Vietinbank to lend US$100M for mining

Vietinbank signed a US$100 million loan for the Nhan Co Alumina mining project in the central highland province of Dak Nong.

The bank has inked a credit contract with the Vietnam Coal and Mineral Industry Group, the project's investor, in Hanoi.

The Nhan Co bauxite-alumina project comprises of two components. The first will be a bauxite refining plant, expected to supply 1.65 million tons of bauxite each year. The second will be an alumina plant with capacity to produce 650,000 tons per year.

Under an approved plan for the period 2007-2015, Vietnam will build a number of alumina plants with a combined output of 6.4 million tons per annum.