China firm wins bid for Tanzanian iron ore mines

[miningmx.com] — China’s Sichuan Hongda will invest $3bn in a coal-fired power plant and two iron ore mines in Tanzania after seeing off competition from Rio Tinto and BHP Billiton, the state-run National Development Corporation (NDC) said on Tuesday.

“The Chinese firm was picked from a long list of bidders as the preferred investor after winning an international bidding process. We are now negotiating final details before a contract can be signed,” NDC’s board chairperson Chrisant Mzindakaya told Reuters.