Tuesday, 21st August 2007 (1814 views)

A New Zealand-based joint venture company has been permitted to mine for gold in central Vietnam, it has been revealed.

According to Thanhnien News, the central Binh Dinh authorities have awarded the Binh Dinh New Zealand Gold company permission to explore the Tan Thuan gold mine.

Under terms of the licence, the joint venture company is to input $15 million (£7.5 million) into developing the Tan Thuan gold mine, which is located in the Tay Son district.

"Of the finances required for the project, New Zealand's KS Mining Limited will contribute 45 per cent with the balance supplied by the Binh Dinh Biotan Minerals joint stock company," Thanhnien News reports.

New Zealand's KS Mining is a subsidiary of Zedex Minerals and Binh Dinh's Biotan Minerals Joint Stock company.

If the exploration is successful, the longer-term plan is for a large-scale investment of over $100 million.

 

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