Chinese privately-owned company invests in mining project in Africa

摘要

Wuxi Tongda Imp-Exp Co., Ltd, a privately-owned company mainly engaged In trade of stainless steel and other metals in Wtixi city of Jiangsu province, has recently gained approval from relevant authorities to invest in several mining projects in Africa, source close to the situation said. The company plans to acquire 51 percent of shares in a South Africa's mining company. The cost of the acquisition total USD2.94 million, 1.5 million of which will be from the Chinese trading company. Furthermore, the company intends to invest in some copper concentrate and cobalt concentrate projects in Congo and other African countries.