by the Horizon 2020 Programme AFRICAN MINING 2 of the European Union 1,5% 2.4% www.STRADEproject.eu 7,4% Australian companies 12,6% Canadian companies Chinese companies 4,1% Anglo American Glencore 71,9% Other Source: Raw Materials Data 20 Funded by the Horizon 2020 Programme AGENDA of the European Union ● Global background www.STRADEproject.eu ● Chinese mining investments globally ● Chinese mining investments in Africa ● Chinese companies abroad ● Conclusions 21 Funded by the Horizon 2020 Programme MAJOR CHINESE COMPANIES (OVERSEAS) of the European Union China Minmetals (MMG) in expansion. Las Bambas opened 2016. www.STRADEproject.eu Zijin in expansion phase. Acquried 47% in Porgera PNG, 51% in Kolwezi DRC (in production July 2017), 40% Kamoa DRC. Rio blanco Peru development. Jinchuan in expansion phase. Bakubung platinum mine in operation 2018. Kinsenda DRC development. Chinalco, world leading aluminium producer. 10% owner of Rio Tinto. Expansion in base metals. Toromocho mine in Peru, developing Simandou iron ore mine in Guinea. HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group), is China's second largest iron and steel producer and third largest in the world. Developing Palabora copper mine. Bayin owner of Gold One, largest shareholder (20%) in Sibanye. China molybdenum. Take over of Tenke Fungurume in DRC and Nióbio, Fosfatos Brazil. Source: Various 22 Funded by the Horizon 2020 Programme AGENDA of the European Union ● Global background www.STRADEproject.eu ● Chinese mining investments globally ● Chinese mining investments in Africa ● Chinese companies abroad ● Conclusions 23 Funded by the Horizon 2020 Programme MYTHS AND FACTS of the European Union • China is still a minor player in global mining outside of China. • China has NOT taken control of Africa’s mineral resources. www.STRADEproject.eu • China is increasing its presence in Africa, BUT from a low level. • China is in control of 2.4% of Africa’s mining output 2014. One company: Anglo American is in control of 12.6%.
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