VietinBank and Vinacomin on Jan 19, 2012 signed a credit contract worth $100 million to finance Nhan Co aluminum factory.
Attending the ceremony were Mr. Le Minh Chuan – a member of consulting council, CEO of
Vietnam National Coal and Mineral Industries Holding Corporation Limited (Vinacomin), Pham Huy Hung – General Secretary, Chairman of VietinBank; Nguyen Van Thang – BOD Member, CEO of VietinBank and representatives from the two companies.
Under the contract, VietinBank pledged $100 million, or VND2.1 trillion for Vinacomin to implement Nhan Co aluminum factory project. The credit is a part of the credit package of VND 6 trillion that VietinBank spares for Vinacomin.
Nhan Co Alumina factory is a part of the plan of exploration, exploitation, processing and using our country's bauxite in the period 2007 - 2015, a vision to 2025 approved by the Prime Minister for feasibility study. This project is significant in opening up a key industry for the industrialization and modernization of the Central Highlands region and in the country.
Nhan Co Alumina factory is a combination of: bauxite ore plant (built in Nghia Thang commue, District Dak R'Lap district, Dak Nong province) and alumina plant (built in Nhan Co commune, District Dak R'Lap district, Dak Nong province). Bauxite ore plant has a capacity of about 1,650,000 tons of dry ore / year, capable of expanding to about 3.3 million tons of dry ore / year and directly fed to the alumina factory. Alumina production plant has a design capacity of 650,000 tons / year, capable of expansion to 1.2 million tons / year.
Speaking at the ceremony, VietinBank’s chairman Pham Huy Hung said: VietinBank is proud to be the major sponsor and provide banking services for Vinacomin and its affiliates’ credit demand to carry out their annual production and business investments as well as major projects and key minerals of the coal industry.
The signing ceremony of the credit agreement confirms VietinBank’s capacity to arrange finance for investment in major projects and confirmed close relation between VietinBank and Vinacomin in the context of integration, the global economic downturn and fierce competition today.
At the ceremony, Vinacomin’s CEO Le Minh Chuan thanked the companionship of VietinBank and admitted that VietinBank has always been a reliable companion of Vinacomin to help the company overcome the difficulties and challenges of the economy in general and the mining industry in particular.
The signing ceremony of the credit agreement again confirmed the strategic relationship and cooperation between VietinBank and Vinacomin as stated in a comprehensive cooperation agreement signed in 2007, as well as opening up new opportunities for stronger and more comprehensive cooperation between the two companies.
Source VietinBank, StoxPlus
