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          BIZCHINA> Top Biz News
          Sinohydro sign $140 project in Niger
          (Xinhua)
          Updated: 2008-04-09 13:36

          Sinohydro Corp, China's leading hydraulic construction contractor, announced it has secured a $140 million uranium mine construction deal in Niger with China Nuclear International Uranium Corp (SinoUranium).

          The contract calls for building a uranium mine with annual output of 600,000 tons, a coal-fired power plant and a hydrometallurgy plant in the African country, Sinohydro said in a statement on its website.

          It was the first time the two Beijing-based state-owned firms have teamed in developing a strategic resource overseas, it said. Uranium is the basic fuel for nuclear reactors.

          It was also the first such move taken by the two since they signed a strategic agreement with Export-Import Bank of China in March with a view of investing in overseas uranium exploration and production projects.

          The construction will last 900 days.

          The project owner is Azelik Mining Industry Co, a joint venture created last year by the Niger government and its Chinese partners.

          SinoUranium, a subsidiary of China National Nuclear Corp, holds a 37.2percent stake of the firm, Beijing Zxjoy Technology and Trade Co 24.8 percent, and the Niger government 33 percent, according to its website.


          (For more biz stories, please visit Industries)

           

           

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