编者按：2013年春天，新任国家主席习近平的开局之旅首访非洲三国，可以看出，非洲是中国企业海外投资的经济棋局中非常重要的一盘棋。

　　商务部的数据表明，中国对非洲投资逐年递增，累计达到了 170亿美元，中国在非洲投资企业已超 2000家，涉及采矿、建筑、金融、制造、电信、农业等诸多领域，项目遍及 50余国家。在非洲所有的外来投资中，有十分之一来自中国。

　　据中国的官方法律媒体《法制日报》报道，目前，中国投资者手握着与非洲合作的大大小小的各类合同 2800份，如劳务合同、工程合同、贸易合同等，其中比较大的民营企业占了 45%。

　　然而，非洲“国家资源主义”思潮盛行，给中资企业在非洲投资和经营造成了压力。近年来，随着非洲资源市场的开发，非洲国家更加重视自然资源特别是在矿产资源开发中东道国的权益问题，其重要表现之一就是“国家资源主义”思潮，主要采用黑人赋权、国家参与、本土化、颁布新矿业法、修改资源税率等方式。

　　据媒体公开报道，加纳政府 2012年宣布外国矿业公司向政府缴纳的公司税由 25%提高到 35%，对所有矿业公司征收 10%的超额利润税；一些在矿场地区发生的恶性事件，表面上是劳资纠纷，深层原因是“国家资源主义”思潮的外在表现。由此可见，“国家资源主义”正逐渐上升为一种国家意志，旨在加强资源国对本国资源的控制。

　　由此，在投资非洲之前，不仅要充分了解东道国的投资和监管环境，更为重要的是需要深刻理解各国政府在矿业领域的角色。通过在非洲多年的法律实践和深入思考，建议中国企业从对东道国法律、政府、人文环境的理解上形成思路上的突破口。

　　国家资源主义 Resource nationalism

　　Resource Nationalism remains a key theme in Africa's mining industry. The Southern African Institute of Mining and Metallurgy defines "Resource Nationalism" as the desire of the people of resource-rich countries to derive increasing economic benefit from their natural resources and their governments' drives to exercise greater control of natural resources. At a macro level, resource nationalism can be seen in the economic and social initiatives introduced by host governments. Indigenisation laws are one manifestation of resource nationalism, a trend identified by Ernst & Young in its 2012~2013 Mining & Metals report as topping the concerns of mining and metals companies.

　　This is not an Africa specific trend, however, and we can find examples of both economic and social resource nationalism in a variety of international jurisdictions. Australia introduced a resource rent tax on coal and iron ore. Similarly, Canada requires approval of certain foreign investments under a 1985 law and the United Kingdom recently raised windfall taxes on North Sea oil from 20% to 32%. Other non-African countries that have recently increased taxes and royalties include Mongolia, Poland and the USA, to name a few. In addition, Brazil, Indonesia and Vietnam have announced beneficiation strategies and indigenisation efforts can be seen in China, India and Mongolia through foreign ownership caps and restrictions.

　　经济资源国家主义 Economic resource nationalism

　　Economic Resource Nationalism is the more prevalent form of resource nationalism at present and can be seen in governments revising tax and royalty polices, concession agreements and ownership requirements to maximise revenue streams. For example, the governments of Angola, Burkina Faso, Democratic Republic of Congo, Guinea, Ghana, Liberia, Mozambique, Tanzania and Zambia, to name but a few, have announced or enacted adjustments to their mining and tax regimes in recent years.

　　Governments may also themselves, or through state owned entities, require a free carry interest in mining assets and in some instances may also include an option to take up a further interest in the mining asset on a commercial basis (e.g. Guinea).

　　经济资源国家主义常见于如下因素的改变：

　　Economic resource nationalism can be seen in changes to:

　　税收 Taxes

　　税基的改变 Change in tax base

　　暴利税 Windfall tax

　　资源租赁税 Resource rent tax

　　资本利得税 Capital gains tax

　　进出口税 Import and export levies

　　海关监管 Customs controls

　　特许权使用费 Royalties

　　干股权益 Free carry interest

　　合同审查和审计 Contract reviews and audits

　　It allows the state to generate significant amounts of revenue from profitable mining entities. It is both strategic and revenue orientated.

　　社会资源国家主义 Social resource nationalism

　　Social resource nationalism is most commonly seen in the form of local ownership requirements in mineral projects This is evident in South Africa's 26% black economic empowerment (BEE) requirement and Zimbabwe's 51% indigenisation policy.

　　In Mozambique, local participation is achieved by individuals acquiring shares in listed companies at a nominal value. Tanzania has no direct restrictions on foreign investment or commodity ownership, however there are some licencing restrictions in place. Zambia reserves artisans'mining rights for Zambian citizens only. In Liberia, class B mining licences are restricted to a minimum of 60% local ownership and in Swaziland 10% of Government shareholding is reserved for acquisition, at fair market value, by Swazi citizens or entities which are majority-owned by Swazi citizens. Precious mineral exploitation is reserved for Gabonese citizens or companies with a minimum of 51% Gabonese shareholding. Local equity participation sits at 35% for Kenyan license holders.

       非洲国家更加重视自然资源特别是矿产资源开发中的东道国权益问题，其重要表现之一就是“国家资源主义”思潮风起云涌，主要采用黑人赋权、国家参与、本土化、颁布新矿业法、修改资源税率等方式。

　　In Namibia, local participation is under discussion, but not yet mandated, in the form of the draft Mining Charter for Sustainable Broad-based Transformation. Lesotho is currently contemplating a 51% indigenisation strategy similar to that of Zimbabwe.

　　关键因素包括：Essential elements include:

　　●振兴当地经济 Local empowerment

　　●当地参与 Local participation

　　●选矿 Beneficiation

　　● 雇佣和当地成分 Employment and local content

　　● 采购和企业发展 Procurement and enterprise development

　　● 社区和可持续发展 Community and sustainable development

　　 降低国家资源主义风险

     Mitigating the risks of resource nationalism

　　 The risks associated with resource nationalism for foreign investors can be mitigated in a variety of ways, including:

　　理解当地法律及其实施情况

　　Understanding the local laws and how they are implemented in practice

　　It is important to understand fiscal, employment and indigenisation laws in particular. Due consideration needs to be given to how and through which jurisdiction the entry should be structured to ensure not only commercial and tax efficiency, but also to take advantage of favourable bilateral investment treaties where available. Investment protection can be achieved through the use of Bilateral Investment Treaties (BITs).

　　The nature of the investment structure will generally be determined by the intent of the investor (i.e. a short-term view of establishing and selling or a long-term view of investing throughout the life of the mine).

　　Another consideration relates to whether the entire project should be housed in one entity or whether other functions such as management, marketing/ offtake and/or beneficiation should be housed in separate entities.

　　The relevant entities themselves should be established with a view of the investing company to introducing local participants, particularly with regard to fiscal and control requirements.

　　选择当地参与方

   Selecting local participants

　　As more and more emphasis is being placed on community and employee participation and the introduction of local investors, the selection and interests of these stakeholders should be carefully considered and aligned with those of the investing company.

　　Many investors make the mistake taking a formulaic approach to the formation of local investor consortiums comprising of what are perceived to be key interest groupings. It is not uncommon to see members of such groupings (brought together under artificial circumstances without aligned interests) descending into infighting and stalling project development as a result.

　　Furthermore, in certain jurisdictions, due consideration needs to be given to whether or not any of the potential local participants/ beneficiaries are subject to international sanctions as this will have implications for the investor and how it structures its investment. Due diligence on potential partners is key, as is ensuring that all documentation (including the constitutional documents of the entities established for the project) incorporate appropriate mechanisms for dealing with such contingencies.

　　当地参与方进入和参与项目进行妥当的结构设计

    Structuring the local participant's entry into, and participation in, the project appropriately

　　The flow of financial rewards is vital in ensuring a project moves forward. It is therefore generally best to structure a trickle dividend to local partners while their buy-in is being settled.

　　It is also important to structure an investment in a way that ensures that the investor receives an equity return on both the buy-in by the local participants and on any disproportionate funding which the investor may need to advance to the company.

　　It should also be borne in mind that negotiations are often with political figures as opposed to administrative officials. Being able to handle such

　　negotiation scenarios effectively is paramount for successful investments in mining projects in sub-Saharan Africa.

　　建立“社会经营许可证”

    Establishing a "social licence to operate"

　　The way the investor conducts itself is important in establishing trust with stakeholders at a national, state/ provincial and local level. Activities to consider include:

　　employing locals and providing skills development and training;

　　emphasising local procurement of goods and services;

　　adhering to local laws, particularly environmental and health and safety laws (if these are absent, ensuring that international best practice is adopted);

　　observing and respecting local customs; and

　　implementing and/or facilitating host community development programs (a key success factor here is substantive interaction, buy-in and determination by the host community itself), i.e. a bottom up rather than top down approach；

　　conducting research, engaging with local communities and government agencies and building support for the project will diminish the risks of it being stalled down the line.

　　应对腐败 Dealing with corruption

　　It is a mistake for investors to assume that it is impossible to do business in Africa without engaging in corruption.

   （想要在非洲国家进行高产出的运营，矿业公司应当：）

　　To operate productively in African countries, mining companies should:

　　理解其工作环境并严格遵守规则；

    understand the environment they are working in and follow the rules rigorously;

　　从一开始就向政府工作人员表明其不会行贿或参与任何形式的腐败活动；

    make it clear to public officials from the outset that they are not willing to pay bribes or get involved in any sort of corruption;

　　执行内部的零容忍政策。

    implement an internal zero-tolerance policy.

　　Conclusion 结论

　　投资非洲的企业应从对东道主法律、政府、人文环境的理解上形成思路上的多元突破口。选择合适的东道国当地参与方，进行妥当的合作项目结构设计，建立“社会经营许可证”和反对腐败等实务。

　　Bruce Dickinson

　　非洲领先的律师事务所 — Webber Wentzel律师事务所矿业团队合伙人。擅长非洲矿业项目的结构设计、并购、税务、矿业交易融资和矿业领域的跨境交易，业务覆盖非洲 20多个国家。拥有南非律师资格，同时是英格兰和威尔士的出庭律师。 bruce.

　　非洲Webber Wentzel律师事务所

　　非洲领先的综合性律师事务所，在多家国际法律评级机构排名中名列前茅。有 150名合伙人和 440余名法律专业人员，在约翰内斯堡和开普敦设有办公室。客户包括南非 100强公司，其中包括银行 &金融、建筑 &能源、保险、媒体、矿产、石油 &天然气、私募股权、房地产和通信领域。该所与多家律所合作，已为客户在非洲撒哈拉以南地区大多数国家的跨境交易提供法律服务。 www.webberwentzel.com