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China Railway to invest in 2.9-billion-dollar mining project in Congo

by Staff Writers
 Shanghai (AFP) April 23, 2008
 China Railway Group, the nation's largest construction firm, said Wednesday it had signed an agreement to invest in a 2.9-billion-dollar copper and cobalt mining project in Congo.

It planned to set up an investment joint venture for the project with registered capital of 100 million dollars with several other state-run Chinese firms and Congolese companies, according to a statement to the Shanghai bourse.

China Railway will hold a 43 percent stake in the investment firm in the central African country, it said.

The company, which will contribute 1.83 billion dollars to the project from loans and other forms of financing, said the investment is still subject to approval from Chinese and Congo authorities.

The project has proven copper reserves of about 6.8 million tonnes and cobalt reserves of 420,000 tonnes, it said.

China Railway, listed in Shanghai and Hong Kong, is at the forefront of China's efforts to scour the world for energy and mineral resources, a quest that has centres especially on resources-rich Africa and South America.

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AFRICA NEWS
Somalia faces worst crisis since 1990s from war and drought: UN
 Geneva (AFP) April 22, 2008
 Somalia risks plunging into its worst humanitarian catastrophe since the early 1990s as the twin threats of war and drought put millions of lives in danger, the United Nations warned on Tuesday.






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