CECIC Wins $125 Million Contract for Copper and Zinc Underground Project in Saudi Arabia

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Researched by Industrial Info Resources (Sugar Land, Texas)--China Geo-Engineering Corporation (Beijing), a subsidiary of China Energy Conservation and Environment Protection Group (CECIC) (Beijing), signed a general contract with Al-Masane Al-Kobra Mining Company (ALAK) (Jeddah, Saudi Arabia), a subsidiary of Arabian American Development Company (NASDAQ:ARSD), for the Al-Masane Copper & Zinc Underground Mining Project in Jeddah, Saudi Arabia, on June 30, 2010. "The total amount of the contract is $125 million, and the total construction period of the project will be five years," CECIC announced on July 6, 2010.

The contract is adopted with the combination of a fixed-price and a quantity-based pricing term. The scope of the contract is comprised of a 15-month mining-rehabilitation and capital-construction project, and a 45-month mining-production project.

According to the contract, China Geo-Engineering Corporation is entitled with the rights to operate the mine for three to 10 years, and to jointly develop the nickel mines under the name of ALAK.

"Through the implementing of the general contracting in build and operation for Al-Masane Copper and Zinc Mine Project in Saudi Arabia, China Geo-Engineering Corporation is shifting its role from traditional construction contracting to the comprehensive mode of cooperative development and operation, which will have an important meaning in further expanding its market share in the mining sector in the Middle East, as well as the Africa regions," said CECIC in its announcement.

China Geo-Engineering Corporation has been engaged in overseas engineering contracting markets for about 30 years. Following the merging of CECIC and China New Era Group Corporation (Beijing) in March 2010, China Geo-Engineering Corporation becomes a subsidiary of CECIC, which is the only enterprise under the direct management of the central government, with energy conservation, emission reduction and environment protection as its main businesses in China.

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