[ET Net News Agency, 13 September 2019] China Railway Group Limited (00390) said the
consortium comprising China Railway International Group Co., Ltd. and China Railway No.10
Engineering Group Co., Ltd, each a wholly-owned subsidiary of the company, has won the bid
for EPC contract of Gold Ridge Gold Mine Project in Solomon Islands.
The work scope of the project mainly includes the First Phase and the Second Phase,
among which, the First Phase mainly covers open-pit mining and the Second Phase mainly
covers deep development, underground mining, road and bridge construction, new tailings
construction, wharf construction, hydropower station construction, etc.
The completion date of the project shall be the end date of the operation period of the
Gold Ridge Project approved by the Solomon Islands government, which is 12 March 2034
currently. If the Solomon Islands government approves an extension of the operation
period, the completion date shall be automatically adjusted to the new end date of the
operation period.
The bid amount of the project is approximately US$825 million, representing
approximately 0.78% of the operating revenue of the company in 2018 prepared under the
China Accounting Standards. (RC)