多元思維面對非洲國家資源主義

Resource Nationalism in Africa

2014/03/10-14:51      瀏覽:  次
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作者: Bruce Dickinson
    非洲更像一個礦產博物館。目前,非洲擁有約占世界總量30%的礦產資源,包括占世界總量40%的黃金,60%的鈷和90%的鉑系金屬儲量,毫無疑問,非洲是全球一個戰略資源地。在投資非洲之前,不僅要充分了解東道國的投資和監管環境,更為重要的是需要深刻理解各國政府在礦業領域的角色。

多元思維面對非洲國家資源主義

  編者按:2013年春天,新任國家主席習近平的開局之旅首訪非洲三國,可以看出,非洲是中國企業海外投資的經濟棋局中非常重要的一盤棋。

  商務部的數據表明,中國對非洲投資逐年遞增,累計達到了 170億美元,中國在非洲投資企業已超 2000家,涉及采礦、建筑、金融、制造、電信、農業等諸多領域,項目遍及 50余國家。在非洲所有的外來投資中,有十分之一來自中國。

  據中國的官方法律媒體《法制日報》報道,目前,中國投資者手握著與非洲合作的大大小小的各類合同 2800份,如勞務合同、工程合同、貿易合同等,其中比較大的民營企業占了 45%。

  然而,非洲“國家資源主義”思潮盛行,給中資企業在非洲投資和經營造成了壓力。近年來,隨著非洲資源市場的開發,非洲國家更加重視自然資源特別是在礦產資源開發中東道國的權益問題,其重要表現之一就是“國家資源主義”思潮,主要采用黑人賦權、國家參與、本土化、頒布新礦業法、修改資源稅率等方式。

  據媒體公開報道,加納政府 2012年宣布外國礦業公司向政府繳納的公司稅由 25%提高到 35%,對所有礦業公司征收 10%的超額利潤稅;一些在礦場地區發生的惡性事件,表面上是勞資糾紛,深層原因是“國家資源主義”思潮的外在表現。由此可見,“國家資源主義”正逐漸上升為一種國家意志,旨在加強資源國對本國資源的控制。

  由此,在投資非洲之前,不僅要充分了解東道國的投資和監管環境,更為重要的是需要深刻理解各國政府在礦業領域的角色。通過在非洲多年的法律實踐和深入思考,建議中國企業從對東道國法律、政府、人文環境的理解上形成思路上的突破口。

  國家資源主義 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.

  經濟資源國家主義 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).

  經濟資源國家主義常見于如下因素的改變:

  Economic resource nationalism can be seen in changes to:

  稅收 Taxes

  稅基的改變 Change in tax base

  暴利稅 Windfall tax

  資源租賃稅 Resource rent tax

  資本利得稅 Capital gains tax

  進出口稅 Import and export levies

  海關監管 Customs controls

  特許權使用費 Royalties

  干股權益 Free carry interest

  合同審查和審計 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.

  社會資源國家主義 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.

       非洲國家更加重視自然資源特別是礦產資源開發中的東道國權益問題,其重要表現之一就是“國家資源主義”思潮風起云涌,主要采用黑人賦權、國家參與、本土化、頒布新礦業法、修改資源稅率等方式。

  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.

  關鍵因素包括:Essential elements include:

  ●振興當地經濟 Local empowerment

  ●當地參與 Local participation

  ●選礦 Beneficiation

  ● 雇傭和當地成分 Employment and local content

  ● 采購和企業發展 Procurement and enterprise development

  ● 社區和可持續發展 Community and sustainable development

   降低國家資源主義風險

     Mitigating the risks of resource nationalism

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

  理解當地法律及其實施情況

  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.

  選擇當地參與方

   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.

  當地參與方進入和參與項目進行妥當的結構設計

    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“社會經營許可證”

    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.

  應對腐敗 Dealing with corruption

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

   (想要在非洲國家進行高產出的運營,礦業公司應當:)

  To operate productively in African countries, mining companies should:

  理解其工作環境并嚴格遵守規則;

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

  從一開始就向政府工作人員表明其不會行賄或參與任何形式的腐敗活動;

    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;

  執行內部的零容忍政策。

    implement an internal zero-tolerance policy.

  Conclusion 結論

  投資非洲的企業應從對東道主法律、政府、人文環境的理解上形成思路上的多元突破口。選擇合適的東道國當地參與方,進行妥當的合作項目結構設計,建立“社會經營許可證”和反對腐敗等實務。

  Bruce Dickinson

  非洲領先的律師事務所 — Webber Wentzel律師事務所礦業團隊合伙人。擅長非洲礦業項目的結構設計、并購、稅務、礦業交易融資和礦業領域的跨境交易,業務覆蓋非洲 20多個國家。擁有南非律師資格,同時是英格蘭和威爾士的出庭律師。 bruce.

  非洲Webber Wentzel律師事務所

  非洲領先的綜合性律師事務所,在多家國際法律評級機構排名中名列前茅。有 150名合伙人和 440余名法律專業人員,在約翰內斯堡和開普敦設有辦公室??蛻舭戏?100強公司,其中包括銀行 &金融、建筑 &能源、保險、媒體、礦產、石油 &天然氣、私募股權、房地產和通信領域。該所與多家律所合作,已為客戶在非洲撒哈拉以南地區大多數國家的跨境交易提供法律服務。 www.webberwentzel.com

本文為CGG走出去智庫版權所有,未經過允許不得轉載。如需轉載請聯系[email protected]

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Bruce DickinsonWebber Wentzel律師事務所礦業團隊合伙人

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