Masan Group and Germany’s H.C. Starck invest in producing wolfram
(VOV) - Masan Group’s Nui Phao Mining Co, Ltd and Germany’s H.C.Starck have signed an agreement to establish a Nui Phao-H.C.Starck Wolfram joint venture to tap wolfram ores at Nui Phao mine in the northern province of Thai Nguyen.
Under the agreement, Nui Phao Mining Co, Ltd and H.C.Starck will hold 51 percent and 49 percent of stake in the joint venture.
The joint venture aims to produce value-added wolfram products from wolfram ores and is expected to earn around US$1 billion in the next ten years.
Andreas Meier, President and CEO of H.C.Starck, said that Masan has developed a world class business specializing in exploiting and processing mineral ores, adding that Nui Phao mine will become a stable source of wolfram supply to the joint venture.
Madhur Maini, President of Masan Consumer Holdings and Vice President of Masan Resource, said that cooperation between Masan Group and H.C.Starck will help the group improve its position in improving the quality of wolfram processing at Nui Phao Mining Co,Ltd’s factory.
With modern technologies and international standard methods, Masan Group’s Nui Phao mine is considered the world’s leading project which can provide up to 7 percent of the global source of wolfram supply.
Nui Phao Mining Co, Ltd’s wolfram processing factory will begin operation in September and its first phase is scheduled to end next year.