(Yicai Global) March 1 -- Shares in Anhui Jiangnan Chemical Industry advanced as much as 4.4 percent today after the Chinese civil explosive and equipment supplier said that its overseas subsidiary has won the bidding to provide a uranium mine in Namibia with services such as blasting, ore loading and transportation.

Jiangnan Chemical’s share price [SHE:002226] closed up 1.9 percent at CNY5.72 (USD0.83) apiece today. Earlier in the day it hit CNY5.86.

Unit Northern Mining Technology Services (Namibia) has signed a deal worth NAD12.6 billion (USD688 million) to provide services to the Rossing uranium mine, which is owned by a unit of China National Nuclear Corp., the Ningguo, eastern Anhui province based parent firm said yesterday. The contract runs from January next year to December 2036.

The deal will help Jiangnan Chemical expand its footprint in southern Africa, and advance its transition from a manufacturer to both a service provider and manufacturer, it added.

The Rossing uranium mine is the world’s fourth-largest uranium mine and produced 2,444 tons uranium last year, around 5 percent of global output. A subsidiary of China National Nuclear bought a 68.6 percent stake in the mine’s owner Rossing Uranium in November 2018 to become the controlling shareholder.

Editor: Kim Taylor