Sin Quyen copper mine will be expanded. -- Photo Fica.vn

HA NOI (Biz Hub) -- Eximbank Viet Nam has entered a contract to provide the Vietnam National Coal and Mineral Industries Corporation (Vinacomin) with a loan totalling VND91.5 trillion (US$71 million).

The money will be disbursed over 10 years to support the expansion and capacity improvement of the Sin Quyen copper mine in the northern province of Lao Cai.

The costs for the expansion total VND2.6 trillion ($1.24 billion). When it completed, it is expected to increase output and profit by 2.4 times.

Officially beginning operation in 2006, this minefield is the key project in the State-owned business development strategy towards 2020.

With an initial investment of VND1.3 trillion ($62 million) it operates Viet Nam's single complete line of exploitation and processing of fine copper, iron, gold and silver ores.

In the first nine months of the year, it yielded more than VND1.8 trillion in profits from a turnover of VND10.78 billion.

The expanded project will provide 2,500 jobs, up from the current 1,600. -- VNS