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Under the contract valued at USD 139.92 million, the two state-owned companies will jointly establish a 600,000-ton uranium mine project as well as purchase and install two 6MW power generation sets in a gas-fired power plant and a metal hydrometallurgy plant in the African country.
The construction is scheduled for 900 days, and signals that Sinohydro Corp. and Sino-Uranium, two domestic energy front-runners, successfully form a partnership to exploit overseas uranium resources for the first time, said people with the direct knowledge of the matter.
In addition, it is significant that they take the first step in course of the strategic cooperation with The Export- Import Bank of China (China Eximbank), one of the nation's three policy lenders.
"Now, Sinohydro Corp. has much advantage in the technology and competition, so we would like to keep a closer cooperation with it in the world's uranium resources field," said a top executive for Sino-Uranium, "In the near future, the stunning prospect of the nuclear power industry is expected to allure more investors."
Sinohydro Corp., as the leading hydraulic and hydroelectric construction conglomerate in China, is headquartered Beijing. So far, its registered capital and total assets have stood at CNY 4 billion and CNY 52.2 billion, respectively.
Meanwhile, it has built 17 wholly-owned subsidiaries and 10 holding companies across China, and owns 33 branches, representative offices, and affiliates in 32 countries worldwide. In 2007, the Beijing-based company saw its operating revenues and total assets both beat CNY 50 billion, ranking No. 89 amongst the Top 500 Chinese Enterprises.
In order to further upgrade its profitability, optimize the investment structure, and sharpen its competitive edge, Sinohydro Corp. has been exerting all its strength to expand in the sectors of hydropower, thermal power, wind power, water supply, real estate, and infrastructure construction.
At the end of 2006, Sino-Uranium was inaugurated in Beijing, and then it started building up a presence in foreign markets, in line with the strategy of "go abroad". Being a wholly-owned affiliate of China National Nuclear Corporation (CNNC), the company always helps its parent exploit overseas uranium reserves and achieve project financing.
Currently, it joins hands with many global mining and resources respecting companies, and expects to seek more development opportunities.
From cnstock.com, Page 1, Tuesday, April 08, 2008 info@SinoCast.com
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