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.

Hoang Minh (vir.com.vn)