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Masan Group will restore production of tungsten on the project Nuiphaovica (Vietnam)

Vietnamese company Masan Group Corp., partly owned by TPG Inc. investfirme and engaged in financial services and manufacturing of food products purchased Nuiphaovica mine in the north of the Canadian Tiberon Minerals Ltd. for the resumption of production of tungsten on one of the largest deposits in the world.

As reported by Bloomberg, in September 2009, Vietnamese authorities planned to revoke Tiberon license to develop the field due to the delay of the project. Company mine sale Masan is an adequate solution of the problems, said Nguyen Duc Minh, Head of Planning and Investment Nguyen province Thay, where the field is located.

According to the official, selling 70% of the project, owned by Tiberon, Masan company for about $ 135 million. Was approved by Prime Minister Nguyen Tan Dung. The remaining 30% owned by state corporation mine Thai Nguyen Import-Export Joint-Stock Co. It is assumed that the extraction of tungsten at the mine will begin in 2012. After reaching the planned capacity Nuiphaovica will provide about 5% of global production of tungsten.

Canadian Tiberon received permission of the Vietnamese government to develop the field in 2004, but in October last year, she turned to the authorities to postpone the launch of the project until 2010 due to the global financial crisis. Tiberon share in the project is 70%.

As expected, Nuiphaovica field will ensure the production of 4.79 ths. Tons of tungsten, 2.04 ths. Tons of bismuth, 222.46 thousand. Tons of fluorspar per year.

Interfax

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