Blasting activities at the Nui Phao Mining have been halted since the second quarter of 2023. Consequently, there has been a significant decrease in the volume of raw ore mined, resulting in escalated operational costs and a pronounced decline in the company’s profitability for 2023. The recommencement of blasting activities in March will enable Nui Phao Mining to continue extracting high-grade ore, feeding raw materials for the high-tech processing plant, thereby increasing productivity and optimizing production costs. Simultaneously, Nui Phao Mining maintains strict adherence to prevailing legal regulations in its blasting operations, prioritizing the safety of both workers and facilities.
In 2024, the company is applying for an expansion license to mine an additional 28 million tonnes of reserves at the mine. In the near future, ore mining and processing operations are poised to intensify, providing parent company Masan High-Tech Materials with a competitive edge in securing a consistent supply of critical and strategic advanced materials for clients worldwide. Nui Phao Mining will regain momentum and maintain its position as the leading Vietnamese company with major contributions to the Thai Nguyen province’s budget.
EQR Price at posting:
5.4¢ Sentiment: None Disclosure: Not Held
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