This came not long after Pertamina, the Indonesian state-owned energy company, paid a record price for an Angolan oil block, beating off competition from its Chinese rival Sinopec.

"These investments show that China is no longer the only kid on the block. It might still be the main kid on the block, but it is certainly not the only one," Power added.

"You not only have the Indonesians and the Thais, but the Brazilians have also come in. Even the copper belt in Zambia is now more Indian than it is Chinese."

The Chinese attendance at Indaba proved that Chinese companies are still very much part of a major presence in the market.

Huang Haiwei, associate director of The Beijing Axis, a consultancy that provides strategic advice to Chinese companies in the resources sector, said Chinese companies are still very much active in the market.

Huang said most of his clients - both State-owned enterprises and private companies - are looking to take complete ownership of existing facilities or enter into strategic equity partnerships rather than develop greenfield sites. A typical investment would be $100 million.

"It is a very capital-intensive business. The investors are not looking for short-term cash-generating projects but are looking to get cash flow over five, six or nine years," he said.

Duncan Clarke, an oil industry strategist and author of Africa: Crude Continent: the Struggle for Africa's Oil Prize, said China's role in the resources sector in Africa is often exaggerated.

"There are probably between 700 and 800 companies in the oil and gas sector in Africa, and among these are just four or five Chinese State-owned companies. I know that these companies are large, with an increasingly growing portfolio in exploration and development, but they are still among many other players."

Clarke, also chairman and CEO of Johannesburg-based Global Pacific and Partners and who was speaking on the windy terrace of the Best Westin hotel in Cape Town, said Chinese activity is surrounded by too much mystique.

"Many people think the Chinese have some mega-plan, but I think independent observers don't see it that way because they do often stumble and run into brick walls. Companies like Sinopec, for example, have had bad luck both in Angola and in North America," he said.

Martyn Davies, chief executive of Johannesburg-based strategy and research Frontier Advisory who advised on the recent Wesizwe platinum deal, said the rhetoric about China is often "overblown".

"Chinese mining companies certainly have a very strong home game (in China), but they have had a less successful away game."