Chinese iron ore project in Gabon delayed

According to a 29 January Bloomberg report (Antonie Lawson, “Gabon Urges China to Accelerate Development of Iron-Ore Project”) picked up by International Rivers,

Gabon urged China to accelerate the development of an iron-ore project in the Central African country, which has been delayed by the global financial crisis (…)

China National Machinery and Equipment Import and Export Corp. announced in July it signed a 25-year accord with Gabon’s government to build and operate a mine producing as much as 30 million metric tons a year of the steelmaking ingredient. The state-owned contracting company, known as Sinomach, will also build a 500-kilometer railway, a port and a water power station.

The total cost of the mine will exceed $790 million, according to China
Daily
.

Interestingly, the process currently appears stalled by at the stage of the environmental study. This appears to be another sign that the recession is slowing down at least some of the projects.

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