VIENNA/BEIJING — Rising nationalism in African nations over control of resources is starting to overshadow the efforts of Chinese and other foreign companies to develop their operations on the continent.
Some countries are demanding that foreign companies involved in mining invest in local companies, and plan to increase taxes on such foreign enterprises. These countries aim to fill their coffers by reclaiming ownership of mining concessions, anticipating a recovery in global resources prices.
On Wednesday, Chinese President Xi Jinping outlined plans for a tour of Africa in July in an apparent effort to shore up ties with various countries on the continent. The initiative comes as China’s relations with the U.S. have been strained by concerns over trade and security. Continue Reading →