France to set up new mining company in Africa

mining-Julien Harneis flickrCMF’s exploration activities will focus on specialty metals in former French colonies in Africa. (Image source: Julien Harnies)France plans to invest up to US$548mn in a new state-owned mining company in Francophone African countries

France’s Bureau of Geological and Mining Research (BRGM) and the Agency for State Participation (EPA) will be shareholders in Compagnie National des Mines de France (CMF).

According to the company, CMF’s exploration activities will focus on specialty metals including Lithium, Germanium, Tungsten, Antimony and rare earths in former French colonies in Africa.

Arnaud Montebourg, French industry minister, said, “Francophone African countries, in particular, would like to work with us rather than do business with foreign multinationals.”

Montebourg told Liberation earlier that he is visiting Guinea in March 2014 regarding a gold project in the African country.

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