China rail company inks $1.4bn contracts in Africa

February 15 2012 at 03:00pm
By Reuters

http://sxc.hu/

A subsidiary of China Railway Construction Corp Ltd has signed two projects in Africa with a total contract value of 9.1 billion yuan ($1.4 billion), the company said in a statement to the Shanghai Stock Exchange.

The value of the projects, located in Nigeria and Djibouti, equates to just under 2 percent of China Railway's 2010 operating income, the company said.

China Railway has actively pursued overseas investments this year. In late November, a consortium involving China Railway and Aluminum Corporation of China (Chinalco) announced a deal to develop an iron ore mine in Guinea.

The company is also part of a consortium of Chinese firms in talks with the Ecuadorian government on a gold mining project. - Reuters

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