Subsidiary of Sichuan Road&Bridge Group to invest in potassic salt ore project in Eritrea

Photo taken on Jan. 4, 2022 shows the street view of Asmara, capital of Eritrea. (Xinhua/Yang Zhen)

Sichuan Road&Bridge Group Co., Ltd. (600039.SH) announced that its subsidiary Sichuan Shudao New Material Technology Group Co., Ltd. intended to acquire 50-percent shares of an Eritrean firm Colluli Mining Share Company (CMSC), reported Shanghai Securities News Wednesday.

According to the company, the 50-percent shares to be acquired are owned by STB Eritrea Pty Ltd (STB), an Australian company, and after the acquisition, Sichuan Shudao New Material Technology Group Co., Ltd. will invest in a potassic salt ore project in Eritrea.

The acquisition and project investment will need a total fund of about 950 million U.S. dollars.

This transaction will help the company improve the layout of overseas mineral resources, according to its announcement.