Monday, October 24, 2011

The new imperialists

Socialist Banner has previously described the new imperailsts such as Canada. But others should not be over-looked, Australia being one new arrival in African continent to take advantage of its natural wealth.

30 per cent of global mining resources are in Africa.

At least 230 Australian companies are active in the resource sector on the African continent. Between them, they are pursuing 650 individual projects in 42 countries. Their total investment is estimated at a whopping $24 billion. About 20 companies and 100 projects have been added just since the beginning of 2011. And Intierra Resource Intelligence estimates that the capital expenditure for new projects in the pipeline is about $23bn.

At this week's Commonwealth Business Forum with 300 officials from 40 African countries attending , Foreign Minister Kevin Rudd is set to unveil a $30 million initiative to promote mining development in Africa

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