Wednesday, August 25, 2010

DTN News: South Africa TODAY August 25, 2010 - Zuma Says China To Help South Africa Develop Its Mineral Wealth Technology

Defense News: DTN News: South Africa TODAY August 25, 2010 - Zuma Says China To Help South Africa Develop Its Mineral Wealth Technology
Source: DTN News - - This article compiled by Roger Smith from reliable sources including By Bloomberg News - Aug 25, 2010 2:29 AM ET
(NSI News Source Info) - August 25, 2010: South African President Jacob Zuma said China agreed to help his country better leverage its mineral wealth and develop new technologies.
The accord is a boost for his policy of “beneficiation,” or developing the country’s mineral industry beyond sending them abroad in unprocessed form. China is the biggest trading partner of South Africa, which posted a $1.5 billion trade surplus with the world’s second-biggest economy in the first seven months of the year, according to Chinese customs statistics.
The two countries talked about the “beneficiation of minerals, technology and electronics,” Zuma told reporters in Beijing today, where he is meeting with leaders including President Hu Jintao and Premier Wen Jiabao. The two nations agreed to work together on new energy conservation, Zuma said.
Much of the trade surplus reflects exports of minerals. China’s imports of South African iron ores and concentrates are surging in value, reaching $549 million last month compared with $297 million a year earlier, the customs figures show.
China has an increasing need for imports of oil, iron ore, copper and other commodities to fuel its economic growth. Its economy expanded 10.3 percent in the second quarter of this year, eclipsing Japan as the world’s second-largest behind the U.S.
Vice Commerce Minister Gao Hucheng yesterday said China will increase its investments in South Africa and import more “high-value added products.” The African continent’s biggest economy is China’s No. 1 source of African iron, copper, manganese, chrome and diamonds, Gao said.
“The export basket to China has a preponderance of raw material and agricultural products,” South African Trade and Industry Minister Rob Davies said yesterday in Beijing. “We do have some value-added exports to China but it’s small.”
*--Yidi Zhao, Michael Forsythe. Editors: Bill Austin, John Brinsley
To contact Bloomberg News staff on this story: Yidi Zhao in Beijing at +86-10-6649-7575 or
Michael Forsythe in Beijing at +86-10-6649-7580
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News, contact:
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