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25th February 2016
A delegation consisting of a consortium from Anglo-African Minerals plc (“AAM”), China Railway No.3 Engineering Group (“China Railway”), Sinofortone Group and Strand Hanson Limited (“Strand Hanson”) last week visited Guinea to hold high level discussions relating to the development of significant rail and port projects to enable the development of the Guinea key strategic “Central Corridor”.
Discussions with Government representatives resulted in the signing of a “Memorandum D’Entente” on the 16th February with the Ministry of Transport of the Republic of Guinea.
This marks an important milestone for Guinea, as the proposed partnership has the potential to unlock vast mineral resources, to provide the country with new rail infrastructure and port located to the south of Conakry.
China Rail will now commence an in-depth feasibility study on the proposed project, working closely with Government departments, AAM and Strand Hanson.
Dr Peter Zhang, General Manager of China Railway commented “China Railway is confident that the signing of the MoU represents the first step towards a broad strategic relationship between the Governments of China and Guinea to work responsibly together to unlock the huge potential for the benefit of the country and its people”
Further discussions will take place on 24th February at the UK – Guinea trade Forum in London, where the consortium will enter in to further discussion with various representatives and Ministers from Guinea.
James Lumley, Chief Executive Officer of AAM, said “This is a significant event in terms of both AAM and Guinea, and I am delighted that we have formed a partnership with China Railway and Sinofortone Group whom have the capability and expertise in delivering this landmark development”.
AAM owns the rights to 4 bauxite projects through its Guinean subsidiaries which are located in the Central Corridor:
China Railway No. 3 Engineering Group is a wholly-owned subsidiary of China Railway Group Limited which is one of the world’s largest construction engineering contractors, featured in the World Top 500 Enterprises for 10 years in succession. In 2015, it ranks in the 71st place among Fortune World Top 500 Enterprises and the 11th place among Top 500 Chinese Enterprises. The total assets of the Group amount to US$105 Billion and its annual turnover reaches US$100 Billion.
Founded in 1993, Strand Hanson is one of London’s most well established investment banking boutiques, and a leading adviser to companies in emerging markets. Strand Hanson has a unique presence in Africa, having established an office in Cape Town in 2008 to serve the continent. It is the number one Nominated and Financial Adviser to for AIM companies operating in Africa, across some 20 countries.