1.2 trillion VND added to bauxite project

Hanoi (VNA) - The Vietnam Industry and Trade Bank (Vietinbank) will
finance 1.2 trillion VND (72 million USD) to the implementation of the
country's largest bauxite-aluminum project in Central Highland Lam Dong
province.

A credit contract was signed on Nov. 8 between Vietinbank and the Vietnam
Coal and Minerals Group (TKV), the project's owner.

This was part of a credit package worth 1.65 trillion VND that Vietinbank
had agreed to extend to TKV.

The bank also committed to provide more than 2 trillion VND for TKV's
affiliates as well as for major coal projects.

Earlier, the Vietnam Bank for Foreign Trade (VCB) and TKV signed a credit
contract for the same purpose on Oct. 10, bringing the combined banking
loans to 2.4 trillion VND (144 million USD).

The 142ha Lam Dong bauxite-aluminum complex, worth 7.79 trillion VND, is
expected to put into operation in 2010, being capable of exploring 4 million
tonnes of bauxite and producing 600,000 tonnes of aluminum per year.

TKV said the group will need an additional 2.5 billion USD for developing
its projects in the next 10 years.-Enditem