AFRICA

It is difficult to generalise Africa as one market. However, over the past decade, the continent as a whole presented numerous opportunities mainly in the resources sector. Rising commodity prices, increased demand and scarce availability of resources in the rest of the world started a new scramble for Africa. This is mainly led by China and India this time around, as the increase in demand originates there. In our view Africa is the next emerging market with more than 680 million people. Although there is quite a diversity and turbulence among this population as well as the nations that comprise the continent, we are optimistic that peace and prosperity will return to the dark continent. We want to be positioned well to take advantage at the dawn of that prosperity.

We have seen quite a few opportunities in the resources space. We have selectively acquired a few lucrative concessions for iron ore, coal, uranium and other minerals and are busy conducting the feasibility studies in order to unlock the value of these concessions. We see many more of these and other opportunities coming our way in the future. We remain very bullish on Africa as the next big market in the making.