Chinese firm ink pact to mine iron ore in Gabon

May 26, 2008

May 26 (Steel Guru) – It is reported that the JV COMIBEL jointly funded by a number of Chinese enterprises and Gabon government finally signed a contract on how to cooperate on the iron ore project.

The ceremony was attended by Gabon’s president, the mining and economic ministers and a list of Chinese top officials including Mr Xie Biao president of China National Machinery & Equipment Import & Export Corporation, GM of the JV and representative of the Export Import Bank of China etc.

Under the agreement, CMEC led Chinese enterprises will be supported by the Export Import Bank of China, cooperate with Gabon in construction of the iron mine, matched railway, the ports and water power station and meanwhile the JV will enjoy 25 year operation of the iron mine with a designed annual exploration volume of 30 million tonnes.

The project is one of China’s largest resource related investments in Africa.

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