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China rail firm in $1.4bn African contracts

Feb 15 2012 11:48 Reuters

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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.
djibouti  |  nigeria

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