China Plans to Invest in Congo Copper

State-owned railway infrastructure company China Railway Group plans to set up a joint venture to invest in a US$2.9bn copper and cobalt mining project in the Democratic Republic of Congo.

The company will be responsible for providing loans and other financing amounting to US$1.833bn for the project, the company told the Shanghai Stock Exchange, writes Reuters.

China is currently pursuing new infrastructure deals throughout Africa to give Chinese companies major mining rights.

The investment would require approval from authorities in China and Congo.

By staff writer