The Lao Cai Gold JSC has gained approval from the Ha Noi Stock Exchange to trade its 10.5 million shares on the Unlisted Public Company Market (UPCoM), making it the first gold miner to trade on the Vietnamese equity market.

The decision was announced on Tuesday. Lao Cai Gold JSC will trade with code GLC.

The debut date for the firm remains unknown.

Lao Cai Gold JSC was founded in September 2017 and is headquartered in Lao Cai Province’s Van Ban District.

The company’s initial charter capital was VND45 billion and it had five shareholders at the beginning.

Lao Cai Gold JSC has increased its charter capital to VND105 billion (US$4.6 million).

The biggest shareholders are the Vietnam National Coal and Minerals Group (Vinacomin or TKV) and its subsidiary Vinacomin Minerals Holding Corporation (Vimico), holding 33 per cent and 27 per cent of the firm’s capital, respectively.

Other shareholders include Lao Cai Minerals JSC (15 per cent of charter capital), Thai Nguyen Co Ltd (15 per cent) and Dong Bac Company (10 per cent).

The core business of Lao Cai Gold JSC is to explore and exploit the Minh Luong gold mine with annual gold production of 500 kilogrammes. — VNS