Vinacomin to postpone the coal import time

Vinacomin to postpone the coal import time - 

Deploying the target in September and last three months of 2016, Vinacomin General Director Dang Thanh Hai asked to postpone the coal import time to fit the domestic coal consumption situation and the capacity of coal storage of the Group.

According to the report on production and business, in first 8 months 2016, Vinacomin produced 24.4 million tons of crude coal, with finished product of 23.1 million tons and sold 23.0 million tons; scooped up 95.2 million m3 of gravelly soil; dug 155,241 m of pit; produced minerals, electricity and explosive with an average rate of 65% year plan

The turnover of the group estimated about VND 64,135 billion, equal 58% year plan and 97% in comparison with the same period of the last year.

In 8 recent months, the Group executed debt recovery better and also reduced the short term debt balances. The member units drastically cut costs in the spirit of Resolution No 4939/TKV-KH dated 9/10/2015 on “The solutions to raise production capability and business efficiency”. The coal import progress will be stretched to fit the progress of domestic coal consumption and the capacity of coal storage of Vinacomin.

In Sept. Vinacomin strives to produce 2.4 million tons, sell 2.6 million and export 60 thousand tons of coal; scoop up 10 million m3 of gravelly soil and dig 21,000 m of pit. At the same time Vinacomin continues to produce and sell alumina, cooper pure ore, electricity and industry explosive materials.

For implementing the plans in Sept. and three months of the end 2016, General Director Dang Thanh Hai asks the member units to keep coal inventory level as proposed before in a Resolution of Vinacomin leadership so as to guarantee productive capacity in coming two years, maintain the stable labor staff, markets and suppliers. “It is necessary to continuously implement business restructure in democratic spirit, build a concrete investment process for production and concentrate on technical plans, regulate flexibly production and business plans to balance labor forces, especially in the west area, prioritize connecting the pit from Dong Vong to Vang Danh, guarantee security, order and efficiency” Mr. Hai emphasized.

Regarding production situation, Mr. Hai required leaders of Deo Nai, Cao Son, Coc 6 intercompany and Mong Duong company initiatively to find the solutions as: applying new technologies for pit digging up, revising CGH programs, raising transportation capacity within the pits, and early drawing the resources balance-sheet for medium and long term plans.

Speaking at the Vietnam Energy 2016 Forum organized by MoIT on 25/8/2016, about the coal import and export, Mr. Nguyen Van Bien, Vinacomin Deputy General Director said, in the first 7 months of 2016, Vietnam imported 8.0 million tons estimated about one fourth coal market in the country, among that Vinacomin imported only 900,000 tons. The rest amount was imported by commercial import companies. The rapid increase of coal import has put pressure to domestic coal industry.

Mr. Bien also informed that based on the practical coal consumption situation, Vinacomin has to decrease coal production in 2016 from 36 million tons to 33 million tons.

According to the assessments of the energy specialists, the coal still occupies up to 39% in energy structure in the world. Today the coal prices have slightly increased but still at a low level in spite of mining costs more and more increased due to more and more difficult mining conditions.

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