| Mining companies’ excitement over Africa is being cooled by fresh five-year lows in commodity prices – resulting in cuts to investment in even the most resource-rich countries. When the commodities supercycle was in full swing, Africa was a frontier of choice, offering investors some of the best but least-explored mineral resources.
Miners scrambled for choice assets, exemplified by Rio Tinto’s $3.7bn acquisition of a coal project in Mozambique in 2011. But, in sharp contrast, the past year has been bitter for miners. South Africa’s platinum sector endured a five-month strike; iron ore mines closed in Ebola-hit Sierra Leone; and copper-rich Zambia crossed swords with global companies over a tax rise. ..............................................Full Article: Source
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