Vinacomin

From SourceWatch
Jump to: navigation, search
This article is a stub. You can help by expanding it.

This article is part of the Coal Issues portal on SourceWatch, a project of CoalSwarm and the Center for Media and Democracy. See here for help on adding material to CoalSwarm.

This article is part of the CoalSwarm coverage of Vietnam and coal
Sub-articles:
Related articles:

Vinacomin, the Vietnam National Coal-Mineral Industries Group, is a state-owned holding company called which was established in 2005 through the merger of Vietnam National Coal Corp. (Vinacoal), which operates all the state-owned coal mining and coal processing companies and the Vietnam National Minerals Corp. (VIMICO), which controls all stated-owned nonferrous minerals mining and processing companies.[1]

Financing

In it was announced that the Japan Bank for International Cooperation (JBIC) would provide a US$150 million in credit to Vinacomin for the the development of coal projects. The loan contract was signed by representatives from JBIC, the Sumitomo Mitsui Banking Corporation and Vinacomin. In a media release JBIC stated that "The proceeds of the loan will be used by VINACOMIN to ensure the stable supply of anthracite coal to Japan. More specifically, JFE Steel Corporation and Sumitomo Metal Industries, Ltd. will sign a long-term offtake contract for anthracite coal with VINACOMIN to secure delivery of anthracite coal over the period of this loan."[2]

JBIC stated that "Japanese steelmakers have traditionally relied on Vietnam and China for their supply of high-grade anthracite coal. Given that China has today become a net coal importer, VINACOMIN’s importance as an anthracite coal supplier to Japan is ever increasing."[2] It was reported that Vinacomin "pledged to continue providing 1-2 million tonnes of high-quality coal to Japan each year" and that this would be increased in 2010.[3]

In 2011 seven financial institutions, led by Credit Suisse, announced a US$200 five-year loan for use in the devcelopment of Vinacomin's coal and bauxite projects.[4]

Contact details

Website: http://www.vinacomin.vn/temps/home/template2/DefaultE.asp?rootcate=1247

Articles and resources

References

  1. John C. Wu, "The Mineral Industry of Vietnam", U.S. Geological Survey, June 2009.
  2. 2.0 2.1 Japan Bank for International Cooperation, "JBIC Signs Loan Agreement with VINACOMIN Ensuring Long-Term and Stable Supply of Coal and Supporting Stronger Strategic Ties with Vietnam", Media Release, March 30, 2010.
  3. "JBIC to provide US$150 million to coal projects in Vietnam", Viet Nam Business News, March 30, 2010.
  4. "Credit Suisse to Arrange $200 in Loans to Vietnam Vinacomin", Viet Nam Business News, March 30, 2010.

Related SourceWatch articles

External resources

External articles