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China signs US$1.2 bln Ethiopia rail project

22 December 2011, 13:23

China - A subsidiary of China Railway Construction Corp Ltd has signed an agreement with Ethiopia Railway Co to cooperate on a $1.19 billion rail project in Ethiopia, the company said in a statement to the Hong Kong Stock Exchange, on Thursday.

China Railway has been actively pursuing overseas investments this year, and the project value is equals 1.61 percent of China Railway's 2010 operating income .

Meanwhile a consortium involving China Railway and Aluminum Corporation of China (Chinalco) announced a deal to develop an iron ore mine in Guinea, in late November.

The company is also part of a consortium of Chinese firms currently involved in negotiations with the Ecuadorean government on a gold mining project .

The consortium has already inked a deal to develop a copper mine in Ecuador .

- Reuters

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