PRC group and Tanzania government team up to develop projects
October 12, 2011 | BY
clpstaff &clp articlesSichuan Hongda Group has entered into a joint venture agreement with Tanzania's National Development Corporation. The two parties will implement an integrated…
Sichuan Hongda Group has entered into a joint venture agreement with Tanzania's National Development Corporation. The two parties will implement an integrated coal mine and power plant project, and an integrated iron ore mine and steel mill project in Tanzania. These two projects represent an investment of up to US$3 billion, and are the single largest investment venture in East Africa.
National Development Corporation will hold a 20% interest, and Sichuan Hongda Group will hold 80%. Completion of the transaction is subject to approvals the Tanzanian and PRC governments.
Advising Sichuan Hongda Group is a Cleary Gottlieb Steen & Hamilton team led by Beijing partner Li Li and Hong Kong partner Mike Preston. K&M Advocates served as Sichuan Hongda Group's Tanzanian local counsel. DLA Piper represented National Development Corporation.
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