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Cavico Vietnam receives Lao copper, gold exploration permit
Cavico Vietnam, a mining and construction company, has received a permit from Laos to explore for copper, gold and other ores in the country’s Muang Hom District, according to a company official.
“The project is promising for our business given the estimated reserves in the area,” Pham Dinh Son, a director of Cavico Vietnam Mining and Construction Joint-Stock Co., a unit of Cavico Vietnam, said Thursday by phone.
Laos is ramping up exploration for energy and minerals to try and boost economic growth. China Minmetals Group took over Laos’ Sepon copper mine when it bought assets this year from Australia’s OZ Minerals Ltd. Salamander Energy Plc, a UK explorer which also has operations in Laos.
Cavico Vietnam will explore in a 500 square kilometer block around Namkhoun village in Muang Hom, the company said in an April 29 statement. The search and technical studies may take six years, the statement said.
Cavico will form a US$30 million joint-venture with Laos’ Muang Hom Mining Co. and Laoyoung Chaleun Ltd. to carry out the project, with Cavico holding 78 percent, the statement said.
thanhnien, bloomberg
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