Emerging Market To Africa Deals

Africa seems to be on the hotlist of emerging market (EM) investors at the moment. Last week saw its telecoms industry coveted by India's Bharti Airtel and China's Unicom. This week, on a more modest scale, it is the turn of its mining industry, with Kazakhstan's Eurasian Natural Resources Corporation (ENRC) bidding GBP193mn for Zambia's Chambishi copper and cobalt smelter. Apart from being an atypical EM to Africa deal, the other interesting attribute of the ENRC-Chambishi deal is that it marks a return to Africa for ENRC, which already bought the DRC's Camec for GBP584mn in September. At the time,

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