Leading miner Vinacomin posts record revenues

By Anh Minh   January 11, 2023 | 04:33 pm PT
Leading miner Vinacomin posts record revenues
A coal mine in the northern province of Quang Ninh. Photo courtesy of Vinacomin
Vietnam’s largest coal miner Vinacomin recorded its highest-ever revenues of VND165.9 trillion (over $7 billion) last year, up 20% from 2021 due to stronger production and higher prices.

Of the total revenues, VND101.6 trillion, or over 61%, came from coal, Vinacomin directors said Wednesday at a review meeting. The revenues from coal and minerals rose 25% and 28%, respectively.

Some VND24.7 trillion of the total revenues came from minerals, while VND10.2 trillion came from electricity production and trading.

The price of fuel and input materials such as gasoline and steel increased sharply last year, causing the firm’s production costs to increase by VND3 trillion, but its profits surged 154% to VND8.1 trillion, mainly thanks to the higher prices of coal it sold.

The company mined more than 39 million tons of raw coal last year while importing nearly 5 million tons and selling 46.5 million, according to statistics discussed at the meeting.

Monthly salaries for Vinacomin employees averaged VND16.5 million last year, up over 13% against 2021.

Vinacomin targets revenues of nearly VND169 trillion and profits of VND5 trillion this year.

It also plans to mine nearly 39.2 million tons of raw coal, import 9.2 million tons of coal, and sell 46.5 million tons of coal with 97% going to the domestic market and 3% exported to foreign ones.

Each year, the firm exports nearly two million tons of high-grade, high-value coal Vietnam has little demand for. It produces 2-2.1 million tons of such coal annually.

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