Province pulls the plug on China-invested iron ore

July 20, 2012 | 17:09

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The People’s Committee of the central province of Nghe An has ordered a halt in the operation of an iron ore project invested by two Chinese businesses, and withdrawn their investment licences as well.

iron ore

China-based Tieu Khang JSC and Dan Kien Hao Thanh Co were granted licences to form Tieu Khanh Vietnam Co to implement the sifting project at the iron ore pit in Khanh Son commune of Nam Dan district, with the investors registered to put in $550,000.

But the investors started their project behind the required schedule, and ended up losing their licenses.

The licences were granted on May 2, 2010, but as of July 5 no work had been started.

The provincial people’s committee also asked the above companies to return the original versions of the investment licences to the province’s Department of Planning and Investment.

It also ordered them to stop all activities related to the project, and take responsibility for the debts and fee payment as per Vietnamese laws.

Tuoi Tre

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