The Nickel - Copper open-pit mining project invested by Tan Phat Mineral Joint Stock Company started construction on July 3, 2021 with a total investment of VND 1,700 billion. The project invests in a mining and processing line of 600,000 tons of raw ore/year; The product is Nickel - Copper concentrate (Nickel concentrate contains copper, cobalt and some other elements) for export. The construction, procurement and installation of equipment were carried out during the period of social isolation due to the Covid-19 pandemic. During the construction and installation of equipment, the Company did not use foreign experts but used 100% domestic human resources and the main force was PC1 Group. The equipment invested in the project is 100% new, manufactured and manufactured by leading Chinese and G7 branded units. The entire factory line is highly automated, 100% circulating wastewater treatment technology; green environmental technology...
After more than 1 year of construction and installation of machinery and equipment, on February 25, 2023, the Investor conducted a trial run of the entire system; in March 2023, the processing plant was tested and in May 2023, the processing plant was officially put into operation. The project was inspected, approved and put into operation by the Department of Industry and Trade of the province. By the end of 2024, the Company had exploited more than 1.4 million tons of raw ore for processing, produced 106 thousand tons of refined ore meeting export standards, with a revenue of more than 1,800 billion VND, paid more than 820 billion VND to the state budget, and created jobs for more than 160 workers (including 120 local workers) with an average salary of 11.5 million VND/person/month. Since the beginning of the year, the Company has exploited 150,000 tons of raw ore, processed more than 12,000 tons of refined ore meeting export standards, with revenue of VND228 billion and paid VND164 billion to the budget.
General Director of Tan Phat Mineral Joint Stock Company Bui Van Vu shared: The company has proactively implemented and committed to investing, exploiting and processing mineral resources effectively, contributing positively to the local socio -economic development goals. Pioneering in environmental protection with advanced technological solutions. Tan Phat Mineral Joint Stock Company together with PC1 Group has been upholding the spirit of social responsibility throughout and tradition with the people and localities in the province, contributing more than 9 billion VND to carry out social security work in the locality.
However, the company's production and business processes are facing some difficulties such as the nickel ore at Tan Phat mine has a poor content, with the lowest average industrial nickel content compared to nickel mines in other countries in the world or compared to some mines in Vietnam such as Ban Phuc, Suoi Cun... Due to the poor ore, the company must invest in a modern and advanced mineral processing plant. If the technology and processing equipment do not reach a modern and suitable level, it will not be feasible for mining and processing. This leads to increased costs of exploration, investment, mining and processing. Another problem is that the price of nickel metal on the world market in 2023 decreased sharply by 45% from 30,000 USD/ton in January 2023 to 16,538 USD/ton at the end of December 2023 and is currently maintaining an average of about 16,470 USD/ton.
To ensure production and business efficiency, prevent unusual repair times, and prepare for phase 2, the company has installed equipment that can operate at a capacity of up to 900,000 tons/year. However, the current capacity of the 600,000 tons/year factory is only operating at 70% of the installed equipment capacity. The quality of electricity supplied to the factory is unstable. In 2024, there were 56 power outages (12 planned and announced power outages; 44 unscheduled power outages); in 2025 alone, there were 12 power outages (3 planned and announced power outages; 9 unscheduled power outages) affecting the quality of equipment and reducing the amount of recovered ore concentrate. It is expected that each time there is a power outage, the amount of unrecovered ore concentrate in the dressing tank will have to be pumped to the disposal site with an output value of about 153 million VND. In 2024, the estimated lost output value is about 8.6 billion VND, budget contribution will decrease by about 2.9 billion VND.
With licensed reserves of 3.46 million tons, which is only enough for the factory to operate for about 5 years, it will be very difficult to depreciate the factory's assets. The company is implementing the Phase 2 exploration project based on the expansion exploration of Ha Tri and Phan Thanh mines to add more reserves for the factory to operate. It is expected that in July 2025, the project will be submitted to the Ministry of Agriculture and Environment for appraisal and approval.
Source: https://sonnmt.caobang.gov.vn/dia-chat-khoang-san/hieu-qua-buoc-dau-khai-thac-va-che-bien-niken-dong-1013442
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