Asian Mineral Resources (AMR) has applauded the Ministry of Industry and Trade’s decision to grant an open-ended extension to the export of minerals and mineral products from Vietnam.
The new policy allows nickel concentrate of 9.5% to be exported by AMR subsidiary Ban Phuc Nickel Mines (BPNM) for the life of the project. This supersedes the original export licence which was due to expire on December 31, 2015.
AMR’s chief executive officer Simon Booth says, “We are pleased to see the extension of the right to export concentrate for the life of the Ban Phuc nickel project. This is an important step towards commencing sustainable production from Ban Phuc, and another sign of the ongoing support of the Government of the Socialist Republic of Vietnam.”
The Ban Phuc nickel project is 160km northwest of Hanoi in Son La Province and is 90%-owned by BPNM. The development of the project is in advanced stages, with underground and surface infrastructure near completion and commercial production expected to occur by June.
AMR is using Can$10 million raised in a recent private placement to fund capital construction works at the project. The company sold 166,666,666 shares to Pala Investments and Lion Selection Group through the placement which closed in December 2012.