It is reported that China's Shanghai Construction, one of the leading developers behind the well-developed city in China has engaged in a framework agreement to purchase and own a major stakes in Zara Mining, a gold mine located in Eritrea, Africa.

It’s known that Zara Mining is jointly owned by the Eritrean National Mining Corporation and the Australian Chalice Gold Mines.

It's said that China's Shanghai Construction will acquire 60% stake in Zara Mining for US$80 million.