China, Vietnam Jointly Exploit Second Largest IronOre Deposit
The Vietnam-China Minerals and Metallurgy Company launched February 3 the ground-breaking ceremony for infrastructure of Vietnam’s second largest iron ore mine of Quy Sa in the northern province of Lao Cai.
The company, a joint venture between Vietnam Steel Corp and Kungang Steel and Iron Company of China’s Yunnan province, is scheduled to operate the mine project at total cost of US$175 million in the first quarter of 2008.
Once operational, the iron mine with estimated reserve of 120 million tons will produce between 1.5-3 million tons a year.
The ore is expected to be exploited for 40-50 years.
The joint venture will also build an iron and steel mill in Tang Loong IP in Bao Thang.
The project will be carried out in three phases, each lifting annual capacity by 500,000 tons.
The first stage is from 2008-2009, the second in 2012 and the third in 2015.
The opening ceremony was held with the participation of representatives from the provincial People’s Committee, the Vietnam Steel Corporation and its Chinese counterpart.
In related news, Prime Minister Nguyen Tan Dung has authorized Vinacomin to cooperate with Vietnam Steel Corp to jointly exploit the Thach Khe Iron Mine in the central province of Ha Tinh with allowed foreign investment of up to 30 per cent. (VNA, Investment)
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