October 13, 2009

China and Guinea to form Massive Mining Company

A Chinese investment house, possibly China International Fund, will invest up to $9 billion (US dollars) to create a joint national mining conglomerate with the government of Guinea on the coast of West Africa. Guinea is already a leading source of crude oil for China and is believed to have significant deposits of bauxite, gold, and diamonds. The USA and Russia are also active in Guinea but the creation of the joint mining company intended to control all mining in the country will give China a distinct advantage. In addition China will invest billions in developing Guinea's infrastructure....

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