China rail firm in $1.4bn African contracts
Shanghai - A subsidiary of China Railway Construction Corp has signed two projects in Africa with a total contract value of 9.1 billion yuan, 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% 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.