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Last updated: Wednesday, December 13, 2017

 

Vinacomin to Sell 33.06% Stake in Copper Mine Owner Vimico

Posted: Tuesday, September 26, 2017

Photo: Vinacomin
Photo: Vinacomin

State-run Vietnam National Coal – Mineral Industries Holding Corp., or Vinacomin, said Tuesday it is seeking to sell its stake in its unit, Viacomin – Minerals Holding Corp. (Vimico), the owner of the largest copper mine in Vietnam.

The move is part of Vinacomin’s plan to restructure itself during the 2017-2020 period by reducing its stakes in its affiliated companies, especially those operating in the power generating and mining areas, Vinacomin said in a statement following a conference held in Hanoi Monday. The conference was jointly held by Vietcombank Securities and Hanoi Stock Exchange.

Vinacomin said it is seeking to sell a 33.06% stake, or 66.12 million shares, in Vimico to cut its ownership in the unit to 65%. It also plans to cut its stake in Vinacomin Vietbac Mining Industry Holding to 65% from 98.19%.

“The restructure of Vinacomin and the sales of the stakes in the two units are in line with the group’s strategy to develop sustainably, raise its competitiveness and better use social resources,” Vinacomin chief executive Dang Thanh Hai was quoted as saying in the statement.

“Vinacomin hopes to attract potential investors who have financial capability and technologies, with commitment to comprehensively develop the firms for the long term,” Mr. Hai said.

Vimico is currently mining several minerals, including gold, silver, copper, iron, zinc and lead. It is the owner and operator of the country’s largest copper mine – Sin Quyen Mine in the northern province of Lao Cai.

VTK








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