NMDC in discussions to acquire considerable stake in Vietnamese tungsten mine
2017-02-22 09:03:28 [Print]
BEIJING (Asian Metal) 22 Feb 17 - State-owned iron ore miner NMDC Ltd is in talks with Vietnam-based Masan Resources with the aim of acquiring a considerable stake in its Nui Phao polymetallic mine which is located in Northern Vietnam and has rich reserves of tungsten mineral.
With probable ore reserves of 66 million tones, the Nui Phao polymetallic mine is the first tungsten mine successfully developed for production in the last 15 years.
According to reports, a team from NMDC recently visited the plant and held initial discussions with Masan Resources. NMDC expressed its interest to acquire a considerable stake in the mine as Ministry of Defense has an interest in buying the metal from NMDC. A decision will be made only after a due diligence.
According to the 2015 annual report released by Masan Resources, it has become the world's largest tungsten miner and producer, making up around 30% of the total global supply of the metal.
A senior official of Ministry of Steel said that currently there is no indigenous production of tungsten from the discovered deposits because of its economic un-viability. India's requirements are being met partially through recovery from scrap and imports.
At present, India mainly depends on imports to meet its domestic demand for tungsten due to high production cost of the metal. NMDC and defence PSU Midhani signed an MoU in October last year to explore suitable tungsten assets in India and abroad for investment as well as development of technologies for converting tungsten ore into Ammonium Para Tungstate.
With probable ore reserves of 66 million tones, the Nui Phao polymetallic mine is the first tungsten mine successfully developed for production in the last 15 years.
According to reports, a team from NMDC recently visited the plant and held initial discussions with Masan Resources. NMDC expressed its interest to acquire a considerable stake in the mine as Ministry of Defense has an interest in buying the metal from NMDC. A decision will be made only after a due diligence.
According to the 2015 annual report released by Masan Resources, it has become the world's largest tungsten miner and producer, making up around 30% of the total global supply of the metal.
A senior official of Ministry of Steel said that currently there is no indigenous production of tungsten from the discovered deposits because of its economic un-viability. India's requirements are being met partially through recovery from scrap and imports.
At present, India mainly depends on imports to meet its domestic demand for tungsten due to high production cost of the metal. NMDC and defence PSU Midhani signed an MoU in October last year to explore suitable tungsten assets in India and abroad for investment as well as development of technologies for converting tungsten ore into Ammonium Para Tungstate.
Tungsten Carbide 99.8%min 2.5-7.0μm FOB China
Unit:USD/kg
China sodium tungstate producers' output statistics by province by month
Unit: mt
