Business
Russian group gets down to business
Vietnam’s state-run Vinacomin is intensifying efforts for building a copper metallurgical plant in northern Quang Ninh province in a joint venture with Russia-based Geo Pro Mining Group.
 |
Vinacomin’s deputy general director Phung Manh Dac said the two parties had signed the cooperative agreement in September, 2010 and the Vietnamese government had agreed in principle the metallurgical plant’s investment commitment.
The parties are in the legal set-up stage so as to be able to start work on the project within the first quarter of 2011.
As planned, the copper metallurgical plant with an annual production capacity of 50,000 tonnes of 99.95 per cent copper purity will be based on northern Quang Ninh province.
Vinacomin will contribute 29 per cent of the total investment capital while Russia’s Geo Pro Mining Group will offset the remaining 71 per cent. The copper plant’s capacity will be doubled to 100,000 tonnes per year in the second phase of investment but exact date is still withheld.
Latest News
- Keangnam tower changes Hanoi office trends (May 15, 2012)
- Garment firms trying on locals for size (May 14, 2012)
- Gold devalues; black-market dollar rises (May 14, 2012)
- VietJetAir opens two new routes from Hanoi (May 14, 2012)
- Vinamilk’s chief listed among Asia’s best CEO’s (May 14, 2012)
- Banking restructuring is nothing to be feared (May 14, 2012)
- iPad 2012 on sales in Vietnam: official (May 14, 2012)
- Indian businesses keen on Vietnam’s investment environment (May 14, 2012)
- Vietinbank issues international bonds (May 13, 2012)
- Tra fish processing industry struggles to reach export goal (May 12, 2012)
More News
- Formosa Plastics plans $11.3-billion investment in Ningbo, US and Vietnam (Dec 10, 2010)
- Support urged for auto industry (Dec 10, 2010)
- Team to probe high interest rates (Dec 10, 2010)
- Ford to invest $600 mln in US plant ramp-up (Dec 10, 2010)
- Siemens selects initial projects for $100 million Integrity Initiative (Dec 10, 2010)
- Chinese soft drinks maker beats PepsiCo in court over recipe (Dec 09, 2010)
- Japan's Toyota Tsusho to procure rare earths in India (Dec 09, 2010)
- Indochina Airlines still hit by turbulence (Dec 09, 2010)
- Viet Kieu getting connected (Dec 09, 2010)
- Gold nose-dives VND700,000 per tael (Dec 08, 2010)
Popular
Coal exports to fund Vinacomin: official
Nguyen Khac Tho, deputy head of the General Department of Energy, told Tuoi Tre that state-run coal giant Vinacomin has to export coal in order to obtain capital for operation, despite the fact that the country will have to begin importing coal in 2015.
