Tag Archives: Chinese Company

Chinese Company To Commence Construction Of Kano Light Rail

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The China Railway Construction Corporation says it has signed $1.851 billion contract to construct the Kano city light rail.

 

While revealing this to the media yesterday, the company says it has received provisional letter of award from Nigeria to carry out the projects.

 

The receipt of the contract is valid for three weeks from the day of award, after which “uncertainties” will prevail. The company explained that the rail, with a total length of 74.3 kilometres, is expected to travel at a speed of 100 kilometres per hour.

In context, 100 kilometres per hour is as fast as moving from Lagos to Ibadan in 72 minutes.

 

According to the Company, the first phase of the project construction is billed to take two years, while the second phase of the four-line rail is expected to take another two years.

 

“Project contract amount of approximately $ 1.851 billion, equivalent to approximately RMB 120.3 Billion, accounting for 2 percent of the Company’s 2015 revenue, under the China Accounting Standards,” the company stated.

Chinese Company Seeks To Acquire Ajaokuta Steel Company

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A Chinese consortium, China Polaris Technologies Co., Ltd, is seeking to acquire the Ajaokuta Steel Company Limited (ASCL) to further boost Nigeria’s diversification drive.

During a courtesy visit to the Minister of State for Solid Minerals Development Hon. Abubakar Bawa Bwari in his office in Abuja, Chief Executive Officer of the company Mr. Zhang Wendong, said the mission of his team’s visit was to indicate the group’s interest in investing in Nigeria’s solid minerals sector.

While indicating the company’s interest to acquire ASCL, Wendong said they had discovered an iron ore site of high quality that can be explored to provide raw materials for the Ajaokuta Company and other steel processing companies in the country.

He said the consortium was a group of companies that were into mining, exploration, financing, provision of technologies, commodity exchange and minerals product beneficiation. He urged the Ministry to speed up the process of obtaining mining licenses and how to link up with licensed companies in the sector to foster partnership.

Read More: dailytrust