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FROM OUR CORRESPONDENTAFRICA


Fagioli moved two hydrocracking reactors, with a combined total weight of more than 3,000 tonnes, to the port of Marghera, Italy. The cargoes were then loaded on a heavy lift vessel for onward transportation to Dangote Refining’s site in Nigeria.


China funds Africa’s age of opportunity


With the population of Africa forecast to double by 2050, there is increasing demand for new infrastructure. Much of this is being funded by China, which has a huge appetite for the raw materials that abound on the continent.


our regional correspondent in


David Kershaw, AFRICA


(MEAC) at global freight forwarder Panalpina. Increasing foreign direct investment, particularly from China, is driving a wealth


“A www.heavyliftpfi.com


frica is the place to be over the next five years,” according to Rafael Vicens, head of projects Middle East, Africa and CIS


of capital projects across the continent. “China wants to report double-digit


growth and for that you need raw materials... China and its state-owned companies are investing approximately USD60 billion in the next couple of years in Africa,” said Vicens. According to the Organisation for


Economic Co-operation and Development


(OECD), global consumption of raw materials is set to nearly double by 2060 as economies and populations expand, and living standards rise. As developed and developing nations


exhaust their domestic reserves, attention has shifted to untapped resources; Africa is home to some of the world’s largest deposits of vast reserves of bauxite, cobalt, industrial diamond, phosphate rock, platinum-group metals (PGM), vermiculite and zirconium. South Africa is one of the world’s largest sources of copper and gold, among other raw materials.


Resources The US Geographic Survey, said that the Democratic Republic of the Congo (DRC) produces approximately 50 percent of global cobalt and holds about half of global reserves. DRC is also in the top-five producers of copper, diamonds and tantalum.


May/June 2019 87


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