The Vietnam Steel Association has stated that in the last two years the Sino-Vietnamese mining and steelmaking joint venture VTM has exported 500,000 mt of iron ore annually to China from the Quy Sa iron ore mine in the northeastern Vietnamese province of Lao Cai - as reported by Vietnam Business News. Quy Sa is the second largest iron ore deposit in Vietnam, with reserves of 120 million mt.
VTM is a joint venture consisting of Vietnam Steel Corporation, Lao Cai Mining Company and China's steelmaker Kunming Iron and Steel Group. As previously reported by SteelOrbis, in April this year VTM commenced construction of a new steel mill in the province of Lao Cai. The $337 million mill is expected to become the second largest steel mill in Vietnam with an annual output of one million mt upon completion.
The first phase of the steel mill is expected to be completed in 2012 with an annual output capacity of 500,000 mt of billets, while construction of the second phase involving an annual capacity of 500,000 mt of rolled steel will take place from 2012 to 2015. The iron ore used by the mill will be supplied by the Quy Sa mine.