The Sicomines ‘minerals-for-infrastructure' agreement struck between the Congolese government and a consortium of Chinese companies in 2007 is one of the most well-known embodiments of the Chinese presence in Africa. This briefing analyses recent developments in the implementation of the agreement. With important expenses incurred in the DRC, the Chinese parties to the agreement are still negotiating for a financing arrangement in China. This illustrates that China is no monolith in its overseas activities. While China’s banks are cautious, the real risk-takers in the context of the Sicomines agreement are the Chinese companies.