Well, that clanking sound you’re hearing in the background: it's the wheels of commerce in the dark. John Helmer over at Asia Times has written a fascinating article on Tajikistan's aluminum company, Talco and its relationship with Norway's Hydro:
At current LME [London Metal Exchange] linked prices, the alumina is worth about $50 million; the metal is valued at $520 million. For the five years of Hydro's agreement with Talco, Hydro's turnover will be almost $3 billion. This makes aluminum Tajikistan's biggest business and Norway one of Tajikistan's most important trading partners.
It's great to hear that Tajikistan has a commodity that could fund some serious domestic development, but, unfortunately, corruption and switched contracts are turning this potential cash cow into mincemeat. Talco continues to default on loans and contracts, and Tajikistan has asked the international community to forgive the debts–with a USD 1.2 billion annual income, it's kind of hard to see why Talco can't pay.
The EU is apparently paying a consultant to clean up management practices at Talco. A number of international financiers involved in the business have U.S. ties, which means that the Foreign Corrupt Practices Act can be invoked and the U.S. may join Norway in Talco investigations.
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