Vinacomin in need capital for pit coal production
The plan was approved by the government to develop the coal industry through 2020 with a vision towards 2030.
The government requested that the coal industry make large increases in coal production in the next years.
The country has set a target to annually produce between 66 and 70 million tonnes of unprocessed coal, which can be turned into around 55 million tonnes of refined coal, by 2020.
The yearly output is expected to increase to over 75 million tonnes by 2030, over 10 million of which would come from the Red River coal basin.
A an anonymous executive at the State-owned Vietnam National Coal-Mineral Industries Group (Vinacomin), said on the sideline of a strategic cooperation signing ceremony among Vinacomin, Vietnam National Oil and Gas Group and the Electricity of Vietnam Group that they have gradually been increasing exploitation at pit coal mines while reducing production at open air coal mines.
“The coal industry will need a large amount of investment and a lot of support from the government in the next decade if we are to realise the targets set by the government," he said.
He said that the exploitation of coal from the Red River Basin is still not feasible because of public concern over the environmental impacts of such a project.
“Vinacomin will try to prioritise environmental issues while ensuring the sustainable development of our coal production,” he added.