Monday, 23/11/2015

Masan Resources - its efforts to contribute to mining industry in Vietnam

Masan Resources - its efforts to contribute to mining industry in Vietnam

Nui Phao project is a showcase model for mining and mineral processing in Vietnam

(Securities Investment Magazine) To be one of the founding members of Vietnam Association of Geological and Mineral Enterprises (VAGME), Masan Resources Corporation has all the time demonstrated its active role in contributing responsible opinions for development of mining industry in Vietnam.

Masan Resources Corporation (stock code: MSR) is currently operating Nui Phao poly-metallic mine, located in Dai Tu district, Thai Nguyen province. The project has been granted with investment certificate by Thai Nguyen Provincial People’s Committee on 21st July 2010, and mineral extraction license by Ministry of Natural Resources and Environment (MoNRE) on 21st September 2010.

This is the world's largest tungsten mine and operated by Nui Phao Mining Company (Nui Phao Company), a subsidiary of Masan Resources to extract and process tungsten, bismuth, copper and fluorspar.

Nui Phao Company has completed construction work with over 10 million man-hours Lost Time Injuries (LTI) free and its products have been exported to international market since 2013. For the time being, the processing plant is operated with over 95% capacity and over 92% availability, with workforce of over 1,000 employees, including corporate managers, specialists from various 17 nationalities.

Masan Resources with long-term vision to operate Nui Phao project as a showcase model for mining and mineral processing in Vietnam, with its position and scale of the world’s largest tungsten mine, at the Annual General Meeting of International Tungsten Industry Association (ITIA) held in Hanoi on September 2015, Mr. Dominic Heaton - CEO of Masan Resources has been elected as Member of the Executive Committee of the ITIA.

Thorough comprehension of mission and importance of VAGME is to go alongside with the State and mining, mineral processing enterprises in the cause of national socio-economic development, so right from mid-2014, Nui Phao Company actively engaged in the preparation activities for VADME’s establishment in conjunction with other mineral enterprises as well as contributed opinion to building Association’s charter.

With such a role, Masan Resources and Nui Phao Company always actively engages in all the Association’s activities, contributes opinion to develop effective and practical action plans, exchanges experience for managing mining enterprise with intensive processing products, contributes opinion to the State policies directly relating to enterprises’ mineral mining and processing activities, including comments on the draft policies regarding to royalty, environmental protection charges, the amended draft decree guiding some articles of the Law on Minerals etc.

The comments on the draft policies clearly stated the Association’s viewpoints about discrepancy of policies with regards to a number of taxes which are scheduled to increase in mining industry, strategic orientation on technology of mineral mining and processing enterprises, the long-term vision of economic development in the mining sector, as well as responsibilities related to environmental protection and corporate social responsibility to improve business efficiency and competitiveness in the integration process under the bilateral and multilateral trade agreements.

(Source: Tinnhanhchungkhoan.vn - By Dang Khoi)