China’s biggest investment anywhere in Africa isn’t a port or a railway. It’s a uranium mine in the Namib desert. ⠀ Husab cost over $5B. China General Nuclear owns 90%. Namibia owns 10%, but it’s a free carry. Namibia wrote no cheque. The Chinese partner lent the $214M, repaid out of future dividends. ⠀ Equity on paper. The capital sits on someone else’s balance sheet. ⠀ Free 10%, or worth more if Namibia had borrowed the $214M and owned it outright with voting rights from day one? ⠀ #Namibia #Uranium #Africa #geographicarbitrage #globalarbitrage