Gemfields says unrest could disrupt Mozambique ruby mine
Gemfields said in a statement that "groups associated with the illegal mining and trading of rubies have taken advantage of the political unrest".
China Mining United Fund plans to establish a collaborative China/Africa equity fund to pursue minority stakes in gold, iron-ore and metal companies in Africa and other parts of the world, and which could raise a potential $2 billion in investment capital.
Dr. Alistair Ruiters, CEO of Ruukki South Africa and the former South African Department of Trade and Industry director-general said at the Africa Mining Congress 2012 in Johannesburg that the China Mining United Fund was part of a new collaborative approach between the African continent and China, which “is about creating value in Africa.”
Ruiters is quoted by Bloomberg as saying that CMUF is “targeting stakes in companies that are close to starting production in deals from $20 million to $100 million,” and will also be on the look out for deals in Australia, Asia and Europe.
The new fund will be CMUF’s second private equity fund, following the establishment of a first fund which started at $1 billion and closed at around $2billion. Ruiters has said that he can “only surmise that the second fund will follow that particular structure.”
The fund will be represented in South Africa by the privately held Kermas group, which controls Ruukki South Africa.
CMUF was established in 2009 as one of the first private equity funds to obtain approval from China’s National Development and Reform Commission to pursue investments deals abroad. It is eligible to raise funds in the Chinese currency for mining investments overseas.
