HPG to Expand Iron Ore Production in Southeast Asia

Hoa Phat Group, or HPG, has set up Hoa Phat Mineral Joint Stock Co to expand iron ore exploitation in Vietnam, Laos and Cambodia, local Dau Tu Chung Khoan Online reported on September 5.

 

With the registered capital of VND100 billion, the company is exploring iron ore reserves in northern Vietnam, Laos and Cambodia in a bid to satisfy its iron ore demand for its new steel and steel ingot mills, expected to be started soon in Vietnam.

 

The company has completed procedures to invest US$50-100 million abroad to seek new reserves and opened a representative office in Vientiane, Laos. It also hopes to open new rep office in Phnom Penh, Cambodia.

 

APEC Investment Co., which has invested VND92.8 billion to become HPG’s strategic shareholder, has been invited to invest at most 30 per cent capital of HPG’s projects.

 

Statistics by the Vietnamese Planning and Investment Ministry showed that Vietnam invested US$1.17 billion in 217 projects abroad, including 76 projects capitalized at US$555 million in Laos and 22 projects valued at US$80.7 million in Cambodia. (Securities Investment, Vneconomy)