China to invest in the mining sector of cameroon. The acquisition would hand Hanlong control of Mbalam, a project considered key for the supply of iron ore in Africa, which straddles the Cameroon and the Republic of Congo.
The mine holds 865 million to 925 million tonnes of iron ore, Xinhua reported, citing what it said was an initial estimate. The agency also cited unnamed observers as saying Hanlong’s control of the mine would give China more influence in setting international iron ore prices.
Major investments and acquisitions by China in natural resources projects overseas, including Africa, have helped fuel its rise to become the world’s second-largest economy.
Based on Xinhua’s report, the Hanlong Group has combined assets of 36 billion Yuan ($5.7 billion) with ownership or stakes in more than 30 firms.