Vinacomin announces financial reports of 2016
Vietnam National Coal and Mineral Industries Group (Vinacomin) has published a report about the coal mining projects and headquarter constructions.
The Nhan Co Aluminium Factory project was approved in 2007 and scheduled to be completed in 2010. However, it also went through three adjustments. Costs increased from VND3.2trn to VND16.8trn and the completion date was changed to 2014.
According to Vinacomin, Nhan Co Aluminium Factory went into pilot operation. It will go into commercial operation within the first quarter of 2017.
Thach Khe iron mine is the biggest in Vietnam and valued at approximately USD35bn. However, the project has been halted and the investor has asked to withdraw from the project.
Trillions to be spent in offices and coal mining
In 2016, Vinacomin sold 35.2 million tonnes of coal. Vinacomin's revenue last year was VND101.3trn (USD4.4bn) of which VND50.9trn was revenue from coal mining, a decrease of 5% compared to 2015. Vinacomin spent VND15.7trn on construction. The debts owed to Vinacomin’s mother company by the end of 2016 reached VND19.7trn, a decrease of 12.16% compare to the early of that year. Meanwhile, it also owed VND80trn.
Vinacomin didn't disclose its profits but said that it will continue spending trillions of VND to build offices and other constructions. New headquarters were agreed in 2012 with an investment of VND3.7trn (USD162m), and they are estimated to be opened in 2018. The VND964bn project to build headquarters in Quang Ninh Province was also approved in 2011 and is expected to be opened next year.
In addition, trillions will also be used for coal mining. Vinacomin is finishing the preparation to start investments in Khe Cham II mine with an investment of VND12.5trn (USD547m). The new pit of Mao Khe Coal Company has the investment of VND5.8trn. The open pit-mines of Nui Beo Coal JSC has the investment of VND5.3trn and will produce the first batch of products this year.
There are several coal mining projects that are behind schedules or in-progress such as the Ha Lam, Nga Hai and Binh Minh mines.
Vinacomin's revenue last year was VND101.3trn (USD4.4bn)
Lam Dong Bauxite Aluminium Complex project was approved in 2006 with total investment of VND7.7trn (USD337m) and was expected to be completed in 2009. After four adjustments, this figure ballooned to VND15.4trn and the deadline was pushed back to 2013. Since 2014, Vinacomin has completed the main project and started building support constructions including red mud reservoir.The Nhan Co Aluminium Factory project was approved in 2007 and scheduled to be completed in 2010. However, it also went through three adjustments. Costs increased from VND3.2trn to VND16.8trn and the completion date was changed to 2014.
According to Vinacomin, Nhan Co Aluminium Factory went into pilot operation. It will go into commercial operation within the first quarter of 2017.
Thach Khe iron mine is the biggest in Vietnam and valued at approximately USD35bn. However, the project has been halted and the investor has asked to withdraw from the project.
Trillions to be spent in offices and coal mining
In 2016, Vinacomin sold 35.2 million tonnes of coal. Vinacomin's revenue last year was VND101.3trn (USD4.4bn) of which VND50.9trn was revenue from coal mining, a decrease of 5% compared to 2015. Vinacomin spent VND15.7trn on construction. The debts owed to Vinacomin’s mother company by the end of 2016 reached VND19.7trn, a decrease of 12.16% compare to the early of that year. Meanwhile, it also owed VND80trn.
Vinacomin didn't disclose its profits but said that it will continue spending trillions of VND to build offices and other constructions. New headquarters were agreed in 2012 with an investment of VND3.7trn (USD162m), and they are estimated to be opened in 2018. The VND964bn project to build headquarters in Quang Ninh Province was also approved in 2011 and is expected to be opened next year.
In addition, trillions will also be used for coal mining. Vinacomin is finishing the preparation to start investments in Khe Cham II mine with an investment of VND12.5trn (USD547m). The new pit of Mao Khe Coal Company has the investment of VND5.8trn. The open pit-mines of Nui Beo Coal JSC has the investment of VND5.3trn and will produce the first batch of products this year.
There are several coal mining projects that are behind schedules or in-progress such as the Ha Lam, Nga Hai and Binh Minh mines.
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