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Eritrean Mining: China’s Wanbao Withdraws

Recently, Wanbao, China’s largest state owned mining firm announced its withdrawal from Eritrea and that it would no longer seek a stake in the cash strapped Canadian mining company Sunridge Gold.

The company [Sunridge] which has been involved in the exploration of precious metals in Eritrea since 2003 was unable to reach production phase due to lack of finance that is hampered by the UN sanctions imposed against Eritrea in 2010.

Last February, the state owned Eritrean company, ENAMCO, agreed to pay Sunridge US$18.33 million to purchase 30% interest as well as to contribute one-third of the funding for the ongoing expenditure.

China which has invested heavily in all Africa, has considerable trade exchange in the Horn of Africa region. It is also executing several large scale construction projects in Ethiopia. While in Eritrea, China has been trying to get a foothold to no avail. Its investment are limited to a share in the Zara Mining which they bought from an Australian company [Ref: Gedab news].

After its withdrawal from Eritrea, Wanbao is still left with mining concerns in the Democratic Republic of Congo, Gabon and Myanmar.

Talking about the Eritrean Chinese economic relations, an Arab diplomat said, “In addition to complications created by the UN sanction, the Eritrean economy is too tightly controlled even for the old Chinese economists of the Mao’s era China.”
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Eritrea: NEVSUN’s Multi-million Class Action Lawsuit Settlement.

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  • Valuecat

    I think Sunridge was able to raise the money last year, because investors were hoping the Chinese would come in and buy the company. Now that the Chinese seem to have walked, what happens? Western debt finance is problematic because of the politics.

  • AMEN

    The problem currently we have by few people at Awate
    team is due to those people in the opposition who had least
    understanding of the democratic struggle for fundumental
    change and who were boarding any ship of anyone hoping
    to hijack or steal it to their destination.These people who were
    wrong and did not know what they were doing then are still
    carrying their errors of the past to the present even after they
    admitted they were mistaken and erroneous in the past.
    Not only
    their past assessments and strategies of the struggle were
    eroneous and full of wrongs but also unfortunately their present
    strategy is emanating from those falacious premises .
    One of this falacy conclusion of the past and that they still want to hold
    on to it despite its undermining effects and wrong assesment and understanding
    of it AND which is admitted by majority in the opposition that it was a mistake is :
    CATAGORIZING AND BELIEVING ALL THOSE WHO WERE NOT IN ORGS.
    AS SUPPORTERS OF PFDJ OR AS IF THEY DO NOT BELONG TO THE
    OPPOSITION CAMP.
    But this conclusion can only be that of few extremists of / in the opposition camp.
    But to the contrary the true and credible opposition to PFDJ was coming only from
    those despised as PFDJ camp or PIA supporters rather than those who baptized
    themselves OPPOSITION despite their co-operation as implementers of those anti-
    Eritrea woyane policies .

  • AMEN

    This Thomas is somebody he doesn’t know anything
    while he thinks of himself as someone he knows a lot.
    I have the guess that he is a self serving connie who
    wants the Eritrean issue to serve his self or his wudib
    purposes only. He is just a parasite who wants to survive
    on hosts and other’s works for his life.

  • Thomas

    Below link/url will lead you to a U.S. report on human trafficking on Eritrea:

    http://www.refworld.org/docid/53aab9feb.html

  • hope

    The AT,tes et al,
    I am dismayed and ddisappointed about yout childish debate here.
    What is your poing an dpurpose?
    Dean et al asked you basic questions and your obligation is to answer his questions and vice-versa-i.e.,dan et al should answer your questions as well.
    But there is need of asking one’s background or ID as far as the Comment Policy is concerned.If so, then we need the ID of th eHailes, th eAmdes, the hayats,te Erniases, the Horizons,th eAbinets,the rodabs,the khokeb,the Nittrics,th e pappis, hopes,the Semeres,the T kifle,etc–
    Here are the Fcats though:
    Wether the sino- Candian companies run away or not,eritrea is endowed with ample natural resources that will take more than 2 centuaries to exploit it–
    Eritrea and the GoE have survived the worst and they might survive even the worst to come since they are in a better position.
    The south Boulder will never run away from th Culluli, Russiia may come over. as well….The Chinese may never run away from exploring the petrolium and Gas exploration—–
    Sunridge will never run awayNo matter what—
    But what is your point here.??
    -tighten the sanction per the Weyane recent pressure–the continuation of the PMMZ
    -then what?
    Let the people of eritrea suffer as usual
    Let the Youth flee more
    kudos to you.!!
    I think it is better to focus on how bring real chnage rather than wishing ill to eritrea.

    • Tesfabirhan WR

      Dear hope,

      I think you are responding too late. AT has contributed a full article to make sure that what it has posted in Gedab news is relaible as its source is. Therefore, not only a single comment like what I did, but a full article with all financial proofs has been presented. Stay tuned.

      As for your second cry, it is not new. As usual your response is bold and unconscious. We are looking for a democratic Eritrea where rule of law prevails. We are not looking for hidden mafia like investments. The information provided by AT is good enough to see the economic dimension of Eritrea. Stay tuned hope.

      hawka
      tes

      • Thomas

        Hi Tesfabirhan,

        I don’t think you will get to understand hope. This guy doesn’t live up to his own ideas/statements, he is really unpredictable. Just a word of advice in case you want to know. I really don’t take him seriously.

        • Tesfabirhan WR

          Dear Thomas,

          I think it is the opposite. he will not understand me/us. Our words are very clear but as he has lost his soul no way to understand what we say.

          hawka
          tes

      • Hope

        Iyi-falai Huye we- wed adiye /Bro Tes,
        You are missing my point here.
        I am not denying what is being said.My point is: What is the purpose of this kind of debate?
        After all,why would you be surprised if that is the case?Isn’t it what the UN and its bossess and mercenaries are working for?
        You can hate PFDJ or the GoE but you should understand and take into consideration the deadly negative impact of the Sanction,which most of you here petitioned and endorsed,knowing fully that Eritrea and Eritreans incluiding the most vulnerable segment of our society will suffer the most.
        PFDJ Leaders have their own way of surviving the Sanction but the zeray-albo Eritreans have been the vicitims.
        My point:
        There are other plenty ways of targeting the PFDJ and other ways of bringing change without any major collateral damages to our people.
        Clear question to Tes(not to Thomas as he self-exposed himslef to be an original lemagn weynae)-.
        Do you agree that the seriosu Sancion imposed by th eUN and its bosses/mercernaries have affected Eritreans badly and that it contributed to the exodus of th eYOUTH directly or indirectly?
        Do you agree that Eritrea an dEritrean could be/have been like Iraq and Iraquis?
        I expect an honest answer.
        BTW,
        I will do my best to understand you but ONLY when you balance facts and issues by leaving aside your PFDJ hatred and obssession..

        • Tesfabirhan WR

          Dear wed aje Hope,

          I will be coming soon.

          Huka wo wed adka
          tes

        • Tesfabirhan WR

          Dear Hope,

          First of all I would like you to clear the preoccupied mind about UN and the so you called bosses/mercenaries. This occupation is hindering you to read the reality. Just take the Eritrean population case as it is, plain as it is, wed anseba tsaeda titmesil ebla higya nayka. min gebaeka girm Eigegeko, min gegeko mealesh. Anyway, we can go i think.

          The PFDJ regime deserves sanction not only from the international community but from the Eritrean community themselves. PFDJ has at least two fates after his deceit and betrayal of the long marsh to FREEDOM. Eritreans did not fight for land, but for themselves to say in a place that they can live. When we say Eritrea, it is nothing but the people themselves. This being the fact, the slogan was changed into “tewelide niadeye.” Does it make sense for you? We paid 65,000 people in search of their own freedom to live. Unlike this, PFDJ diverted the quest for freedom and changed it into a material search. Human being was forgotten. No human being in Eritrea, but a man who is forced to SERVE, “the Slavery.” And this slavery is of all types in its diversity. Among this is to collect money earned from people working in the diaspora. These people were not able to live in their own country and are forced to live for work. It is logical that man needs work to live, but to live to work is totally against natural course.

          Ok, had the work being to collect wealth for the workers themselves it can be accepted though not supported. Life is beyond earning money. Anyhow, the Eritreans are not lucky for the last 90-100 years, they have to work in order to serve others. First to the Italians, then the Ethiopians and now to PFDJ.

          Ok, if PFDJ was able to build a tanigble infrastructure or public services well and good at least people could have seen that. For example, during the Italian period the people saw something that never existed before. under the Ethiopian regime, nothing has been done except death. But at least the people worked to get INDEPENDENCE. Let this be the reward. How about PFDJ?

          Right from its power intake Eritreans worked day and night to enrich the funding capacity of PFDJ to rebels or building military power. Right after indepndence the SPLM group from South Sudan is the best example. And at the same time its involvement in Congo (Which I know that my brother was one trained to go to Congo) and many more soon after. And this has increased at alarming rate after 2000. You better know the Somali case, forget the Al-Shabab for the time being. But hosting a number of meetings and conferences for east African opposition rebels was a day time secret. may you count the Ethiopian opposition groups that reside in Eritrea the biggest one being TPDM, with military power that reaches more than 30,000, trained guerrilla fighters.

          Then, did PFDJ desrves sanction? Yes indeed. And, your question is very specific. You asked me if the UN sanction seriously affected Eritrea badly, right? To be frank with you, I say big NO NO and NO. The UN sanction has nothing to do with Eritrea. Eritrea was sanctioned by PFDJ themselves. Not only a sanction but an action that let people to live in a bottle neck, no way to go-out.But be careful here, NO able regime has totally locked the bottle so far. Always there is explosion, diffusion I better say, like molecules of gases when kept in a vessel and have a little gap left will escape by all means and this is what it is happening to Eritreans. hence, the current youth exodus has nothing to do with UN sanctions. The Eritrean people is free from such sanctions.

          And I am extend to second question also by saying did the PFDJ is affected by the sanction? My simple answer is again NO, NO and NO. PFDJ has no real institutions and if he does not have real institutions how can a sanction be effective? There is no at all. PFDJ was working on the Guerrilla economic principle and is now also doing the same. Income-outcome flows are always from no where to no where, no Traceability, just a speculations. No able economist can trace or track the economic function of PFDJ. All they do is black market, like the Colombian rebellion groups who used to smuggle billions of dollars through their drug activity. Let me tell you, you might know the traditional gold mining activity that is going on in Eritrea. This gold is collected by PFDJ agents at a higher price than any local market can afford. And this gold is carried as it is to foreign countries, Sudan being the main gateway for such barter-type trade activity the gold is sold directly in world markets like Dubai and so on and this money generated is what they use for their daily activity. Especially the Red Sea Cooperation (09).

          The second is the 2% tax. This is just a nominal money collected just to enslave the diaspora Eritreans. It is nothing compared to other sources (of course hidden) of money generating sources. Therefore, in this 21th C, PFDJ is making trade on Barter-base, not on the modern scientific business principle. You might again ask me if it is profitable to do so? of course YES. Trade was meant an activity based on Comparative advantage. But for PFDJ this principle does not work.

          If this is then the general image, of course I can continue my narrations based on more detailed information, but since you are wise man I will just give you the general picture of my argument against the sanction.

          Then, why PFDJ is compaigning against the sanction via the E-Smart individuals to halt the UN sanctions? This is just a joke. UN know one truth, they know that PFDJ funds terrorist groups and this is true. But they did not know how he generates the money. UN and other international communites are fool enough to impose the sanction before knowing the trade channels of PFDJ. The sanction could have been better had it being on the barter-system but it will cost a lot to trace all the channels. PFDJ works on the principle of the Mafias. Did you heard about Wedi-vacaro’s interview about their deal with Issaias? DIA loves “CASH MONEY.” No written document.

          PFDJ is well equiped enough t say where is the proof? Yes, there is no proof according to international standards as there are no paper works or institutions that do such activities, it is just individual works based on trust. The trust based bartering system might have worked till late 1990s but after “KEYSAERER” eyu koynu neger.

          To conclude, the UN sanction is not the sanction imposed to Eritrea, but PFDJ imposed a strong sanction to the Eritrean people and of course to Eritrea. The people are living in the bottle those who got the just are escaping but the rest are there. UN sanction is just a sanction intended for good but without knowing the true linkage of the networks on how the business isrun by PFDJ. Therefore forget the UN and likes, PFDJ has imposed sanctions and this sanction yes has the effect that you mentioned in your question. PFDJ sanction has lead business shrinkage, Youth Exodus and total absence of humanitarian rights, totally the forgotten people i can say. What E-Smart were doing was just a fabricated refusal of this sanction imposed by the PFDJ and try to criticize the world community as usaul. There is no better solution than to externalize your problems.

          hawka
          tes

    • Thomas

      Hope – AT has recently exposed you. We know that you come with different nicknames. I am sure you were Dean whatever, ….. tekeste. If you believe on what you always say, how come you don’t debate with your real name. I can see you always write something and immediately you come with a different nick to defend what you write. I now can safely say you are not langa-langa or flip flapper, but the supporter of the murders back home. It has become now modern for the supporters of the mafias to act/pretend as against the mafias to relate. However, no one is fooled anymore. You can run but you cannot hide. We know you when we see you.

      • Hope

        Sayterut abiet,saylikut wediet ale Amhara.
        Men adimuka abzi halewlew tibil–

        • Yosief Kesete

          izi tom siqilu iyu. n’iseyas b’betri kewrudo intede’a z’bil koynu nmintay abzi dembe awate gizenan gizi’un zebaKn. ferah aserte betru!!

    • Yosief Kesete

      The UN sanctions don’t help in the economic and political development of the nation. They will only complicate things further. I think the mining companies have realized there are enormous benefits to accrue by investing in Eritrea and no half-baked ill motive is gonna stop them.

      Besides, isn’t there a country that is illegally occupying another country’s land? Because of this and the likes, the UN has lost all credibility in the eyes of most Eritreans.

      • Kokhob Selam

        Dear Yosief Kesete, What you said might be true. But why I will care what UN and US are doing to that group if that group is even doing worst than what they are doing to him committing crime on his people. and don’t you think the world is suffering and a lot of complaining countries are forcing UN to be tough to PFDJ? Think about it if you don’t give peace to your own family how can you be loved by others? so leave all those stories aside and ask questions, why PFDJ has to be on power when it can’t manage even small industry? why this group is making our nation a failed state? why they are killing arresting people without any justice? why and who allow them even to bring any company and exploit our gold for example? who are they to do so, who chose them, in which legal procedure did they depend, in which protocol, who signed for them to represent us? ah, a lot of questions my friend.

  • Boku

    Wegiha Diya? It is the prayer of the Awate gang to see Eritrea fail. It is actually amusing to watch. What do the Salh’s have to offer Eritrea? Nothing but lies. This is yet another evidence that they can take as a diploma to their graves. Eritrea will thrive without them having any part in it. Better yet,they try to stand on the way every step however they can as they are with this fabrication.

    • sidi abdu

      Buddy if you are not aware of what is happening in Eritrea, If you are not aware why Eritreans are voting by their feet, if you are not aware of the one man show who is laeding Eritrea to abyss,If you are not aware of the slave labour in Eritrea (May not because you probably live overseas), if you are not aware of a so called government with no accountability, then I am am not sure what to say to you. Stop blaming the Salh’s. They are trying to enlighting you and trying to wake you up from your slumber. Your predicment that Eritrea will thrive despite all the odds is based on fallacy and vodoo economics

  • Tesfabirhan WR

    Dear Dean Moe B

    It is not that much to give you a detailed information. Awate forum has enough information and capable people to dig every information that justifies for what ever it is posted here. The thing is, you sound well equiped to bombard the web with “where is the evidence empty searching proof questions.” If you are well prepared enough, it is well taken and as awate team said they will come-up. In deed, individuals who love awate.com can provide you enough information. It is a fact that every investor/company has secrets that can not be disclosed at least for limited time. Mind you though, what information comes, small or big, has always a source. if the Gedab news strikes you as an investor, well and good this is the objective of the news for being posted here. To inform people on what is going on. And as I can see this news has done very good thing to attract you from no where and try to disproof it. This is the good thing about news media. Unlike shabait.com here the news are open to interpretation and further search. They are not closed. Stay then with us and enrich the context if really you want to inform the people. If not, what more can be said to you gentle Dean Moe B.

    hawka
    tes

    • Dean Moe B

      Tes,

      Let’s be perfectly honest, that’s a lot of hatef-tef. You, I and anyone reading this know this.

      Here’s a link to the Sunridge private placement:

      http://www.sunridgegold.com/s/PressReleases.asp?ReportID=608262.

      Case closed. Sunridge was able to raise funds in the capital market. Period.

      Doesn’t this run counter to the claim that Sunridge has been “unable to reach production phase due to lack of finance that is hampered by the UN sanctions imposed against Eritrea in 2010”.

      If you still want to argue this ad nauseum…then you are simply delusional and leaving in a world of your own making devoid of facts and reality.

  • Dear Dean,
    It is up to you. You can wait and see, or expect a private service which you will not get. We do what we do because we have to do it, not to appease individual requests. This is a forum and not “Letters to the Editor” section. We are not obliged to reply, but we do it as a courtesy. You can appreciate that or consider it a right. Remember it s a privilege. Thanks you.

    • Truth

      The fact that you’ve replied in such a crude manner and not addressed any of the legitimate concerns he’s brought forth speaks volume for this site and its writers. Where is the professionalism?

      • Tesfabirhan WR

        Dear Truth,

        May I have your first name please. I am not feeling good when I read Truth after I read your comments. There is no truth within them. Come on with your name or another surname, I will be happy to entertain you with that.

        hawka
        tes

        • Truth

          My name is of no relevance to the topic at hand. Please stick to the topic and instead of attacking the messanger, please attack the message. Thank you.

    • Dean Moe B

      Lol, do you guys really think someone posting a comment in your comments section pointing out glaring inaccuracies or out right lies is looking for a “private service”?

      Guys, the very first moto or creed or whatever you want to call it next your website name is “inform”. How do you expect to “inform” anyone if you can’t even get the facts straight, or worse, once you find out the REAL facts and that you were wrong, admit such mistakes?

      But you are absolutely right on one thing, you have no obligation to me or to answer any of my comments, but I would think you would have the courtesy to your readers to get the facts straight.

      • Tesfabirhan WR

        Dear Moe B

        Hope now you will be fine. Read the recent information about Sunridge.

        Hawka
        tes

        • Dean Moe B

          lol….actually I have read the “follow-up” article…and it is worse then I could have expected. It is not just replete with gross inaccuracies…but it’s actually comical in it’s lack of any understanding.

  • Dear Dean,
    You can straighten whatever facts you need to straighten. We can’t say much at the moment because we are working on a follow up that will be up soon.

    Curiosity: to help us get a context, can you please disclose if you are a broker, a financial adviser or a consultant for any of the entities involved in mining, a lobbyist, a stock broker, etc. Of course you have the right to refuse answering our request, but we believe it will help us and our readers get the context of the discourse and we kindly ask you to explain. If you are just a commentator who suddenly developed an interest in this matter, it is fine. But kindly share that with us so that we can entertain your questions.

    • Dean Moe B

      In all honesty, that sounds like a cope out.

      I don’t see the relevance of my background, as my response is to your piece based on facts. I would think that you would simply be responding to what I said; namely how patently false your claim about Sunridge (or for that matter any miner exploring in Eritrea) finding it hard to find financing, when Sunridge just months ago was able to successfully raise money in the equity markets. How is my background going to give you any “context”?

      If I said my background is in mining or a stock broker, does that somehow change any of the facts(ie. Sunridge doing a successful private placement in October) or make them less credible or true?

      It seems to me that your need for “context” or insight into my background so that you or your readers “get the context of the discourse” are really just a sad attempt to deflect attention from the facts.

      I suppose it would be easier to dismiss me as “pro-sheabia” or a “mining lobbyist” rather then focusing on pure facts.

      FYI. I’m Eritrean. I’m an investor. I work in investments. But I won’t be holding my breath expecting a reply to Sunridge’s successful private placement.

      • Dear Dean,
        It is only a precaution, carrying a non familiar European sounding name and commenting in the way you did raises red flags. Not for anything, but to avoid needlessly going in circles. It might help you to know that we are veterans on this kind of discourse. Of course, thanks to social media we know where you stand: opposite to where this website stands. And that gives the discourse clarity and context. Here is one of your comments on social media that explains you position:

        “…If you think Eritrea/goe is blah blah blah…then why don’t you go out there and be a martyr to the cause…learn from the lessons of Tunisia/egypt instead of hiding behind the internet and expecting everyone else to fight your cause. It’s that simple.”

        It is just a precaution Dean, nothing else. You see, we are in the category you seemingly abhor, the category that doesn’t want to be martyred!

        We promise to answer your questions in our upcoming edition. We hope you understand we cannot serve individual requests like Starbucks coffee 🙂 Patience.

        Your position doesn’t influence us in anyway, except to get context–where you are coming from. But you are most welcome, we hope you stay and debate other issues. Welcome brother.

        Once bitten twice shy is the wisdom. Hopefully you understand.

        • Dean Moe B

          …So in a nutshell….your reply is that you won’t bother “debating” based purely on facts but will just stick to your predetermined stance which is against the GOE.

          In other words, facts have no place in anything you post? You will either ignore the facts or make them up to fit your stance. Especially in this matter when it’s so glaringly obvious for everyone to see. Thanks for the clarity.

          I was cynical about getting a proper honest answer from you guys, the above reply just shows people that you can’t be trusted to give honest views or articles. You are really no different the shabait.com. Plain and simple.

          Once again your focus on me, my background, any of my previous posts don’t change the facts do they?

          Your claim of Sunridge not being able to find financing (because of the UN sanctions) flies in the face of reality and it’s rather pathetic that you can’t even admit to that obvious truth.

          PS. I won’t hold you to your promise of answering my question “in [your] upcoming edition”.

  • Dean Moe B

    Awate:

    Let’s get the facts straight:

    First, the reason why Sunridge hasn’t reached production has nothing to do with “lack of finance that is hampered by the UN sanctions imposed against Eritrea in 2010” but poor execution on the part of it’s management.

    Second, and most importantly, the reality of it is in October 2013 Sunridge had no trouble raising $5,000,000 in a private placement(they raised it from an initial $4,000,000).

    If financing or the UN sanctions were an issue do you really think they would have been able to raise that???

  • Hishel

    The means always determines the END !
    What we get and reap tomorrow is determined by what we do today !
    As what we have today is surely the result of our actions and what we have been doing yesterday !!!
    A quotation from the mighty man
    in the warsay opposition camp !!

  • Berhane

    The following as far as I read is hearsay. Awate please have higher journalistic standards for the sake of the Eritrea. If it is an opinion piece, please identify it as such.

  • Pupa, stay tuned for more news, appologies, we can’t serve news on an individual basis.

    In the meantime, if you have anything to share, please do. It is also our wish that you disclose your interest in the subject: are you a common commentator, a person working for any of the entities engaged in the mining business in Eritrea, a lobbyist, a financial adviser, a loan broker, a stock trader, etc.? That would give our readers the proper context to understand and evaluate the discourse. Thank you

  • Yosief Kesete

    There is no proof Wanbao Mining has any investments in ER. A google search on ‘Wnabao Eritrea’ returns six relevant results that basically link to this new article:

    https://www.google.com/?gws_rd=ssl#q=wanbao+eritrea

    Below is a screenshot taken today:

  • pupa

    Just a question to Gedab news id that when was the quoted chinese company bought a stake from Sunridge? As far as I am concerned, the Vancouver based company is still in search of investors to raise enough funds to go on production?
    once you entertained my question, I might have have a thing or two to say about sunridge’s. Chance going on production…

  • Dean Moe B

    This story makes no sense. First “Wanbao Mining” was founded in 2005, so how could it have been mining in Eritrea since 2003? Second, if “Wanbao Mining” was “China’s largest state owned mining firm” it would have more than sufficient funds to bank roll the project with it’s own money rather then needing “financing”. Third, Chinese companies do not need western financiers to back their projects, they could easily tap their own domestic sources. After all, China’s EXIM bank lent Eritrea $60,000,000 so Eritrea could ante up it’s 40% to Nevsun, a project that did not involve Chinese companies one bit. If the Chinese can cough up that kind of money for a project that they are not involved in one bit, they sure as hell can fund a project they are directly involved in domestically. Fourth just recently you had western(British) companies expressing interest in exploring in Eritrea’s mining industry. If British companies were/are planning on exploring in Eritrea in spite of the sanctions, does anyone rationally think the Chinese would be scared off or have financing issues

    Fifth and most importantly, “Wanbao Mining” has never been involved in mining in Eritrea.

    • Dear Dean,
      Thank you for the comment. What you stated is right, only the cash strapped company is Sunridge not Wanbao. We included a clarification within brackets to clear the confusion. Thanks

      • Dean Moe B

        lol….ok….Leaving aside your selective “defense”. Since when has Wanbao ever invested or mined in Eritrea?

        As far as your claim on Sunridge. Let’s get the facts straight one more time.

        First, the reason why Sunridge hasn’t reached production has nothing to do with “lack of finance that is hampered by the UN sanctions imposed against Eritrea in 2010” but poor execution on the part of it’s management.

        Second, and most importantly, the reality of it is in October 2013 Sunridge had no trouble raising $5,000,000 in a private placement(they raised it from an initial $4,000,000). If financing or the UN sanctions were an issue do you really think they would have been able to raise that?

        • Tesfabirhan WR

          Dear Dean Moe B,

          You seem as well-selected defendant of the regime’s mining sector. But as always you also rushed to invalid defensive comments without reading carefully. Read first the first paragraph and then the second you will see what the content is. As far as your bla bla I will catch you up if you go further. Please read the last fight of Canadian lobiests to cover-up the evil acts of PFDJ for their income generated through Slavery.

          tes

          • Dean Moe B

            Lol?? How exactly am I “[defending] the regime’s mining sector”? By pointing out the facts as they are? If sheabia says the sky is blue and I say well yea the sky is blue, does that make someone a “defender of the regime”.

            To me, your statement sounds irrational. To me, you sound like one of those virulent anti-GOE that suspends all logic and common sense and takes the opposite position of whatever sheabia says. ie. you would claim the sky is red just to go against sheabia.

            Your whole “reply” is invalid as you completely side step the facts I provided and waste your time talking about something completely unrelated to this “article” or my reply to it.

            The fact is this article is poorly written as it simply not based on facts or completely misleading. “Wanboa mining” has never invested in Eritrea in the first place. This is a fact, regardless of how you chose to read this piece.

            BTW, instead of wasting your time with the “blah blah blah….you are a government defender blah blah blah..the regime is evil…blah blah blah…I will catch you up if you go further” nonsense, WHY don’t you save your breath and answer a very simple question at the heart of the above “article”.

            Didn’t sunridge just do a successful private placement a few months ago?Doesn’t that successful private placement pretty much completely destroy the premise that mining companies are running for the exits because of the sanctions against Eritrea or that they are in any way or form having a heard time get financing.

          • ONLY FACTS

            I am just wondering people like Tesfabirhan are so called opposition are able to comment , you tesfabrirhan from Ela Bereid , i guess you need to find other professional job because you are way way far from understanding of politics. You can not value the reality and the problem deep in eritrean politics , you have very limited understanding of free speech and very lousy understanding of democracy .

        • Hadnet

          Dear Awate,

          So, Wanbao Mining is withdrawing its “consideration” of investing in Eritrea through Sun Ridge. Not that it was invested in Eritrea and is actually “withdrawing from Eritrea”. Don’t you think there is a clear distinction between the two?

          Whether intentional or otherwise, reading the news article (paragraphs 1 and 5) gives the impression that Wanboa was already involved in Eritrea and is packing & running away from Eritrea. Not an accurate description.

          BTW, for what it is worth, Wanbao is not only state-owned but it is the subsidiary of the Chinese arms manufacturer, Norinco and was accused of involvement in minerals-for-arms deal in Zimbabwe. Could that be the other reason, besides the sanctions angle, why this non-story story is considered Gedab News “worthy”?

          Regards,

    • No further comment.