Vietnam’s stated-owned Company of Economic Cooperation (COECCO) and the Lao government signed a contract for iron ore mining and processing on October 25 in Vientiane, Laos, according to media sources. The iron ore mining project will be implemented in Xaysomboun province in Laos with an investment value of more than $29 million and the total mining period will be 24 years.
Regarding the contract, Nguyen Chinh Nghia, chairman of the COECCO board of directors, stated that the project could bring significant revenue to the state budget of Laos, while also contributing to the socio-economic development of Xaysomboun province and Laos in general.