Vinacomin Affiliate to Invest US$187.5 Mln into Local Mineral Projects

Mineral Corp-TKV, an affiliate of the state-run Vietnam Coal and Mineral Group (Vinacomin), said it will invest VND3 trillion (US$187.5 million) into key mineral projects in Vietnam from now to 2010, the Industrial Magazine reported Friday.

 

The plans aim to help the state-owned mining company to obtain a total revenue of VND5 trillion (US$312 million) and a profit of VND500 billion (US$31 million) in 2010, said the source.

 

Mineral Corp-TKV will invest VND1.5 trillion to develop an iron cast and steel complex in northern Cao Bang province to make 220,000 tons of steel a year; VND1.2 trillion into Tan Quang cement factory in northern Tuyen Quang province to make 1 million tons of cement a year.

 

The Vinacomin’s leading unit company will invest VND900 billion to enhance copper exploitation in Sinh Quyen mine to churn out 80,000 tons a year and VND250 billion for Na Lung iron ore to make 350,000 ton a year. (Industrial Magazine)