Giant on the move
Chinese mining companies are expanding overseas because they are cost-effective and willing to work in dangerous and risky areas where others are unwilling to go, Yang Junmin, vice general
manager of Beijing Sinodrill, asserted at the Reuters China Investment Summit.
Some critics accuse Beijing of supporting corrupt regimes in Africa, the Middle East and Latin American, where Chinese companies are investing aggressively to secure access to raw materials to fuel the country’s rapid economic growth.
“If we could find an African company to do the work, nobody would need a Chinese company,” Yang said. “Africans are very impressed with the work we do there.”
“It’s a simple matter of economics,” he said, pointing out that Chinese companies are also willing to take on risks of working in countries such as Afghanistan.