The deal has been through several phases since inception and has now been examined in detail, by among others, Global Witness, an NGO which has exceptional knowledge of the Congo. The Congo deal, worth USD 9bn at inception, took China a further step towards securing foreign-based supplies of natural resources for its booming economy, which voraciously gobbles down raw materials.

Elsewhere on the continent, China is heavily involved in Sudan's rich southern oilfields. In 2004, China signed a resources-for-infrastructure deal worth USD 2bn with Angola. In 2006, a Chinese parastatal, supported by Exim Bank, signed a USD 3bn deal with the Gabonese government to access untapped iron ore reserves and construct railways, ports and dams.

Since early 2009, Chinese companies have also concluded a USD 7bn deal in Guinea, one of the world's new epicenters of genuine mining boom, and a USD 8bn deal with Zimbabwe. Congo has signed elsewhere, including a resources-for-infrastructure deal of up to USD 2.7bn with South Korea.

Eoin Treacy's view The extent to which African countries are accruing long-term value from deals to exchange metals and oil for Chinese built infrastructure are infinitely debatable. However it is impossible to escape the conclusion that China rather than Europe or the USA is gaining access to these often world class resources. While Western states have engaged in hand wringing about exploiting vulnerable countries, China has no such qualms and has gained a significant lead in securing access to long-term supply of vitally important raw materials.

China's decision to monopolise the rare earth metals sector, taken decades ago, is now paying dividends. I believe it is safe to assume that China's efforts today, to secure access to some of the world's most promising reserves, in one of the few unexplored areas of the world, are likely to prove equally prescient.