IAMGold is about to be sold to a Chinese company, as President Chandrikapersad Santokhi recently announced during the General Deliberations in Parliament. He also explained why it is being sold to this company. The president added that he has put together a group of specialists to research various facets of the new company’s social behavior, customer objectives, and similar topics.
Invoking the mineral deal, he said at the same time that he need not give explicit consent for the sale. Although he is correct, the business that will purchase lAm Gold is a titan in China’s mining sector.
The sale of beads and nuts is not a tiny company. The Chinese government frequently provides funding for these businesses, allowing these big corporations to compete globally.
As gold is a trustworthy source to protect your country from paper money, it is also well known that the Chinese government has a long-term strategy to purchase as much gold as they can and hold it in reserve. The Chinese government has a global gold strategy, not just with regard to Suriname.
The estimated 31 million tons of gold reserves in Uganda, with a value of $12.8 billion, have been made public by the government. Chinese businesses are in charge of many of these gold mining regions. For a small nation like Suriname, which owes China US$500, the government’s assertion that it can apply pressure on the basis of the mining agreement by potentially withholding permission for the sale if it is not pleased with the financial details or the continuity guarantees is bluffing.
The Chinese government’s cooperation allowed Suriname to partially enter an IMF agreement. Therefore, it is already evident that, in general, the government won’t be able to do or say anything if it disapproves of a particular Chinese firm behave. Because Suriname won’t have anything to give to the Chinese and hasn’t kept much from the Canadians, there won’t be any issues in and of itself.
We can expect a shift in corporate culture and the relocation of profits from Canada to Beijing and ultimately China. The employees of IAMGold will need to become accustomed to a Chinese business culture.
In the end, IAMGold has already been sold, and the government is unable to stop it. Foreign governments “control” small nations by settling their citizens and enterprises there. With its strategic takeover of nations, their economy, and political rule without firing a shot, the Chinese government has mastered it.