Gulf nations invest in African mining for economic diversification
Financial Times — April 1, 2024, 06:00 AM UTC
Summary: In 2023, Zambia's Mopani copper mine attracted bids worth hundreds of millions. UAE's International Resources Holding bought a 51% stake for $1.1bn, marking a significant shift in global mining. Gulf nations aim to diversify economies with investments in critical minerals. Saudi Arabia targets $75bn from mining by 2035. Gulf investment offers alternatives to US-China tensions over resources. Concerns include transparency and community relations. Gulf states eye Africa for mining expansion.
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