NFC signs EUR 327 mln contract with Iranian firm

China Nonferrous Metal Industry's Foreign Engineering and Construction Co (NFC)<000758> signed a contract worth of EUR 327 million with an Iranian firm to build an electrolytic aluminum facility in Sabzevar, Iran, told by sources.

NFC and the local firm will fund 30% of the project, while 20% and 50% will come from the public and bank loans.

NFC will be responsible for the overall and detailed design, supply of equipment and materials, technical support, equipment installation and training, according to the contract.

NFC said that due to Iran's nuclear issues and the large investment volume of this project, the final implementation of contract has some uncertainty, but will not affect NFC's recent performance.

Headquartered in Beijing, NFC principally engaged in international project contracting, non-ferrous metal exploration at home and abroad, as well as the production and sale of non-ferrous metal products.