Economy
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| The Ministry of Industry and Trade has allowed Việt Phát Company in the northern Lào Cai Province to export 200,000 tonnes of iron ore. — Photo baocongthuong.com.vn |
Viet Nam News
HÀ NỘI — The Ministry of Industry and Trade has allowed Việt Phát Company in the northern province of Lào Cai to export 200,000 tonnes of limonite ore to ease the company’s financial burden.
Earlier, the company signed a contract with Việt Trung Mineral and Metallurgical Company Limited to buy 500,000 tonnes of limonite ore, a type of iron ore, from Quý Xa Mine. However, the Việt Phát Company sold 300,000 tonnes to Hòa Phát Steel Company in the 2017-18 period, creating a redundancy of 200,000 tonnes.
The Việt Phát Company asked the ministry to allow them to export the redundant ore to ensure the stability of their financial situation.
Limonite ore is one of the raw minerals the government prohibits and limits exports.
Lào Cai Province then sent a document to the ministry to consider the export.
The ministry required the company to give priority to selling the iron ore to local firms if, during the export process, domestic companies added to the demand.
It added that the decision was suitable to ease the challenges faced by iron ore exploitation and processing firms.
In September, the ministry also allowed the iron ore magnetite exports of another company in the province, totalling more than 11,000 tonnes. — VNS
