Chien Cong JSC is granted investment licence in Laos in a formal ceremony. – VNA Photo

HA NOI (Biz Hub) – Laos' planning and investment ministry has granted an investment licence to the Chien Cong company to exploit tin, zinc, lead and copper, besides gold in Xiengkhuang and Houaphan provinces.

The Chien Cong Industries and Minerals joint stock company has been authorised to operate in a 300sq.km area. The firm plans to spend US$1.3 million in the first phase of its project.

The company plans to start exploring and processing the minerals in the first quarter of this year, and to try and establish its metallurgy chain by the last quarter.

Based in the northern mountainous province of Tuyen Quang, Chien Cong specialises in exploiting minerals and producing silicon mangan that is used in steel production. The company has factories in Cao Bang, Tuyen Quang and Thai Nguyen provinces.

The success of the project is expected to play an important role in the socio-economic development of Laos, as the company's products will be used by industries in that country. – VNS