China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
A strike involving over a thousand workers has crippled the Zimbabwe-based diamond operations of Anjin Investments, a Chinese company with extensive ties to the Zimbabwe military.
According to Zimbabwe’s Nehanda Radio the strike has brought a virtual halt to operations by the Chinese diamond miner, with only a few Chinese nationals continuing to show up for work.
Strikers are demanding that pay be brought in line with local standards for the diamond industry, as well as the reinstatement of workers committee chairperson Tavengwa Chitima, who was dismissed on Thursday for having organized the strike.
Anjin Investments is a joint venture between a Chinese state-owned firm and a Zimbabwe military-affiliated company. The company has pumped $400 million into its Marange diamond field operations, leading some industry observers to say it could become the next De Beers.
A recent report by activist group Global Witness alleges that Anjin’s ties to the army are extremely deep, with half of the company’s shares held by Zimbabwean military lawyer Brigadier-General Charles Tarumbwa.
The company has been embroiled in numerous labor disputes since its founding two years ago, with workers launching industrial actions on eight occasions so far.
Anjin board member Munyaradzi Machacha has accused the staff of “being insincere with their employers,” stating that Anjin has increased salaries on multiple occasions since February this year.
Anjin was also recently accused by finance minister Tendai Biti of shadowy dealings and failure to declare earnings to Treasury, compelling Machacha to declare last month that Anjin had remitted $30 million in diamond taxes to the Zimbabwe government since September.
Comments
Chandirumal
Zimbabwe diamonds are for Zimbabweans i thought they were not worth much as De beers made us believe for a number of years. You western parasites calling yourselves investors need to realise that u made a terrible mistake by lieying to the Zimbabwean people you stole and plundered and actually thought you could get away with it. What Zimbabeans do with their Diamonds and resources is for Zimbabweans by Zimbabweans. I dont see u Westerners complaining when u pay a fortune for Communication, Power, medical and fuel for your day to day lives all these thing as a result of God given resources that are used to exploite mankind and excel capitalist’s. Billioners have popped up every were in the Americas like a fungus propelled by the sweat and hard earned money of the western population. WHY SHOULD ZIMBABWE BE ANY DIFFERENT. A select number of individuals (4% of the world popolation) own 50% of the worlds resources and its only natural that “he who has the biggest guns rules the Day”. You have enough problems in the west leave Zimbabwe to Zimbabweans. I wonder hw many Generals and Senators in the states have shares in all the oil deals across the globe that the USA has its fingers in FOOD FOR THOUGHT its the way of this WORLD get used to it.