The controversial Bao Chico mining agreement, which is before the Senate for ratification, has received backing from Senators Numene Bartekwa and Simeon Taylor. The Bao Chico deal is expected to bring in an annual social contribution of US$300,000 and, after five years, escalate to US$500,000 until the end of the term. Since then, the iron ore concession – the area where the ore mining was done – only boasts of idle machines gathering rust. The Mineral Exploration of the entity is owned by Bao Chico Resources, Liberia Ltd., which is 100% owned by Bao Chico Resources. Bao Chico Resources is owned as follows: Baosteel Resources, 50.1%; CHICO (China Henan Cooperation Group Co.), 40%; and Chico Africa Development, 9.9%.

Source: Daily Observer October 25, 2021 06:53 UTC