The chairman of Vietnamese conglomerate, Hoang Anh Gia Lai Joint-Stock Co, has said that his company will sell 1 million metric tons of iron ore to China next year.
Doan Nguyen Duc said that the company, whose interests span real-estate, mining, rubber and hydropower in Vietnam, Laos and Cambodia has iron ore reserves of 60 million tonnes and has already signed contracts with Chinese mills to sell 400,000 tonnes this year at the spot price. The sales will add around 650 billion dong ($34 million) to Hoang Anh Gia Lai’s third-quarter profit.
Mr Duc said that pre-tax profits for this year will rise to almost 2.8 trillion dong, up from 1.7 trillion dong, largely due to sales of iron ore and electricity.
Des Nogalski
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