Kungang to develop Vietnam Quy Xa iron ore mine late this year

摘要

It is reported that the--exploitation project -Lcooperated by Kunming Iron & Steel Co. Ltd and Vietnam Quy Xa iron ore mines will come into its first stage by the end of this year. Quy Xa iron ore mines lies in Laocai province of Vietnam, This mine has large reserves and good qualities and is easy to exploit. Meanwhile, the convenient transportation will also benefit the mine. Kungang made official talks with Laocai province and Vietnam industrial department on the cooperative exploitation of Qua Xa iron ore mine in July 2004. Kungang will hold 49 percent of the total shares, said by the strategic cooperative agreements. The exploitation and the construction of metallurgical works will be divided into two periods with a total investment of USD140mln. The first stage will focus on the exploitation and is expected to reach the annual products target of 1.5mln tons by the end of 2007. Then, the iron ore exploitation will be added by l-1.5mln tons per year on the base of the first stage by 2010.