Caixin
Oct 05, 2022 07:02 PM
BUSINESS

Chinese Construction Firm to Buy 50% of East African Potash Mine

Sichuan Road and Bridge Group’s foray into potash comes as the infrastructure builder ramps up an expansion into mining. Photo: VCG
Sichuan Road and Bridge Group’s foray into potash comes as the infrastructure builder ramps up an expansion into mining. Photo: VCG

State-owned infrastructure construction firm Sichuan Road and Bridge Group Co. Ltd. (SRBG) (600039.SH) is planning to acquire a 50% stake in a major potash mine in East Africa in its latest push into the mining industry.

Chengdu-headquartered SRBG has signed a $166 million deal to acquire half the stake in the Colluli Potash Project in Eritrea from Australian fertilizer developer Danakali Ltd., the latter said in an announcement on Monday. The Australia-listed firm owns the potash mine through a subsidiary in a 50-50 joint venture with the state-owned Eritrean National Mining Corp.

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