British companies leading new ‘£800bn scramble for Africa’ to control raw materials

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London Mining Network member group War on Want has published a new report, The New Colonialism: Britain’s scramble for Africa’s energy and mineral respources.

British companies are at the forefront of a new “scramble for Africa” with the help of government, which is seeing the continent lose as much as £45bn a year to the rich world. War on Want has pinpointed 101 corporations and companies listed on the London Stock Exchange who between them now control resources in Africa worth at least $1.05 trillion (£810bn), including 6.6bn barrels of oil and 79.5m ounces of gold. The figure is equivalent to the GDP of Mexico.

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