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Vinacomin inks ventures
Viet Nam National Coal-Mineral Industries Group (Vinacomin) yesterday signed agreements with three foreign corporations to establish a joint exploitation venture at three coal mines in the northern province of Hung Yen.
The partners are China’s CMC Import-Export Corporation, US-based Bantry Bay Ventures and Japan’s Marubeni Joint-venture.
The three mines targeted, Binh Minh, Khoai Chau I and Khoai Chau II, are expected to produce 9 million tonnes of coal a year.
The Government has previously planned to spend VND17 trillion (over US$1 billion) in the area and directed Vinacomin to call for more foreign investment.
Tran Viet Su, deputy director of the Song Hong Energy Company, Vinacomin’s representative in the joint venture said the group would build thermal power plants in the area and produce 3,600MW a year.
"The first exploitation will begin in 2012," Su said.
VNS
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