(Yicai) Nov. 7 -- Shares of Sichuan Zigong Conveying Machine Group rose after the Chinese material conveying equipment supplier won a bid to supply CNY763 million (USD105 million) worth of equipment to an iron mine project in Guinea.

ZGCMC’s stock [SHE: 001288] was trading up 2.7 percent at CNY17.01 (USD2.34) as of 2.35 p.m. in Shenzhen today, after earlier gaining as much as 4.6 percent.

ZGCMC will supply belt-type material conveyors and systems to the third section of the Simandou mine project after winning a bid released by the mine’s developer Wining Consortium Simandou, the Sichuan province-based company announced late yesterday.

The first and second batches of equipment are expected to be delivered within 14 months and 24 months, respectively, after ZGCMC receives the advanced shipping notice, according to conditions agreed upon by the two sides, ZGCMC added, without disclosing any further details.

ZGCMC’s overseas sales totaled CNY26.9 million (USD3.7 million) last year, accounting for just over 2.9 percent of the total.

Simandou is an undeveloped iron mine divided into north and south sections which boasts the biggest reserves and highest quality of iron worldwide. Established in 2019, Wining Consortium is the developer of the north section, while Aluminum Corporation of China and international mining giant Rio Tinto are the developers of the south section.

Chinese iron and steel behemoth China Baowu Steel Group announced early last month it had invested in Wining Consortium but did not specify its shareholding ratio.

Editor: Futura Costaglione