Lao Cai set to become first gold mining company to list

By Thien Ngan   December 26, 2018 | 03:14 pm GMT+7
Lao Cai set to become first gold mining company to list
Lao Cai Gold specifically specializes in the extraction, processing and production of gold ore from Minh Luong mine. Photo by VnExpress

The Lao Cai Gold JSC has received approval to list 10.5 million shares on the unlisted public company market (UPCoM).

With the approval, the company will be the first gold mining company to be listed on a local bourse. However, it has yet to announce the listing reference price.

The company was established in 2007 by five major shareholders, with the largest being state copper mining firm Vietnam Minerals Holding Corporation (Vimico) with a 46 percent stake. 

Lao Cai’s charter capital is VND105 billion ($4.52 million).

It mines and processes gold ore from the Minh Luong mine in the northern Lao Cai Province, with the mining concession running from 2006 to April 2019. The gold mine’s reserve is estimated at 90,000 tons of gold ore over four years. 

Lao Cai Gold sells its entire production to Vimico, which produces refined gold to sell to the market. It reported revenues of VND98 billion ($4.22 million) last year. 

It targets VND108 billion ($4.65 million) in revenues and VND12 billion ($516,330) in after-tax profit next year by drilling 100 meters deeper and mining in more places in a 120-hectare buffer zone.  

 
 
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