April 09th, 2008 | Xinhua Chinese firms sign uranium project in Niger
Sinohydro Corp., China’s leading hydraulic construction contractor
announced it has secured a 140 million U.S. dollar uranium mine
construction deal in Niger with China Nuclear International Uranium Corp.
The contract calls for building a uranium mine with annual output of
600,000 tons, a coal-fired power plant and a hydrometallurgy plant in the
African country, Sinohydro said in a statement on its website.
It was the first time the two Beijing-based state-owned firms have
teamed in developing a strategic resource overseas, it said. Uranium is the
basic fuel for nuclear reactors.
It was also the first such move taken by the two since they signed a
strategic agreement with Export-Import Bank of China in March with a view
of investing in overseas uranium exploration and production projects.
The construction will last 900 days.
The project owner is Azelik Mining Industry Co., a joint venture
created last year by the Niger government and its Chinese partners.
SinoUranium, a subsidiary of China National Nuclear Corp., holds a
37.2percent stake of the firm, Beijing Zxjoy Technology and Trade Co. 24.8
percent, and the Niger government 33 percent, according to its website.