Transatlantic Mining Corporations in the Age of Resource Nationalism

7/31/2019 Transatlantic Mining Corporations in the Age of Resource Nationalism

1/29

p a p e r s e r i e s

TransaTlanTic Mining corporaTions

in The age of resource naTionalisM

David Humphreys

Bosch Public Policy Fellow


2/29

2012 Transatlantic Academy. All rights reserved.

No part of this publication may be reproduced or transmitted in any form or by any means

without permission in writing from the Transatlantic Academy. Please direct inquiries to:

Transatlantic Academy

1744 R Street, NW

Washington, DC 20009

T 1 202 745 3886

F 1 202 265 1662

E [email protected]

This publication can be downloaded for free at www.transatlanticacademy.org.

Transatlantic Academy Paper Series

The Transatlantic Academy Paper Series presents research on a variety of transatlantic topics by

staff, fellows, and partners of the Transatlantic Academy. The views expressed here are those of

the author and do not necessarily represent the views of the Transatlantic Academy. Comments

from readers are welcome; reply to the mailing address above or by e-mail to [email protected].

About the Transatlantic Academy

The Transatlantic Academy was created in 2007 as a partnership between the German Marshall

Fund of the United States (GMF) and the ZEIT-Stiftung Ebelin und Gerd Bucerius. The Robert

Bosch Stiftung and the Lynde and Harr y Bradley Foundation joined as full partners beginning in

2008, and the Fritz Thyssen Foundation joined as a full partner in 2011. The Compagnia di San

Paolo joined in providing additional support in May 2009, as did the Joachim Herz Stiftung and the

Volkswagen Stifung in 2011. In addition, the Academy received startup funding from the Trans-

atlantic Program of the Government of the Federal Republic of Germany through funds of the

European Recovery Program (ERP) of the Federal Ministry of Economics and Technology.

About the Bosch Public Policy Fellowship

Chosen from the fields of public policy, business administration, economics, journalism, and NGOs/

civil society, Bosch Public Policy Fellows are in residence at the Transatlantic Academy for up to

two months. During their fellowship, they interact with the Academys long-term fellows, conduct

their own research, write a short paper for the Academy website, and make presentations to audi-

ences of analysts and government officials in the Washington area. The Bosch Public Policy Fellow-

ship is made possible by a grant from the Robert Bosch Stiftung of Stuttgart, Germany.

On the cover: Bucket wheel excavator at a steel plant jaap-willem kleijwegt
http://-/?-mailto:TA%40gmfus.org?subject=mailto:TA%40gmfus.org?subject=http://-/?-


3/29

Transatlantic Mining Corporationsin the Age of Resource Nationalism

Transatlantic Academy Paper Series

May 2012

Dv H1

D. Dv H b L. H w

R T Nk Nk. T w w w T A Rb

B F. T vw x .

I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C S M I . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

C S M I. . . . . . . . . . . . . . . . . . . . . . . . 5

R R N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I W M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

C E Mk M . . . . . . . . . . . . . . . . . . . . . . . . . 6

P Pv: T T D . . . . . . . . . . . . . . . . . . . . . . 9

C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4


4/29

Transatlantic Mining Corporations in the Age of Resource Nationalism 1

Introduction

The ability of the

large Western

miners to expan

out beyond the

English-speaking

regions is being

constrained by

a resurgence

of resource

nationalism.

D , ,

. Hwv, b

,

w v

, W b

v v . Mv, v

v b

b, k

, v q v k v

k .

D 9 ,

E b

. A U S

E,

b k v v

. W v

w v

b , w

v . M w

k -k w

wv wb w .

T W

b v b

v

. B , Sv

C v

w .

T vw W

b w, wv, b . N

w

- w, b

v w v E-

k w, w , U S,

C, A, S A, U.K. (

). T w

v . T k

. T w-b

q b -,

- . A

, k v

w

k

. A,

b

, BHP B, R T, A

A, Nw M,

.

T

. W W

b

,

, b v

, v

A ( M E, C

A, Sb) A (b N

W). A, w W

w, b , b

b k

97, b W

( Sv S) w v

. T,

w .

Hwv,

. T b W

x b E-k

b b

. T b

- v v. T

b

w b b

k , w v

bk. T x


5/29

Transatlantic Academy2

vb E N

A. I w bv

b .


6/29


Current Structure

of the Mining Industry1

Much of the

wealth of the

worlds mining

industry is

concentrated on

a relatively few,

very large, long

life deposits,

and getting

hold of these

deposits is the

key to enduring

business succes

T x .

T

b

b

w , ,

v w

v b vb.

M w w

v w, v ,

,

k b . T

b x x w

w U.K., w w

. T U.K.

b b

b

b w

.

F ,

q

w bx . I w, vw

b w . T

b w

w b ,

b

b

. T k b

q q ,

b - -v j

b, v

v

wv k, -v b.

F ,

wv, v x. T

v

w

, . F w

vw, j

b b. H,

w v b ,

w w b v

. W

N A R

, w A , w

v b ,

.

T bkw- w

v b

E, E

v v

b

. I P

I F, M P

G, U M B,

Ok F. T , wv,

v

v ww b

bb - .W x v w

b, w v v, q

k .

Fw k,

w

b b v

E-k w

v ,

. Tb b v

(w , x , , ,

). T v

v b v

w

k C ,

C.


7/29


Source: Raw Materials Group 2012

A v , w x

, k k z.

T v v

v b

.

I w k b. T, x, w

BHP B bv V b.

A v x w

b wv ,

bw , k v q

bj v

x . T,

, b,

w

v ,

b

w

.

W v ,

v v

b w b.

F,

w ;

b . S,

b

b

q

. A w b A. T

v

b k:

Bz, C, Mx, S

A, R. Hwv,

w v

k

. L b

w ,

b, k, .

AM, V R, EN R C (ENRC)

, j

b Kzk ,

Kzk.

Rank Company Country

Share of world

production,

percent

. V Bz 8.

. BHP B A 5.7

3. R T U.K. 5.5

4. A A U.K. 3.

5. F MMR U S .

6. C C .

7. Bk G C .

8 X Swz .8

9. Nk Nk R .8

. Nw M U S .5

. AM U.K. .

. A A S A .

3. V R U.K. .

4. G Mx Mx .9

5. F M G A .9

6. G F S A .9

7. Mv R .9

8. C N R U S .9

9. G C .8

. ENRC U.K. .8

Table 1. Worlds Largest Mining Companies, by value of metalproduction 2010


8/29


Since the 1970s

there has been

a significant

reduction of the

United States as

a force in global

mining and a

diminution of

New York and

San Francisco

as centers of

mining finance.

T b b .

O b

v

. V, BHP B, R T, A

A, X

B Fv

w bv k

b Sv S. T w

v

w w b

8 b

33.5 . T

w 4-8

b w

. T w wv

M Aq (M&A) v, w

w V kv C k , I,

BHP B kv WMC R, X

kv Fb R T kv

A.

A , w

x k bv,

N A

b . I bk

97, N A b b

b : Ax, A, A,

C M, D R, K, M,

Nw, P D U S;

N, C, I, Fb

C. I 975, N A 7

5 b.

A Nw M, w x

. Ax, C M, P

Rw M G, Raw Materials Data, Sk, .

P Cw,Mining Unearthed, A 8, 37.

(B Rw M G.)

D v b bb F-MMR, U.S. , ,

, w w

U Sb I. K

w R T A G

Mx. A C ,

C b C

, Tk, w, , I

Fb w q b V X,

v.

T v. Pb

w xb

b v

b. Sv U.S. w

q b 97-

98. A w q b A, C

b A, Ax b Cv, K b

S. W v

b

bk w w, v

b

v. T

bq v . O b

v U.S.

j w , vb

x , k v,

wk , w v ,

v . Hwv, wv

, q w

U S b

Nw Yk S F

. W N A

b,

(Nw M, Bk G,G, K G k

w),

v.

Changes in the Structure

of the Mining Industry2


9/29


T j v

w

b k

.3 T k

w

b

w v

w k

(F ). Hwv, v

w C W

99 bq wv

vz. T w

b b

b k

v k . T bk,

C, bw 4 ,

EV ( v4) b

3 T w Dv H, E

w v,Mineral Economics,

J .

4 E v k z

b,

qv.

$5 b $,

b, w

k

6 39

.5 R b

Mq Bk

, bq

5-7, b

b W j

,

C b

w

C w , k, bx, z.6

E k v

w . Hwv,

w . A

, w v

x bk . T L

A , V Bz, C

C, G Mx, b

w . G Mx

v b C

w. V ( CVRD)

v , v

w vz

997 ,

V SA, .R Bz ,

v z b

5 C, . The Changing Shape of Global Mining Markets, C

Iv R & A, A , .

6 Mq Bk, Commodities Comment, Fb 9, .

Figure 1. Global Distribution of Mineral Reserves

Source: USGS, Mineral Commodity Summaries, January 2011

The third major

change that

is evident in

the structure

of the industry

is the growing

prominence

of companies

based out of

emerging market

economies.


10/29


The exact scale

and form of

Chinas large

company

involvement in

overseas mining

is not easy

to gauge with

precision since

the companies

concerned are

complex and

not particularly

transparent.

b , x, w v R

A xv ,

b w

v Bz.7

Sv k v

Sv b. Nk

Nk, R w

k , w vz b

99. A v w, w -

v j

, w , b K,

CEO K-

. A , Mv,

R ,

b A Uv. A

-Sv vz Kzk

Kzk ENRC. C

Kzk b L 5 b

j w b V

K (8 ) Kzk v (6

). ENRC, w L 7,

w w b j ,

, , . I w 5 b

Kzk, 5 b Kzk v,

v .

C v b

k x

w . A b

vv C

j C ,

v v j b

C G O (zouchuqu) 4. T w

7 V M S G Sk R

CEO R A, Bloomberg, A , , vb

://www.bb./w/-4-/v---

--k-----.

C w v vb w

z v C

b vv b

v. I k

w C M C (M)

q C N

4. S v x w

w w v b

C

v b x j

v j. Hwv,

w 8 b , w b b , C

w b . A

q b C v

j, C q

9 R T 8, w

C v w , C Iv

C (CIC), q 7.

C Tk R 9.

T x C

vv v

w x . O

N B S

v

US$ b v 4-

, v w

b . T bk, C,

w 7 M&A vv C

, v k v

US$5 b.8

C v v

b v w . T , ,

. T

k bkw

8 C, . The Changing Shape of Global Mining Markets, C

Iv R & A, A , .
http://www.bloomberg.com/news/2011-04-01/vale-s-main-shareholders-group-seeking-replacement-for-ceo-roger-agnelli.htmlhttp://www.bloomberg.com/news/2011-04-01/vale-s-main-shareholders-group-seeking-replacement-for-ceo-roger-agnelli.htmlhttp://www.bloomberg.com/news/2011-04-01/vale-s-main-shareholders-group-seeking-replacement-for-ceo-roger-agnelli.htmlhttp://www.bloomberg.com/news/2011-04-01/vale-s-main-shareholders-group-seeking-replacement-for-ceo-roger-agnelli.htmlhttp://www.bloomberg.com/news/2011-04-01/vale-s-main-shareholders-group-seeking-replacement-for-ceo-roger-agnelli.htmlhttp://www.bloomberg.com/news/2011-04-01/vale-s-main-shareholders-group-seeking-replacement-for-ceo-roger-agnelli.html


11/29


w

C-b ,

w v v w

b : V, R T, BHP B. T v

b v xv. A,

bv , v A,

C vv

v A, Bz, P, G,

Gb, S L, A, M,

M, V. T v k

bk w

bkw w b

E J.

A

, ,

C, C M C,

M C C (MCC),

C N M M C (CNMC),

Table 2. Selected Chinese Companies Involved in Overseas Mining

* With Jiangxi Copper Corp (JCC)

Source: Authors compilation

Company Country Commodity Mine/Project

C P C T

G I S

V Bx Dk N

C M C

(M)

A C Rb

L C S

A C-z G Gv

A Z C

DR C C Kv

M C

C (MCC)

A C Ak*

P C G*

A I C Lb

P Nw

GNk R

Pk C Sk

C N M

M C (CNMC)

Zb C-b Cb

Zb C-b L

M Z T-Ob

J G A Nk A M et al

Zb Nk Ab

DR C C-b R

Zb C Cb

K M Kw


12/29


J G, Jx C C(JCC) (Tb ). T v q

b .

I , w C

v v A,

v v w w

k

A, A, L A,

Zb, D Rb

C (DR C), A, Pk,

Kzk, L, P Nw G, P, Mx. I b ,

C ,

C v

v, A. Lk ,

wv, k b x

v. Ov,

b b

k b.


13/29


R v .

T

b w

z - v

v b

v

v v.

T b b v b

-b v

. T v w

b, 97, w w

. I v

b A b

w ,

w k

.9

R k . A

b, b x

b b v

bw

. N v x

, C, P, Zb, G,

R, P, C, I. T

b k .

T Lb Gv A v

w x ( M R R

Tx) .

Tx v b b b

- w.

S A x

b

v- . T v

I M

9 E & Y, Business risks facing mining and metals 2011-

2012, .

x w

. I

x

vb w

. R x

w

k. C xv

x ( q)

. A

w bj b

W T O (WTO)

9. R x ( ,

b, ) w bj

w b C WTO

M .

I ,

x

. S x

v

v

. R T w 8

b G v w S

j w

. I v

b G DR C v

w vw v w

x w

. T P w

x. R b w

v b v

Mw B Y S, I

w x x , Inside Metals,T R, A , .

S-Ak M, Securing access to critical raw

materials: What role for the WTO in tackling export

restrictions?T A P S, Db

.

A B, L Hk J C, F

C , FT.com, M 3,

Rise of Resource Nationalism

3

In a survey of

industry opinion

published in

August 2011 by

one of the worlds

large accounting

firms, resource

nationalism

was identified

as the largest

risk facing the

mining industry.


14/29


Reflecting

an important

departure from

the practices

of the 1970s,

however, this

more recent

commodities

boom has given

more of an

emphasis to

indigenization o

minerals control

rather than state

ownership.

w , w v

v, ,

. A

b , ,

, k, b, ,

-

w

. C v

w v

b v b

v vv .

T w. I

b 97,

b

w w.

T v, v, b w .

T Bv v Ev M

z P

H Cvz Vz k

. Nw M

v Uzbkx b Uzbk v 6.

T v DR C z F

Q M , w

I F C (IFC)

vv j. T

w k

k j

. T G v q

35 R- S

j (

v b ),3 w

v M b (34) R- j,

3 R T S, The Australian,

A 3, , vb ://www.../

b/-/-----/

-69-643754

O T , w .

Ew,

vv bbb w j bw

. I S A, A N

C (ANC)

z b

b z v w

4 b

x v

. Ev C,

k b b, -

w . A

v v 67

bv

b .5 Vw w k

v b bw

, C, L-b

, A A, (

w) x -

q 49

.6

R

97, wv,

b v

z

w. T b

w

. Wv ,

b ,

b w b

v

4 Aw E, ANC b ,

FT.com, Fb , .

5 Gv L M L, E

, La Segunda, M , ( q v

Mb C )

6 J Wbb W MN, C

A A, FT.com, J , .
http://www.theaustralian.com.au/business/mining-energy/rio-tinto-reaches-deal-on-simandou/story-e6frg9df-1226043722542http://www.theaustralian.com.au/business/mining-energy/rio-tinto-reaches-deal-on-simandou/story-e6frg9df-1226043722542http://www.theaustralian.com.au/business/mining-energy/rio-tinto-reaches-deal-on-simandou/story-e6frg9df-1226043722542http://www.theaustralian.com.au/business/mining-energy/rio-tinto-reaches-deal-on-simandou/story-e6frg9df-1226043722542http://www.theaustralian.com.au/business/mining-energy/rio-tinto-reaches-deal-on-simandou/story-e6frg9df-1226043722542http://www.theaustralian.com.au/business/mining-energy/rio-tinto-reaches-deal-on-simandou/story-e6frg9df-1226043722542


15/29


b . S A bk w (BEE)

z. Zbbw

z ( q

b v ) w v

DR C w

q w

w. I , de facto

b

v

b. I R, v

vv ( w

),

v v w K x. A, ,

w. I ,

C v bk b

BHP B q P C

Skw (PCS),

w

q b w

b .7

7

J MK, T kv b: w, Options Politiques, Db -J

, vb : ://www..//v//

k.
http://www.irpp.org/po/archive/dec10/mackinnon.pdfhttp://www.irpp.org/po/archive/dec10/mackinnon.pdfhttp://www.irpp.org/po/archive/dec10/mackinnon.pdfhttp://www.irpp.org/po/archive/dec10/mackinnon.pdf


16/29


From a

geopolitical

perspective,

however, this

is a world that

is becoming

increasingly

challenging for

Western miners.

T b W .

T

, w v,

x, , k w

q v b .

T , , . T v b

, b,

x bz w

k v

v. T

w b. T

w k k , v

, w

v ,

k k v

- k

w v. T

W k k b

W , w v b

x b

j v .

A A v b

b bz

k. L A,

w -w k,

v b (

b ), w ,

b , - ,

A w w

b. Iv

b w. A,

q v , 8-9.

A b

, w vw

k , U.K.,

L . W b

, L w . I

q v w

, R T A A.

M

FTSE ( q

L Sk Ex) 4

v. A v

- b,

, , w,

, , . T L

Sk Ex Av Iv Mk

(AIM) b w j x

S (ASX) T (TSX).

F v, wv,

w b

W . A V, w

, b

, E-

k w. S,

k 5-7

w k-

w; w b b b w

k. I b

x

E-k , w q

w w v

v v - b.

B w

w

v

-q b

v (F ).

I W v -

, b

b. I ,

v (FDI)

vk -

v . M

Implications for Western Miners

4


17/29


Africa may be

one of the new

frontiers for global

miners but, for

all the regime

changes of recentyears, there are

still only a handful

of countries in

Africa where

mining majors

could seriously

contemplate

a billion dollar

investment.

w , v w v,

v b b -v

v

v

b w . F

, v

. F x, z

97 Bv

P Nw G 989 b

v.

A bv, v v b v

w w-v .

T v b

. I , v b

, v,

b w k j. Tx

vw v . R b

D Bk v

BHP B, R T, A

A, X v v

v 74 6, w v ( v) v

447 .8

M

b

b b

j. A ,

b. I

, . Gv

v q,

8 G Pk, Iv v v , The Times, Db 7, .

bb, w v j b

w v b

v b . G

R T S

j

b w v v. T

$7

w v. I

, M w

(.. b w) w O T

( 3 ), v

b b

b v . T

w bq b

w .

T w k

k v

. A b

w b b,

, A w

j b

v (F ). A w

v, b

b b

w

,

w v

b. I w w

w, v

v vb b

.


18/29


Figure 2. Africas Geopolitical Landscape

Source: Brian Menell, 20111

B M, R w , Mines & Money conference, L, Db 6, .

Democracy

Flawed Democracy

Authoritarian

In Transition


19/29


Although few of

the emerging

market companies

are yet in the

biggest league,

they do have

some significant

strengths.

C w W w

w

k . A w

k b ,

v . A ,

v , w

, b

. T

b kw w vb ,

b w v b

w w .T w b b w

b. I , w v k.

I z v w

, j v.

N w b b v

w

w bk w v,

k ,

b b. W

b

b ,

w w

w. I , W

k ,

x z -w

, b

j. I ,

. M kw q

b b ,

vb w. I R,

w b

b, b R T BHPB k x w R

, Nk Nk, 6

v

. Nk Nk, wv, b

w , bv b

, v.

Aw b,

k b b

. B

v b k,

k b w

w k. A

j L k k

S A w

bk w,

v, w . Lk Kzk, xv

b, bk,

. T x w

Kzk ENRC b

v w v b-S

A W . C

k b

b w

b W j

w .

P b

k -

k v v

w

. A ,

w v b

b E J

, w v

w v.

Hwv, j vv. Ex

bkw- v

I R b

b b C.T C I S A (CISA),

x, w k 4

Competition from Emerging

Market Miners5


20/29


21/29


W , wv, W w

z v.

M b w v

b j

v, b w b

v w

, C. F ,

w v b

w w wk,

. T w v v

w b v - b

v. S

q k v, , w b

k . Hwv,

w v w

-b v W

j b ,

v k

w w v .

T w k,

w b

v . I w

w, w v k

b w, w,

x , w

b b v wk w,

wv v .

I b w k

b

W Bk

bk bw ,

v, v b .

M v, b W

w v k w

v

v v

z v. W

w -bk ,

v

v b j wk.


22/29


T k . I ,

k

vw v

w . T b

wk k w

v. T b b

w

. C x b

-v v. I , x

v , v $ b. T v w v C

v v

v . R , wv,

.

T , b w-

w b

v b .

F, k xv

w

, , w v

vb .3 T v

w

,

, C.

Hwv, v

b k

bz

,

b v b

b . T

b x

-b

3 N R C,Minerals, Critical Minerals, and

the U.S. Economy, T N A P, W

DC, 8. U.S. D E, Critical Minerals

Strategy, . E C,

R A- Wk

, Critical Minerals for the EU, J .

v, w . I w

, U S

EU, w Mx, k C

WTO 9

x . T WTO

v v .

T U S EU, w

J,

C x

.

These responses prompt two rather importantquestions. Are Western governments concerns about

mineral supplies matched by an understanding

of what is required to generate and secure those

supplies? And, what happens if the world is moving

inexorably away from rules-based systems and

Western countries are losing their power to insist on

observance of such systems?

A b

b w

, ,

v w w

k ,

bv. M-

v z

w

. I v b

w - w

w - ,

w v . Hwv,

v ,

w z w

. T q, k bw

w b

. I k

. F

v b b.

Policy Perspectives:

The Transatlantic Dimension6

What happens

if the world is

moving inexorab

away from rules-

based systems

and Western

countries are

losing their

power to insist

on observance o

such systems?


23/29


The well spring

of resource

nationalism is

not necessarily

hostile to the

transatlantic

community,

although it can

easily become so.

T v b kw v b v

w wk w w. T w

,

b . I v

v v v

b

, w v

- ,

w w b x b

.

T v,

b v

z b U

N v

. T ,

j

w v

- , ,

q, -. T

v

w v wk w

v b z. T

w b

wk w

w v

. P w

v,

, ( v)

bjv v jb

b b v b wk w

b

k v. A , w b

q v

x

. W -b

vw, w b vw.

C, q.

Hwv, W

w . R T, w

b v

, -bk wk

v

M,

G,

M. T

v . B v q

k. M w

b

k b . Hwv, b

,

w v

, , w

v.

T v v v w

k . W

b v w

k

,

bw x

w

. T b

q

b w b

. I v w w

b b vv, a wholly

disproportionate focus has been placed on a handful

of exotic, but economically relatively minor, mineralsrather than on the systemic challenge to the supply

of all minerals posed by the changing dynamics

of global mineral markets and the rise of resource

nationalism.


24/29


The domestic

mineral industrie

of Europe and

the United State

have been subje

to neglect over

many years.

T E U S v b bj

v . A bv

, w b

W v

w

x wb v v

v, ,

- b. 4 T

b w,

v v. P

b x b b

98 99 wk. T

w k

w . I b

x b w v

W w

w v. A w

x,

b w b q

b k v. A,

E

N A b w q .T v b w

. T v w

w v w kw

, , . T U.S. B

M w 995.5 T b

U.S. E

, bv, b vw w

.

W q

b E U S

w w b vb w k

4 T T, R- ,Mining

Journal, M 3, .

5 Dv H, Wv ?

M -C W w, Resources Policy,

N., V, , 995.

bv b b k b w , b w

v j. T x

v k ,

,

b, , v

v. T v

v E

U S .

A b

v v

w , b

b, q v .

T,

b v b

v W Bk

Exv I T Iv (EITI)

j-b-j b

EU U S. I

v

bb, U.K.Bb A U.S. F C P

A (FCPA). A

DR C

D-Fk A

W k

Rb

-

k b OECD .

S

w v -b wv kw. Hwv, w

v b

W . S v b

v z b

w . M,

wk


25/29


w .

Bb - w b

v b w W . M

b b

v w w bb. Rq

b v

v w .6

T EU U.S. C

x b

WTO 9 v b

b . A C w

z , vw b v . T

, , w .7 S C

w , w

w . I , w

x OPEC, w

.

O x v

b W v v

b b W

v.8

T v

qb w v

v b k

b v-

. M b

v b w

-

- . A q W

v k v

6

Aw Jk Sv P, R k - , FT.com, Fb 9, .

7 S-Ak M, Securing access to critical raw

materials: What role for the WTO in tackling export

restrictions?T A P S, Db

.

8 Ex , b , The Economist, Fb 5,

.

w - w v b qz

v

.

A W v v b

k v v,

v w w

v b b

v v. A ,

v,

v v

, v v. T, wv,

v . W

v--v

v

v . Mv, w w

b

,9 v

w v--v vw

v v.

T C R v v

v w v v, w v

. A q W

v b , ,

w z v

v,

b v b (

v) k v w

W

v v.

A x

v b R T G, bv. Sbq b

G

8, R T v C ,

9 T vb ; , The

Economist, J , .

The Chinese

and Russian

governments

very evidently

champion their

companies when

they go investing

overseas, with

supporting visits

from political

leaders.


26/29


C, S j b v

. T v w b b

bv : C b

v A v

v bk b C .

I , R T w

G v b

, w b ,

w . M ,

: T

v k v W

v v A,b C w

kw Bj

w A v

w . N-

b , b C v

v v

Bj k v. 3

3 M K, A A R, China Economic

Quarterly, Db .

A W v w C

. T v v

C w

w . I ,

C v w

w v v

w v,

. A

v, b A L A. J W

b

k w C

j, b

k

w C

b v.


27/29


T b

W . Hwv,

b w k

. I

. I w w

b , w

v v

b w

v. I ,

w w b k.

T v

v bjv,

w

k. T b

w w b

x , w

v v.

P C

k w

.

T W

. W , w v

b

k k, w

k

b v

b .3 T b

w w

b

b . Iv

k ,

C , b b

b, , b

b v C .

3 Dv Rb, S x w k w,

v w, The Times, J 3, .

T . Iv, w v

k

. A , w w ,

k w v. Hwv,

w

k . J b,

-b v

w x vv. C,

b v . B w

? W x

v

W z w - ? W

b

z

v--v ?

W, ,

b z?

C

. I

b b

v

. Hwv,

w v b

w

q w

v, w

v. T v w

k v

W , v--

v w

, j-v w

, k vj j

C,

w

. N v b

v w -

Conclusion

7

But what

if resource

nationalism is

here to stay?

What if the export

of minerals is

increasingly

deemed a

sovereign matter?


28/29


v b w

b b

w.

C, ,

v w v b

v v

b

. T w q

v b

. T w

vv v v v 3 . I w q

kw v b

b

v

b v. T w

b b w .

T b

. Hwv,

v b b

. T

. T v kw v

b wk b

w , , W

4 .


29/29

1744 R StReet NW

WaShiNgtoN, DC 20009

t: 1 202 745 3886

F: 1 202 265 1662

e: [email protected]
http://-/?-http://-/?-

Documents

Transatlantic Mining Corporations in the Age of Resource Nationalism