(Yicai Global) April 12 -- China’s Sinomine Resource Exploration Co. will build a public transport center and medium- and large-sized markets in Zambia in southern Africa. The projects will have a positive impact on the company’s operating income and total profits for the next three years, it said.
Sinomine signed a USD243.4 million contract with Zambia’s ministry of local government, said the mining exploration company in a statement today. Sinomine will act as the general contractor to build 14 medium- and large-sized markets and the public transport center, it added.
Based on the 36-month contract period, the projects are estimated to generate average annual revenue of about CNY510 million (USD81 million) for the company, which is 94 percent of Sinomine's CNY540 million operating income last year, the statement revealed.
Sinomine’s core businesses include solid mineral prospecting services, international projects, mineral rights investment, logistics services and international trade, covering Zambia and other 20 countries, publicly available information shows.