BEIJING, July 9 -- China National Machinery and Equipment Import and Export Corporation (CMEC) said it has signed an agreement on mineral rights of Belinga iron ore reserves with Gabonese government.

    A joint venture company will run the Belinga mine and its supporting infrastructures for 25 years, and is expected to have access to 30 million tons annually.

    The exploration and construction costs will be more than $790 million, including the construction of 500 km railways, dams and deepwater ports, according to a report by Shanghai Securities News.

    So far, the Belinga iron ore project is China's largest resource investment in Africa.

    The mineral right agreement is part of a pact, which was reached in 2006 between CMEC and the Gabonese government to construct and run the Belinga iron ore reserves.

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