On 3/7, the Ha Tinh Department of Finance issued a decision to terminate the Thach Khe iron ore mining and processing project. This termination comes after the provincial authorities granted an investment certificate for the project to Thach Khe Iron Joint Stock Company (TIC) on 24/12/2008.

The department stated that the Thach Khe iron mine project falls under termination regulations stipulated by Investment Law 2025. This is because the investor failed to implement the project for many years after it was assigned, and it is not eligible for progress adjustment. Consequently, the Department of Finance has revoked the previously issued investment certificate. Thach Khe Iron Joint Stock Company is now responsible for handling its invested capital, liquidating assets, and fulfilling all related obligations as regulated.

Mot goc cua du an mo sat Thach Khe. Anh: Duc Hung

The Thach Khe iron mine, discovered in 1960, is located across five coastal communes previously part of the old Thach Ha district. With estimated reserves of 544 million tons, it is considered the largest iron mine in Southeast Asia. The area is situated 8 km east of the old Ha Tinh City and 1.6 km from the East Sea. The project's total land use area spans 4,821 ha.

In 2008, TIC received the license for the project, with an initial investment capital of nearly 14,500 billion VND. During the 2008-2011 period, workers removed about 12.7 million m3 of overburden, reaching a depth of -34 m below sea level, and recovered 3,000 tons of ore.

Subsequently, the project faced challenges in capital mobilization and contribution, leading to issues such as delays in site clearance and insufficient funds to pay technical design consultants and construct resettlement areas. In 11/2021, the Government halted the project to re-evaluate its technical design and restructure TIC's shareholders. In early May, the Government reiterated its demand for a definitive resolution of the project this year.

Cong truong du an mo sat Thach Khe nam 2011. Anh: Duc Hung

In a letter sent to Party General Secretary, President To Lam and Prime Minister Le Minh Hung on 20/5, Hoa Phat Group stated its readiness to collaborate with the Ministry of Agriculture and Environment to hire independent supervisory consultants during the research phase for exploiting the Thach Khe iron mine. If the mine is brought into operation, Tran Dinh Long's company (Hoa Phat) aims to join major corporations such as Vingroup, Thaco, and TKV in restructuring and acquiring shares of Thach Khe Iron Joint Stock Company (TIC), the project's current investor. Besides Hoa Phat, another enterprise has also expressed interest in participating in the Thach Khe iron mine project and submitted proposals to relevant agencies.

Duc Hung