Vietnamese group Hoang Anh Gia Lai Joint Stock Company (HAG) announced last Friday that they have entered into an agreement with China to export 400,000 mt of iron ore to the Chinese market in 2010.
According to the announcement made by HAG to Ho Chi Minh Stock Exchange, all the iron ore to be exported will be produced from mines in Laos which have proven reserves of over 20 million mt.
In addition, the group plans to export 1 million mt of iron ore in 2011 and 1.5 million mt in 2012, mainly to be shipped to the Chinese market.
The company also operates an iron ore mine in Cambodia, with estimated reserves of over 30 million mt.