Africa's second-largest iron-ore mine, in Tonkolili, Sierra Leone, was snapped up by China's state-owned Shandong Iron and Steel Group in April. In fact, Chinese firms, it seems, are buying into the market while stocks are cheap. Hebei Iron and Steel Group is building a massive steelworks in South Africa; last month it received approval to takeover the Swiss firm Duferco's African steel processing and sales network.