Vinacomin sets new business targets

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The Việt Nam National Coal and Mineral Industries (Vinacomin) Group targets to raise production for domestic use this year and invest in exploration to meet long-term development.

Vinacomin hopes to sell 45.5 million tons of coal, an increase of 1 million against last year, of which domestic consumption will account for 31-32 million tons and exports will be 13.5-14.5 million tons.

Domestic demand for coal will reach 32 million tons this year, up 4.2 million tons in comparison with last year.

Vinacomin said that coal exports will be reduced gradually in order to ensure national energy security. Total coal exports by 2015 are estimated to fall to around 8 million tons.

Vinacomin plans to increase the volume of run-of-mine coal (straight from the ground) to 48.9 million tonnes this year, a 2.4% rise over last year.

The Group will invest around US $28.8 million at the beginning of this year to boost the capacity of existing mines and open new mines in order to reach 65 million tons of coal products by 2015.

The corporation is expected to earn 4.6 billion in total revenue this year, a modest increase over last year’s US $4.5 billion.

Deputy Prime Minister Hoàng Trung Hải asked Vinacomin to identify itself as a major importer of coal for power production and develop facilities at coal ports so the country could import around 10 million tons of coal by 2015 and 65 million tons by 2020.

Mr. Hải urged the Group to take responsibility for training human resources and pay attention to technological innovation and investment, and promoting technology transfer.

Last year, Vinacomin produced 48.2 million tons of coal, contributing 6.7 billion kWh to the national electricity grid and achieved US $ 4.5 trillion, up 15% over the year’s target and 16% over 2010./.

(Source: VGP)

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