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Coal producer gets 72 million USD from Vietcombank
The Vietnam Coal and Mineral Industries Group (Vinacomin) has signed an agreement for a loan of 72 million USD from the Bank for Foreign Trade of Vietnam (Vietcombank).
With the loan, Vinacomin, the country’s top coal producer, said it would invest in the development of a bauxite exploitation project in the central highland province of Lam Dong .
The project is among the group’s plans to diversify their exploitation of minerals and improve production of hydro power.
The coal group earned a turnover of 37.4 trillion VND (2.26 billion USD) in the first nine months of the year, up 42 percent over the same period last year.
Vinacomin chairman Doan Van Kien said the group expected to lift its coal output in the near future through the application of modern technologies into coal exploitation, including under-group coal gasification (UCC) technology.
The group last Saturday signed a 6.5 million USD project with Australia ’s Linc Energy Ltd and the Marubeni Corporation of Japan for a trial use of UCG technology in the Red River coal basin.
The deal, which goes into effect immediately after signing, is designed for the conduction of geological studies and UCG at the Tien Dungmine in Khoai Chau district, Hung Yen province, 30km northeast of Hanoi.
VNA
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