Australian investments in African resources triple

It took just five years for Australian investments in the Resource sector to triple according to figures released by the Australian

Friday04, 2011

By DES LATHAM

According to the Australian Department of Foreign Affairs and Trade, that country’s commercial interests in the African resources sector are expanding rapidly, nearly tripling in size since 2005.

The Australian High Commissioner to South Africa, Ann Harrap, says there areapproximately 220 Australian mining and oil companies with some 595 projects across 42 countries in Africa.

"As the Australian Foreign Minister Kevin Rudd highlighted during his recent visit to Addis Ababa for the African Union summit, the story of Australian commercial engagement in Africa’s resources sector is a positive and dynamic one. The growth of this presence in the last few years has been extraordinary, with around 48 companies and 143 new projects added in 2010 alone," she said.

"Australia’s mineral and resources companies have more projects in Africa than in any other region of the world, covering all types of mining projects from exploration to smelters and mining services, and all the major minerals", she said.

South Africa, with 134 Australian projects, accounts for the largest amount of new and existing activity in any one country.

Australian delegations will be heavily represented at next week’s Mining Indaba.

For example, Australian company Billiton has invested in aluminium smelters, base metals mines and coal mines in South Africa.

Another example of Australian involvement is Australian Mines which plans to buy out Nigerian operation Nigeria Gold Pty Ltd. (sourced: Businessday)


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