HomeWorld BusinessChina rail company inks $1,4 billion contracts in Africa

China rail company inks $1,4 billion contracts in Africa

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SHANGHAI — A subsidiary of China Railway Construction Corperation Ltd 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 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.

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