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    601186   CNE1000009T1

CHINA RAILWAY CONSTRUCTION CORPORATION LIMITED

(601186)
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China Railway Construction Corp Limited : ANNOUNCEMENT IN RESPECT OF THE MINING CONTRACT OF MIRADOR MINE ENTERED INTO BETWEEN ECUACORRIENTE S.A. AND THE GOVERNMENT OF ECUADOR

03/07/2012 | 03:29am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

ANNOUNCEMENT IN RESPECT OF THE MINING CONTRACT OF MIRADOR MINE ENTERED INTO BETWEEN ECUACORRIENTE S.A. AND THE GOVERNMENT OF ECUADOR

This announcement is made on a voluntary basis.
Reference is made to the announcement of China Railway Construction Corporation Limited (the "Company") dated 29 December 2009 in respect of the joint acquisition of Corriente Resources Inc..

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Corriente Resources Inc. is a wholly-owned subsidiary in Canada of CRCC-Tongguan Investment Co., Ltd., which in turn is a company established and held as to 50% by each of the Company and Tongling Nonferrous Metals Group Holdings Co., Ltd.. Ecuacorriente S.A., as a wholly-owned subsidiary in Ecuador of Corriente Resources Inc., together with the Non-renewable Natural Resources Ministry of Ecuador (on behalf of the government of Ecuador), following over one year's negotiation, jointly signed the Mining Contract Entered into Between the Government of Ecuador and Ecuacorriente S.A. (the "Mining Contract") regarding the development of the Mirador Mine, a mine owned by Ecuacorriente S.A., at
17:30 on 5 March 2012 (Ecuador time, which was 6:30 on 6 March in Beijing time) at the Presidential Palace of Ecuador. The entering into of such contract was witnessed by Mr. Rafael Correa Delgado, President of Ecuador, and Mr. Yuan Guisen, China's extraordinary and plenipotentiary ambassador in Ecuador. As agreed by both contracting parties, the Mining Contract will take effect upon the obtaining of approval from the Chinese government.
Pursuant to the Mining Contract, Ecuacorriente S.A. aims to build the Mirador Mine into a modern open-pit mine with ore-processing capacity of 60,000 tons per day and 20,000,000 tons per year by the end of 2016 (in particular, the ore-processing capacity is expected to reach 30,000 tons per day and 10,000,000 tons per year by the end of 2014), and establish a hydropower station with an installed capacity of 129 MW for the mine's operation. The Mining Contract was the first signed solid mineral mining contract since the execution of the new constitution of Ecuador.
Mirador Mine, as one of the four mines owned by the subsidiary in Ecuador of Corriente Resources Inc. in Canada, which was acquired by CRCC-Tongguan Investment Co., Ltd., has a proved and controlled ore reserve of 660 million tons with grade of copper, gold and silver ores reaching 0.53%, 0.17g/t and 1.41g/t, respectively, which indicates corresponding reserve of copper, gold and silver of 3,490,000 tons, 112 tons and 927 tons, respectively. After such project reaches its designed production capacity, the annual output of copper concentrates will amount to 354,000 tons (the respective grade for concentrates of copper, gold and silver is expected to be 26.3%, 5g/t and 54.46g/t). The mine design of the project is undertaken by China Enfi Engineering Corporation (


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Financials
Sales 2021 1 040 B 164 B 164 B
Net income 2021 24 765 M 3 901 M 3 901 M
Net Debt 2021 52 850 M 8 324 M 8 324 M
P/E ratio 2021 4,62x
Yield 2021 3,12%
Capitalization 105 B 16 686 M 16 613 M
EV / Sales 2021 0,15x
EV / Sales 2022 0,15x
Nbr of Employees 286 242
Free-Float 47,8%
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Number of Analysts 12
Last Close Price 8,35 CNY
Average target price 10,17 CNY
Spread / Average Target 21,8%
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Managers and Directors
Shang Biao Zhuang President & Executive Director
Xiuming Wang Chief Financial Officer & Chief Accountant
Xi Rui Cao Chairman-Supervisory Board
Jian Ping Wang Chairman
Patrick Sun Independent Non-Executive Director