Foreign banks Bayerische Hypo-und Vereinsbank and Fortis are to provide a credit of USD250 million to fund Vietnam’s largest tungsten and fluorspar mining project in Thai Nguyen province in the north of the country.
The credit deal was signed on May 23 by the banks and the Nui Phao Joint Venture Mining Company Ltd. (Nuiphaovica), an enterprise set up by Canada’s Tiberon Minerals Ltd. and Vietnamese partners, the Thai Nguyen Minerals Company and the Thai Nguyen Export-Import Investment Company.
Nuiphaovica has been working with local authorities since 2004 to prepare for the project, including site clearance and compensation. The first batches of minerals are scheduled to be mined in September 2010.
Total investment for the project is estimated to exceed USD300 million, of which two-thirds is contributed by Tiberon Minerals Ltd. and the rest by the two local companies.
Source: VietnamNet
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