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Sinohydro sign $140 project in Niger
(Xinhua)
Updated: 2008-04-09 13:36 Sinohydro Corp, China's leading hydraulic construction contractor, announced it has secured a $140 million uranium mine construction deal in Niger with China Nuclear International Uranium Corp (SinoUranium). 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. (For more biz stories, please visit Industries)
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