Masan Nui Phao gets $130 million compensation from Jacobs
The Australian subsidiary of Jacobs Group completed the payment of US$130 million for Núi Pháo Mining Processing Company (NPMC), a subsidiary of Masan Group in northern Thái Nguyên Province.
The Australian subsidiary of Jacobs Group completed the payment of US$130 million for Nui Phao Mining Processing Company (NPMC), a subsidiary of Masan Group in northern Thai Nguyen Province.
On March 28, 2019, an international arbitration panel in Singapore issued a decision finding against Jacobs E&C and awarded damages to NPMC of approximately $130 million.
The case involved the equipment design and supply contracts between Nui Phao and Jacobs in 2011 for the provision of management, design, engineering, and procurement services for the mine of Nui Phao in Dai Tu District, Thai Nguyen Province.
With an area of 720ha, the mine of Nui Phao is one of Viet Nam’s largest mines with approximately 66 million tonnes of tungsten, fluorite, bismuth, and copper.
In 2010, Masan Group acquired the mine and established Masan Resources Company (MSR) as its managing company. The group said the case proved MSR’s transparency to the international market. With the aim of becoming an international listed company, MSR has adapted to global governance transparency standards.
Masan’s subsidiary is now transitioning from a mining project into a Vietnamese supplier of tungsten – the main material for key components in the supply chain of semiconductors, printing, robotics, cells, electric cars, renewable energy, medicine and aerospace.
Masan Group said on its website, Nui Phao is considered one of the largest operating tungsten mines identified outside of China, with a reserve of 66 million tonnes of tungsten oxide/ WO3. — VNS
