CHINA IS STRIKING out and striving hard in Africa in its quest for metals. In the past it trod softly around the continent, staying below the radar where possible and buying companies privately. But that time has gone. Now the Chinese are boldly going where no one thought they would and making hostile bids.
The announcement in early April of a $6.54 billion bid by Minmetals Resources for Australia-Canada-listed Equinox Minerals, which mines copper in Zambia, not only put a top dollar price tag on African copper but also indicated the new aggression of Chinese companies operating in Africa.
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