Masan (MSN) subsidiary wins $130 mln settlement from Australian firm
Masan (MSN) subsidiary wins $130 mln settlement from Australian firm
Nui Phao Mining Company Ltd has won a $130 million settlement from Jacobs E&C Australia over a construction deal following international arbitration.
The mineral subsidiary of Vietnam's Masan Group received the money from the Australian firm, with whom it signed an agreement in 2011 for engineering, procurement and construction of its processing plant in the northern province of Thai Nguyen, it said in a statement without elaborating.
Masan Resources acquired Nui Phao in 2010, and has since borrowed $285 million from local and foreign banks for mining projects.
Nui Phao Mine has one of the world's largest tungsten reserves outside China, an estimated 66 million tons. Tungsten is used in the manufacturing of light bulbs and cutting tools.
In the first six months of this year Masan Resources saw its net profit fall by 99.6 percent year-on-year to VND1.6 billion ($69,000) despite a previous forecast of rising profits because of higher mineral prices and lower operational costs.
Masan Group, one of Vietnam's largest private companies in terms of market capitalization, involves production of consumer goods, mining and banking.
