Complant, Canadian firm eye Congo JV
Source: Xinhua |
February 2, 2010, Tuesday
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Print Edition
Print Edition
CHINA National Complete Plant Import and Export Corp Ltd (Complant) plans to form a potash fertilizer joint venture plant in the Republic of Congo in West Africa, according to a company statement filed to the Shenzhen Stock Exchange yesterday.
Complant and MagIndustries Corp of Canada agreed for the joint venture plant to be located in Mengo. The factory is expected to cost less than US$1.2 billion and would have an annual output of 1.2 million tons of potash fertilizer on completion.
MagIndustries, a public company listed on the Toronto Stock Exchange, mainly evaluates key mineral licenses acquired in Congo.
The Beijing-based import and export company would be the contractor in charge of engineering, procurement and construction for the project, and would also have to finance it, according to an agreement.
Complant said in the statement that the agreement, which would be formalized into a contract in six months, was not legally binding.
It also warned investors that any gains from the project might not cover the costs.
Complant closed 5.27 percent higher at 11.18 yuan (US$1.64) yesterday, giving it a market value of 3.31 billion yuan.
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