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Vietinbank agrees mining loan

Update: January, 20/2012 - 10:05

 

The model of the Nhan Co bauxite-alumina production project in the Central Highlands Province of Dak Nong. — VNA/VNS Photo Duc Tam
HA NOI — Viet Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) will provide a VND2.1 trillion (US$100 million) loan to the Nhan Co bauxite-alumina production project in the Central Highlands province of Dak Nong.

The bank inked a credit contract with the Viet Nam Coal and Minerals Industries Group, the project's investor, yesterday in the capital.

The signing of a credit agreement with Vinacomin would open up a new page for bilateral relations between the two sides, said Vietinbank chairman Pham Huy Hung.

It would also prove our commitment to accelerate co-ordination in accordance with a comprehensive co-operation agreement signed in 2007, Hung said.

Vinacomin general director Le Minh Chuan spoke highly of Vietinbank's credit resources for the project, saying that the group would effectively utilise the loan to implement the project as scheduled.

The Nhan Co bauxite-alumina project is comprised of two components. The first, a bauxite refining plant, is expected to supply 1.65 million tonnes of bauxite each year. The second part is an alumina plant which is designed to produce 650,000 tonnes annually.

The project is expected to foster sustainable socio-economic development, security and political stability in the Central Highlands and accelerate the regional economic restructuring from agro-forestry to a multi-sector economy with industry and service as its basic components.

Under an approved plan for the 2007-15 period, Viet Nam will build a number of alumina plants with a combined output of 6.4 million tonnes per annum and the capacity will be raised in the following years. Product exports will begin in the first phase. — VNS

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