China National Machinery to develop iron ore mine in Gabon

July 10, 2008

July 10th (Quamnet) – State-owned China National Machinery and Equipment Import and Export Corporation (CMEC) has signed an agreement with the government of Gabon to develop a iron ore mine in the African country, the official Shanghai Securities News reported.

The parties will set up a joint venture to run the Belinga mine, which is expected to produce 30 mln tons of iron ore annually, the paper said.

Total investment on for the development and exploration of the mine is expected to reach more than 790 mln usd. The company will also build a 500 kilometer railway, a water power station and a deepwater port, it added.

The Export-Import Bank of China will finance the project, according to the paper.

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