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Iron ore deposits: Vietnamese tycoon visits concessions

Iron ore deposits: Vietnamese tycoon visits concessions

ONE of Vietnam’s richest men has led a delegation of investors to visit iron ore concessions in Cambodia.

Vietnamese firm Hoang Anh Gia Lai Group brought a delegation of 50 investors to visit its operations in the Kingdom, including representatives from Singapore’s state-owned investment arm Temasek Holdings, Manulife Fund, and Sacombank.

The trip was overseen by HAGL’s 55 percent owner Chairman Doan Nguyen Duch – considered by Forbes one of Vietnam’s richest men – a company statement said.

HAGL, which is publicly listed on the Ho Chi Minh exchange, claims to control an estimated 30 million tonnes of estimated iron reserves in Cambodia, along with other construction and rubber businesses in Vietnam and Laos.

Last year, the firm said revenues expected from its iron concessions in Cambodia and Laos would help it boost pretax earnings 57 percent in 2010.

It says that mining along with rubber and hydropower will become the main focus of the firm by 2012.

The delegation of investors travelled to its Cambodian ore concession late last week in a bid to provide “a foundation for potential investors who want to invest in HAGL”, it said in a statement.

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