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Musings From Abroad

France plots Ivory Coast relations after end of defence ties with Burkina Faso

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Following the official end of defence tie between France and Burkina Faso, the European powerhouse, is shifting its base to neighbouring West Africa, Ivory Coast.

French’s defence minister, Sebastien Lecornu, promised to increase support for Ivory Coast, as Paris adjusts its strategy in Africa.

France’s position in Africa has been a subject of discussion lately amidst recent anti-French agitations across the continent.

Burkina Faso had expelled French ambassadors and expelled French troops earlier in the year. French President, Emmanuel Macron had sought clarifications from military President Ibrahim Traore about reported demands for the departure of French troops from the country.

Lecornu, during an official visit to the Ivorian commercial capital Abidjan declined to comment on Burkina Faso’s decision even as he re-emphasised France’s commitment to engagement with security issues in West Africa, where the Islamist insurgency is spreading.

“We will strengthen cooperation with Ivory Coast in terms of training and equipment because it is an important country for us,” he told reporters.

Experts have hinted that the diplomatic brouhaha between the French and French colonies could be a gain for Ivory Coast and by extension, Chad, and the Republic of Benin.

Ivorian historian and defence analyst Arthur Banga said, “Ivory Coast and Niger can take the opportunity to position themselves as alternatives in order to be the new countries at the heart of the Western and French presence in the counter-terrorism fight.”

The wave of anti-French agitations in the West African sub-region has continued in recent times. Notably, French relations with Burkina Faso’s neighbour, Mali who is also caught up in a serious security crisis, expelled Olivier Salgado, the spokesman for the United Nations Mission in Mali (Minusma), for publishing “unacceptable information”

Musings From Abroad

UAE’s IRH to consider stake in Zambia’s Lubambe copper mine

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A division of the International Holding Company of Abu Dhabi, International Resources Holding (IRH), has announced that it plans to submit a proposal for a share in Zambia’s Lubambe Copper Mine.

 

The deal has opened up more potential to profit from Africa’s second-largest copper producer, according to IRH, which just acquired a 51% stake in Mopani Copper Mines in Zambia.

 

 

Even after Chinese firm JCHX Mining agreed to buy the stake, it was reported on March 22 quoting sources, indicating that IRH, a division of the most valuable company in Abu Dhabi, is interested in purchasing an 80% stake in Lubambe held by EMR Capital.

 

 

“IRH’s commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine,” the company said.

 

Due to the company’s interest in Lubambe, which may be among Zambia’s biggest copper mines, a bidding battle between Shanghai-listed JCHX, a mine maintenance and contracting company, and itself may result.

 

Wealthy oil companies from Saudi Arabia and the United Arab Emirates have recently begun to follow China’s lead and engage in African businesses to acquire resources to diversify their economies and capitalize on the move to electric vehicles (EVs). In addition to making bids for mining projects, IRH stated that it was actively investigating a range of investment prospects.

 

“In the forthcoming years, our goal is to seek diversification opportunities beyond copper… (with) targeted investments in other pivotal energy transition minerals, such as cobalt, nickel, rare earth elements, manganese, graphite, and the 3T minerals – tin, tungsten, and tantalum,” it said.

 

The Zambian government currently plans to increase copper production from approximately 850,000 metric tonnes to 3 million metric tonnes annually by 2032.

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Musings From Abroad

China, Zambia’s major creditor, cooperating on debt rework— Official

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A spokesperson of Zambia’s foreign ministry has stated that one of its major creditors, China, has remained supportive of Zambia’s debt restructuring.

The diplomat did not, however, disclose whether China approved of a planned agreement the country in southern Africa made with foreign bondholders.

On Monday, Zambia and the bondholder group announced that they had come to a fresh understanding to restructure $3 billion in foreign notes. The proposal was given the go-ahead by Zambia’s formal creditors, the largest of which is China.

On Monday, Zambia announced that it has reached a deal with a group of private creditors on the restructuring of $3 billion of its foreign notes, which is a noteworthy achievement that brings the country closer to ending its lengthy debt restructuring.

Being the first nation in Africa to miss payments on its foreign debt during the Covid-19 outbreak, they have expressed a strong desire for the debt to be restructured. Unfortunately, the protracted delays in the process have strained the local financial systems, impeded desperately needed investments, and delayed economic progress.

Zambia defaulted more than three years ago and its debt rework process has hit many obstacles, including in November when the official creditors rejected a previous bond deal because it did not offer comparable debt relief to theirs.

“China, as co-chair of the Zambian Debt Committee, has made concerted efforts with all parties concerned to promote significant progress in the disposal of Zambia’s debt,” Lin Jian, a spokesperson for China’s Ministry of Foreign Affairs, said in a regular press conference.

“China will also continue to coordinate and cooperate with all parties concerned to steadily advance the work related to Zambia’s debt disposal,” he said when asked for China’s response to the latest bondholder deal.

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