非洲矿业权投资概论(三)

来源:圣典律师事务所

文章摘要
03、中国矿企对非洲国家矿产投资现状 An Introduction to Investing in Mineral Rights in Africa——Status of Chinese minin
03、中国矿企对非洲国家矿产投资现状
An Introduction to Investing in Mineral Rights in Africa——Status of Chinese mining enterprises' mineral investment in African countries
非洲大陆由于长期遭受西方资本主义国家殖民的历史原因,西方国家企业长期垄断当地自然资源的采掘和贸易,至今依旧是非洲矿业主要的国际投资者(任军平,2021)。然而伴随中国经济的崛起以及国家级对非战略性投资的实施,中国在非洲大陆矿产领域的竞争份额和采矿活动日益扩大(朱清等,2023)。得益于中国政府长期致力于中非之间友好合作的关系,始终坚持可持续发展理念,持续推动矿业绿色发展与安全治理,在国家层面不断释放矿业政策红利,持续推进国际矿业领域的开放合作与互利共赢(朱清等,2022)。一方面中国作为世界最大的矿产品生产国、消费国和贸易国,金属矿产品的消费量占全球总消费量的50%以上,其产量约占全球产量的60%,加工能力占全球85%,在全球关键矿产供应链中占据主导地位(孙宏伟等,2022),但我国领域内关键矿产品缺乏,迫使不得不对外进口,高度对外依存又加剧了对我国经济安全的威胁,与非洲大陆展现的巨大矿产能源潜力与中国持续增长的对矿产品的需求提供长期互补合作的历史性机遇。另一方面中国长期发展的基建优势、全球矿业全产业链技术优势以及雄厚资本融资优势,能够为非洲矿业开饭提供基建、资金、技术、管理和产业链等方面的支持,促进当地矿产资源转向深加工产业链的搭建和完善。
Due to the long history of colonisation of the African continent by Western capitalist countries, Western companies have long monopolized the extraction and trade of local natural resources, and are still the main international investors in the African mining industry (Ren Junping, 2021). However, along with the rise of the Chinese economy and the implementation of strategic investments in Africa at the national level, China's share of competition and mining activities in the continent's mineral sector is growing (Zhu Qing et al., 2023). Thanks to the Chinese government's long-term commitment to the friendly and co-operative relationship between China and Africa, it has always adhered to the concept of sustainable development, continued to promote the green development and safety governance of the mining industry, released mining policy dividends at the national level, and continued to push forward the opening up of cooperation and mutual benefit in the field of international mining (Zhu Qing et al., 2022). On the one hand China, as the world's largest producer, consumer and trader of mineral products, with the consumption of metal minerals accounting for more than 50 per cent of the total global consumption, its production accounting for about 60 per cent of the global production, and its processing capacity accounting for 85 per cent of the global production, occupies a dominant position in the global supply chain of key minerals (Sun Hongwei et al., 2022), but the lack of key minerals in the field of our country has forced the necessity of external imports, and high foreign dependence and exacerbated the threat to China's economic security, with the African continent to show the huge mineral energy potential and China's continuously growing demand for minerals to provide long-term complementary co-operation of historic opportunities. On the other hand, China's long-term development of infrastructure advantages, global mining industry chain technology advantages and strong capital financing advantages, can provide infrastructure, capital, technology, management and industry chain support for the mining industry in Africa, and promote the local mineral resources to deep processing industry chain construction and improvement.
尽管中国对非洲矿业投资起步较晚,市场占比存量相较于西方国家低,但在少数关键矿产上发展速度较快,短期内取得重大突破(陈喜峰等,2022)。截止2022年,我国在非洲矿业总投资总额为12亿元,占境外矿业总投资的70%,较往年投资额同比增长30%(孙宏伟等,2022)。2023年11月20日,五矿资源有限公司在紫金矿业、中国铝业等一众国内外竞争者中脱颖而出,以18.75亿美元(约合133亿元人民币)收购非洲博茨瓦纳Khoemacau铜矿的母公司CUPROUS CAPITAL LTD全部已发行股本,是有史以来中国对博茨瓦纳的最大跨国矿产投资,为中国铜矿资源的国家安全提供强有力的保障(于瑞等,2024)。近年来抢眼的收购包括,2011年,中国最大的镍钴生产企业的金川集团击退巴西矿业淡水河谷公司获得刚果(金)卢本巴希地区的多处铜矿和钴矿;山东魏桥创业集团2014年开发几内亚铝土矿,已成为世界第一大铝土矿开发项目;紫金矿业2015年成功收购了艾芬豪矿业持有的卡莫阿控股公司49.5%股权,获得非洲最大的铜矿卡莫阿项目,该项目于2020年实现一期投产,最高年产量可以达到40万吨;华刚矿业基于刚果金政府“资源换项目”政策,以无偿建设电站和公路等条件换来一些矿山的开发权。洛阳钼业2016年从美国自由港公司收购刚果(金)最大铜钴矿56%的股权,保障我国铜矿资源的稳定供应和战略储备。
Although China's investment in Africa's mining industry started late and its market share stock is low compared to Western countries, it has developed faster in a few key minerals and made significant breakthroughs in the short term (Chen Xifeng et al., 2022). As of 2022, China's total investment in the African mining industry totaled 1.2 billion yuan, accounting for 70 per cent of the total investment in overseas mining, a year-on-year increase of 30 per cent compared to previous years' investment (Sun Hongwei et al., 2022). On 20 November 2023, Minerals Resources Ltd. stood out among a host of domestic and foreign competitors such as Zijin Mining and Aluminum Corporation of China (Alcoa) by acquiring the entire issued share capital of CUPROUS CAPITAL LTD, the parent company of Khoemacau Copper Mines in Africa's Botswana, for US$1.875 billion (RMB 13.3 billion), which is the largest Chinese transnational minerals investment in Botswana in history. It is China's largest ever transnational mineral investment in Botswana, providing a strong guarantee for the national security of China's copper resources (Yu Rui et al., 2024). Eye-catching acquisitions in recent years include Jinchuan Group, China's largest nickel and cobalt producer, which beat back Brazilian mining company Vale to gain access to multiple copper and cobalt mines in the Lubumbashi region of the Democratic Republic of the Congo (DRC) in 2011; Shandong Weiqiao Venture Group's development of a bauxite mine in Guinea in 2014, which has become the world's number one bauxite development; and Zijin Mining's successful acquisition of Ivanhoe Mines' 49.5 per cent stake in Kamoa in 2015. In 2015, Zijin Mining successfully acquired a 49.5% stake in Kamoa held by Ivanhoe Mining, and obtained the Kamoa project, which is the largest copper mine in Africa, and the project will be put into production in 2020, with the maximum annual output reaching 400,000 tonnes; Huagang Mining, based on the policy of "resources for projects" of the government of the Democratic Republic of the Congo (DRC), exchanged for the right to develop a number of mines on the terms of gratuitous construction of power stations and highways, and so on. Luoyang Molybdenum acquired a 56 per cent stake in the largest copper and cobalt mine in the Democratic Republic of the Congo from Freeport of the United States in 2016, guaranteeing a stable supply of copper resources and strategic reserves in China.

2013-2020中国对非洲矿业直接投资分布图
Distribution of China's direct investment in Africa's mining sector, 2013-2020
(数据来源:根据陈喜峰等2022)
(Source: based on Chen Xifeng et al. 2022)
根据上图信息,结合2013年至2020年统计数据显示,总体而言,中国企业在非矿业投资多分布于东南部沿海地区,撒哈拉沙漠以北区域以及内陆地区因其交通、基建等基础设施不完善,投资密度相对较低,且由于矿业前期投资金额巨大,不同于西方国家矿业企业是投资的主力军,我国投资主体以国有企业为主,民营企业为补充(陈喜峰等,2022); 投资主要集中在矿产品开采生产,其次为技术设备输出,在不同矿业投资领域受不同影响因素制约,存在相互关联的投资特点,其中南部非洲的资源禀赋程度和交通运输便利度是中国矿企在非洲投资生产领域主要考虑的影响因素,是我国矿业投资较为集中的区域(朱清等,2023)。中国矿业企业对非洲直接投资主要集中在矿产品开采生产、技术设备投入、基础设施工程建设、矿产品贸易、投资、综合等领域(于瑞等,2024)。其中,矿产品开采生产项目包含区域地质调查、矿产勘查、水文地质、工程地质、环境地质调查、矿产品开发生产等; 技术设备投入类项目是指技术开发、咨询、扶持以及矿业设备的生产、销售、租赁、进出口等; 基础设施工程建设是指境外矿业工程承包、设计、施工等; 贸易类项目是指矿产品的进出口销售等相关贸易代理服务; 投资类项目是指资金运作、矿权交易等; 综合类项目是指较高层次矿业项目,涵盖以上多方面(黄琳等,2018)。
Based on the information in the above chart, combined with the statistics from 2013 to 2020, overall, Chinese enterprises in the non-mining investment in the southeastern coastal areas, north of the Sahara Desert and the inland areas due to its transport, infrastructure and other infrastructure imperfections, the density of investment is relatively low, and due to the huge amount of investment in the mining industry in the early stage, different from the western countries mining enterprises are the main force of investment, China's The main body of investment is mainly state-owned enterprises, private enterprises as a supplement (Chen Xifeng et al., 2022); investment is mainly concentrated in the mining production of mineral products, followed by the export of technology and equipment, in different mining investment areas subject to different influencing factors, there are interrelated investment characteristics, including the degree of resource endowment in southern Africa and the ease of transport is the main consideration of China's mining enterprises to invest in the field of production in Africa. factors, is a more concentrated region for China's mining investment (Zhu Qing et al., 2023). Chinese mining enterprises' direct investment in Africa mainly focuses on the fields of mining and production of mineral products, input of technology and equipment, infrastructure construction, trade of mineral products, investment, and synthesis (Yu Rui et al., 2024). Among them, mining production projects include regional geological survey, mineral exploration, hydrogeology, engineering geology, environmental geological survey, development and production of mineral products, etc.; technology and equipment input projects refer to technology development, consulting, support, and production, sales, leasing, import and export of mining equipment, etc.; infrastructure construction refers to the contracting, designing, and construction of overseas mining projects; trade projects refer to import and export sales of mineral products and related trade agency services, etc. (Yu Rui et al., 2024). import and export sales of mineral products and other related trade agency services; investment projects refer to capital operation, trading of mining rights, etc.; comprehensive projects refer to higher-level mining projects, covering the above aspects (Huang Lin et al., 2018).
04、结论
中非矿业领域的合作正逐步形成多层次、宽领域、全覆盖的立体投资格局(于瑞等,2024)。在突破自2018年国际矿业投资撤离下行的大趋势下,中非矿业投资合作继续保持良好的合作发展势头,逐步向高质量和可持续发展的战略目标挺进。中国援建的各类基础设施,提升非洲矿产出口速度,降低了运输成本,整体提升了非洲国家整体的国际贸易活跃程度。非洲能源矿产的潜在储备和市场潜力也成为我国重要的能源资源安全保障基地。中非矿业贸易合作优势互补,拥有广阔的合作前景和市场潜力。长期来看,非洲地区的矿产资源投资是我国经济发展的重要国际供给,是保障国家经济、政治、社会稳定的重要战略储备。
The co-operation in the field of China-Africa mining is gradually forming a three-dimensional investment pattern of multi-level, wide field and full coverage (Yu Rui et al., 2024). In the breakthrough of the downward trend of international mining investment withdrawal since 2018, China-Africa mining investment cooperation continues to maintain a good momentum of cooperation and development, gradually advancing towards the strategic goal of high-quality and sustainable development. Various types of infrastructures built with China's assistance have enhanced the speed of African mineral exports, reduced transport costs, and overall enhanced the overall international trade activity of African countries. The potential reserves and market potential of African energy and minerals have also become an important energy resources security base for China. China-Africa mining trade cooperation has complementary advantages, with broad prospects for cooperation and market potential, and in the long run, investment in mineral resources in the African region is an important international supply for China's economic development, and an important strategic reserve for safeguarding national economic, political and social stability.
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