01 APRIL 2015AlCircle.com
Vietnam’s Ministry says bauxite project to face losses for 4-5 years
Edited by : AL CIRCLE
1 min read
Vietnam’s Ministry of Industry and Trade (MoIT) revealed in a press release on 30th March that the two relatively new bauxite mines and processing units in Central Highland Province of Lam Dong will continue to incur losses for the next 4-5 years.
Out of the two facilities, Tan Rai became operational in October 2013, while Nhan Co is awaiting its test run due next month. The Ministry studied Tan Rai’s production performance from its inception till April 2014. According to studies, the Tan Rai bauxite mine will report losses for another four years while Nhan Co will continue to report losses for another 5 years.
Both companies have had to repay their loans and the initial period and the maximum time allotted for capital repayment is 12 years.
The ministry claims that the companies will recover the losses quickly owing to the growing trend of rising aluminium prices.
The two projects have had a positive impact for the economy of the region giving rise to improved infrastructure developments, economic structure transition and labour.
Out of the two facilities, Tan Rai became operational in October 2013, while Nhan Co is awaiting its test run due next month. The Ministry studied Tan Rai’s production performance from its inception till April 2014. According to studies, the Tan Rai bauxite mine will report losses for another four years while Nhan Co will continue to report losses for another 5 years.
Both companies have had to repay their loans and the initial period and the maximum time allotted for capital repayment is 12 years.
The ministry claims that the companies will recover the losses quickly owing to the growing trend of rising aluminium prices.
The two projects have had a positive impact for the economy of the region giving rise to improved infrastructure developments, economic structure transition and labour.
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