China’s Sichuan to Invest $3.5 Billion in Tanzania Power Plant, Daily Says
Stock Chart for Sichuan Hongda Co Ltd (600331)
Sichuan Hongda Co. may invest $3.5 billion in a 600-megawatt power plant in Tanzania along with two other companies, the Daily News reported, citing Zitto Kabwe, head of a parliamentary committee on state-owned enterprises.
Sichuan plans to collaborate with Tanzania’s National Development Corp., or NDC, and Liganga Iron Ore on the project, the Dar es Salaam-based newspaper said.
The NDC also formed a joint venture with Australia’s Atomic Resources Ltd. (ATQ) to produce 450 megawatts from a $350 million plant at Mbinga district, the newspaper said. The company will be known as Tancoal Energy, it said. In addition, an unidentified investor plans to build a $400 million, 500- megawatt plant near the Kiwira coal mine, the Daily News said.
The power plants, which are awaiting Cabinet approval, may begin supplying power within five years, allowing Tanzania to export electricity to neighboring Malawi, it said.
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