Uganda [allegedly] discovers gold deposits worth 12 trillion USD

[Cosmik Debris]

Here is the deal:
You give me $1000. EFT is fine.
In exchange I give you a pie from Woolworths.
As you said the $1000 is worth nothing, so you win from this exchange

Now put your money where your mouth is and exchange all your US$ that have a confidence backing into Moz Meticals and tell me you have a great deal. After all, both are backed by confidence.

 

[konfab]

Because that's not how China works. Had you traveled in Africa, you would have seen that the Chinese pay some African big man/men and then move in Chinese prison slave labour that are lucky to get a rice bowl a day. The local Africans sit at the side of the workings and watch while starving.

Those of us that have worked all over Africa and seen this have been warning about it for decades. But the local African think the white man is trying to bring apartheid back. They will wish that apartheid was back once the Chinese have finished with them.

The Chinese learned from the west.

The west worked by displacing the local aristocracy to gain control over local labour. This doesn't work because you still have an aristocracy that remains in place (look at our beloved ANC, had its own royalty)

The Chinese learned from this mistake. Pay off the aristocracy and use your own labour. Saves huge amounts of effort.

 

[access]

if this is true the states will probably be sending some democracy their way soon

 

[Speedster]

Which is actually worth nothing as it has no value base other than confidence.

An argument which holds true for every asset one can mention.

 

[rietrot]

Great for them. The big issue is successfully mining it. All the best.

 

[Tman*]

Looks like they discovered Wakanda!

 

[OhYeah84]

Too late, China bought it all already.

Probably at a hell of a discount.

 

[lexity]

... in the face of unprecedented, irreversible, co-ordinated global inflation.

[drums fingers on table]

 

[ToxicBunny]

Probably at a hell of a discount.

I'd figure for about 30% of the country when Uganda doesn't pay back the loans.

 

[Park@82]

Heard about this a week or 2 ago. It's "estimated". Maybe the president that has been in power for 36 years is providing some good news to stay in power.

 

[OhYeah84]

Did Zuma help him with the math around getting to that figure?

 

[TheMightyQuinn]

China gonna make lots of money out of this, as will a handful of Ugandan politicians.

The people/country/infrastructure? nadda.

Cue coup in 3...2...1....

 

[Cosmik Debris]

if this is true the states will probably be sending some democracy their way soon

Riches cause democracy in Africa? Show me a single post colonial African country that went the Norwegian democracy route instead of warlord route when riches were discovered.

 

[R13...]

Riches cause democracy in Africa? Show me a single post colonial African country that went the Norwegian democracy route instead of warlord route when riches were discovered.

That's not what he's suggesting. His post was a sarcastic take on the US habit of brining democracy to countries rich in oil.

 

[Cosmik Debris]

An argument which holds true for every asset one can mention.

Physical assets like livestock, grain, land, textiles, crops and others can be traded using the barter system. They have value. Money replaced that value by being a proxy note for gold that backed the money. Nothing backs that money now. It's worthless.

 

[Cosmik Debris]

I'd figure for about 30% of the country when Uganda doesn't pay back the loans.

Correct. Like the Port of Mombasa and a power station or two in Zambia.

Africa has been warned many times. They won't listen.

 

[Cosmik Debris]

Cue coup in 3...2...1....

Not with the Chinese military looking after the African Big Man/Men. Why do you think there is a brand new Chinese Naval Base in Djibouti?

The Chinese People's Liberation Army Support Base in Djibouti is a military base operated by the Chinese People's Liberation Army Navy (PLAN), located in Djibouti in the Horn of Africa.It is the PLAN's first overseas military base and was built at a cost of US$590 million. The facility is expected to significantly increase China's power projection in the Horn of Africa and the Indian Ocean,

People's Liberation Army Support Base in Djibouti - Wikipedia

en.wikipedia.org

Look up the New Silk Road Initiative to see the real Chinese plans...

The "21st Century Maritime Silk Road" (Chinese:21世纪海上丝绸之路), or just the Maritime Silk Road, is the sea route 'corridor.' [10] It is a complementary initiative aimed at investing and fostering collaboration in Southeast Asia, Oceania and Africa through several contiguous bodies of water: the South China Sea , the South Pacific ...

Belt and Road Initiative - Wikipedia

en.wikipedia.org

 

[Cosmik Debris]

That's not what he's suggesting. His post was a sarcastic take on the US habit of brining democracy to countries rich in oil.

Then he needs to follow the accepted rules for sarcasm on the internet:

Poe 's law is an adage of Internet culture stating that, without a clear indicator of the author's intent, it is impossible to create a parody of extreme views so obviously exaggerated that it cannot be mistaken by some readers for a sincere expression of the parodied views.

Without the voice inflection and body language of personal communication these are easily misinterpreted. A /s, has become widely accepted on the net as an indication that "I'm only kidding". If you submit a satiric item without this symbol, no matter how obvious the satire is to you, do not be surprised if people take it seriously.

 

[ForceFate]

Uganda says exploration results show it has 31 million tonnes of gold ore

Most of the deposits were discovered in Karamoja, a parched sprawling area in the country's northeastern corner on the border with Kenya.

www.mining.com

President Yoweri Museveni’s government has been seeking to ramp up investment in mining to develop resources like copper, iron ore, gold, cobalt, and phosphates.

Parliament early this year enacted a new mining law that, once signed by the president, will pave way for the creation of a state mining company.

The company will compulsorily acquire a 15% stake in every mining operation and investors will be required to sign a production-sharing agreement with the government. Previously investors were given mining production licenses on a first-come, first-served basis.

 

[ForceFate]

Was thinking more along the lines of Patrice Motsepe and Co
/ignores CD effort of derailing the topic

They're probably already in negotiations.