China Railway Group Ltd. (0390.HK) said Tuesday it agreed to form a joint venture in Congo, which will develop copper and cobalt mines in the African country and build related infrastructures such as roads to the mines.

China Railway said in a statement it has agreed to take a 43% stake in the joint venture called Societe par Actions a Responsabilite Limitee.

China's state-owned Sinohydro Corp., which mainly builds hydropower plants in China, agreed to another 25% stake in the venture, it said.

Congo's state-owned mining company, La Sino-Congolaise des Mines, agreed to take a 20% stake and the remaining 12% interest in the venture will be taken by an independent investor in Congo, Gilbert Kalamba Banika, the statement added.

The registered capital of the venture is $100 million and each investor has agreed to pay according to their stakeholding, China Railway said.

The company said the venture will have mining rights to 6.8 million metric tons of copper and 420,000 tons of cobalt in Congo.

The Chinese company said it will also participate in building related infrastructures, including roads, hospitals, power plant and schools.