Gov't Okays US$500Mln Bauxite Processing Project in Central Highlands
The Vietnam Mineral Corporation (Vimico) has just received a nod from the government to develop a US$500 million project to build a factory processing aluminum bauxite in the Central Highlands province of Lam Dong.
Plans to call for foreign investors to build the first-ever bauxite processing factory in the country, therefore, have been shelved and Vimico will supply the huge capital for tapping the natural resource.
According to the project’s feasibility study, Vimico will quarry 1.7 million tons of bauxite and process 600,000 tons of aluminum per year.
It was revealed earlier that Japan’s Mitsui has agreed to buy all products produced by the bauxite plant with the financial support from the Japan Bank for International Cooperation and Japan’s Natural Resources and Energy Fund.
The Japanese enterprise also agreed to offer a loan to the project owner, without forcing Vimico to acquire Japan’s machinery.
Besides, Belgium’s Fortis Bank is reportedly considering offering loans for the project.
SGT
Vietnamese
