Chinese Venture to Exploit, Process Gold in Vietnam

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Last updated at: (Beijing Time) Tuesday, August 05, 2003

Chinese Venture to Exploit, Process Gold in Vietnam

A Vietnam-China joint venture has been approved to exploit and process gold in Vietnam's northern Bac Can province, the latest issue of Vietnam Investment Review reported Tuesday.

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A Vietnam-China joint venture has been approved to exploit and process gold in Vietnam's northern Bac Can province, the latest issue of Vietnam Investment Review reported Tuesday.

The Chinese partner, Kim Binh Zinc Company, contributes 85 percent of capital to the 700,000-US dollar venture, while local Bac Can Mineral Company makes up the remainder.

The venture will start exploiting gold in the Tan An mine this month, and process its first products in the next few months, saidDirector of Bac Can Mineral Company Mai Van Ban.

All processed gold will target the domestic market, and the venture is valid until 2008, he added.

The venture is the fourth foreign-invested project in Bac Can. The three others, all Chinese-backed ones, have combined capital of 3 million US dollars and involve in exploiting and processing zinc and lead.

Vietnam plans to produce some 2.5 tons of gold and import 50-60 tons of gold products in 2003.

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