Foreign banks to finance largest wolfram mining project

Foreign banks Bayerische Hypo-und Vereinsbank and Fortis are planning to provide a credit of 250 million USD to fund Vietnam ’s largest tungsten and fluorspar mining project in the northern Thai Nguyen province.

The credit deal will be signed on May 23 by the banks and the Nui Phao Joint Venture Mining Company Ltd. (Nuiphaovica), an enterprise set up by Canada’s Tiberon Minerals Ltd. and Vietnamese partners, the Thai Nguyen Minerals Company and the Thai Nguyen Export-Import Investment Company.

Nuiphaovica has worked with local authorities since 2004 to prepare for the joint project, including site clearance and compensation. The first batches of minerals are scheduled to be bought out in September 2010.

Total investment for the project is estimated to exceed 300 million USD, of which two-thirds is contributed by Tiberon Minerals Ltd. and the rest by the two local companies.

VNA

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