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1.2 trillion VND added to bauxite project
The Vietnam Industry and Trade Bank (Vietinbank) will finance 1.2 trillion VND (72 million USD) to the implementation of the country’s largest bauxite-aluminum project in Central Highland Lam Dong province.
A credit contract was signed on Nov. 8 between Vietinbank and the Vietnam Coal and Minerals Group (TKV), the project’s owner.
This was part of a credit package worth 1.65 trillion VND that Vietinbank had agreed to extend to TKV.
The bank also committed to provide more than 2 trillion VND for TKV’s affiliates as well as for major coal projects.
Earlier, the Vietnam Bank for Foreign Trade (VCB) and TKV signed a credit contract for the same purpose on Oct. 10, bringing the combined banking loans to 2.4 trillion VND (144 million USD).
The 142ha Lam Dong bauxite-aluminum complex, worth 7.79 trillion VND, is expected to put into operation in 2010, being capable of exploring 4 million tonnes of bauxite and producing 600,000 tonnes of aluminum per year.
TKV said the group will need an additional 2.5 billion USD for developing its projects in the next 10 years.
VNA
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