(Yicai Global) Nov. 16 -- A subsidiary of China National Chemical Engineering has won a EUR1.8 billion (USD2 billion) contract to build a bauxite project and a related alumina refinery in West Africa's Republic of Guinea.

China National Chemical Engineering and Construction Corp. Seven has won Mavcard’s bid regarding the engineering, procurement, and construction contract, the Beijing-based parent, which has branches in more than 60 countries, said in a statement yesterday.

The project will be located in west-central Guinea's Labe. The bid winner will be responsible for building an alumina refinery with an annual output of 1.5 million to 2 million tons of the chemical compound that is produced from bauxite and smelted into aluminum.

The deal is significant for the subsidiary. The contract sum equals about 10.5 percent of the unit's audited operating income in 2020, CNCEC added.

CNCEC's share price [SHA: 601117] was 0.1 percent up at CNY9.97 (USD1.60) in the afternoon.

Editor: Emmi Laine, Xiao Yi