Anhui Foreign Economic Construction Group
Anhui Foreign Economic Construction Group (AFECC) is a Chinese construction and mining company with an international focus that includes 14 overseas subsidiaries in Asia, Europe, Africa, the Caribbean, and Pacific Islands.[1] Based on the value of 2011 deals, the company ranks among the top 225 contractors in terms of international projects.[2]
Native name | 安徽省外经建设(集团)有限公司 |
|---|---|
| Company type | Private |
| Industry | Civil engineering, mining |
| Headquarters | , |
Area served | Worldwide |
| Website | www |
In its charitable giving, the company contributed $1.5 million towards a week long phase of a medical mission called the "Brightness Trip", in which a medical team visiting the hospitals of Malawi treated patients with cataract conditions.[3]
Due to a high debt burden, the company defaulted on RMB 6.7 billion in bonds in June 2019. Chinese regulators were slow to recognize the risk, rating the company's bonds AA+ a month before the default.[4]
Operations edit
The company develops diamond mines in the DRC and Zimbabwe.[5]
Costa Rica edit
The company built the National Stadium of Costa Rica.
Democratic Republic of the Congo edit
In the DRC, the company entered into a 50-50 joint venture agreement with the government to develop a mine in eastern Kasai that could produce 6 million carats by 2016.[5] The terms of the agreement were publicly revealed in March 2013 and specified that the company would contribute $4.2 million in equity, provide a signing bonus of $61 million, and invest in various infrastructure projects amounting to $100 million throughout the country.[5] The planned infrastructure projects include the construction of a 4.6- megawatt hydropower plant near Tshibwe; a new building for the national diamond regulator; and assistance in bringing a loan from the Chinese government to fund a 15-megawatt hydroelectric plant at Tubi Tubidi and a road from the plant to Mbuji-Mayi.[5]
Mozambique edit
The company built the Estádio do Zimpeto football stadium in Mozambique, as well as a cargo terminal at Maputo International Airport.
Zimbabwe edit
In Zimbabwe, the company launched a joint venture, Anjin together with Zimbabwe Army's Matt Bronze Enterprises.[6] Ajin began mining in July 2010, and received permission from the Kimberly Process to export in 2011 after stockpiling 3 million carats.[7] In 2016, Robert Mugabe accused Anjin out stealing the country's diamonds and ordered all diamond mining to cease.[8] By 2020, Anjin reportedly returned to the country, but there were no reports of Anjin's diamond production from Zimbabwe's Chamber of Mines.[9]
References edit
- ^ "Corporation Information". Anhui Foreign Economic Construction Group. Archived from the original on 2013-12-19. Retrieved 2013-09-22.
- ^ "The Top 225 International Contractors". Engineering News Record. Retrieved 2013-09-22.
- ^ Yu, Guanghua (2013). Rethinking Law and Development: The Chinese experience. Routledge. p. 230. ISBN 9780415640367.
- ^ Clifford, P.G. (2021). The China Paradox: At the Front Line of Economic Transformation. De Gruyter. p. 164. ISBN 978-3-11-072423-3. Retrieved 2022-10-10.
- ^ a b c d "Anhui Construction, Congo Plan to Take Diamond Company Public". Bloomberg. Mar 28, 2013.
- ^ Matimaire, Kenneth (2021-01-15). "Zimbabwe: Army-Linked Anjin Grabs Richest Diamond Claim". allAfrica.com. Retrieved 2022-10-10.
- ^ "Zimbabwe: Anjin Investments is Now Top Diamond Producer in the World". Rough&Polished. Retrieved 2022-10-10.
- ^ Bhebhe, Nqobile (2016-03-07). "Zimbabwe: $15bn diamond heist by Chinese company could hurt relations". The Africa Report.com. Retrieved 2022-10-10.
- ^ MAJONI, TAWANDA (2022-04-17). "Corruption watch: What's Anjin doing with our diamonds?". The Zimbabwe Independent. Retrieved 2022-10-10.