VietNamNet Bridge – The number of 4.5 tons of gold mined at two major gold mines of Bong Mieu and Dak Sa in the central province of Quang Nam has made many people surprised. They question who benefits the most from that volume of gold?

Quang Nam: Over 4.5 tons of gold mined

According to the latest report, more than 4.5 tons of gold and 1.6 tons of silver were exploited from the Bong Mieu and Dak Sa gold mines in the past eight years.

Many people have raised the question: With more than 4.5 tons of gold and 1.6 tons of silver, how much does Vietnam earn from it?

According to Vice Chairman of Quang Nam People's Committee Nguyen Ngoc Quang, during this period, the mining companies paid taxes worth more than VND162 billion (around $8 million) to Quang Nam province.

Bong Mieu Gold Company explained that the Bong Mieu gold mining project with a total registered capital of $40 million. Of this, the capital contributed by the foreign investor is $2.4 million and $600,000 from the Vietnamese partner. The profit sharing ratio is 80 percent for the foreign partner and 20 percent for Vietnam.

In addition to legal capital contributed by the two parties, the company had to borrow capital for its operation. The loans were arranged by the foreign partner. The revenues after deduction of costs, taxes and debt is shared between two parties, based on their capital contribution. The foreign party must pay a 5% tax on the total profits they transfer abroad.

Gold is mined, the money flows into accounts of miners while the environment of Bong Mieu is being ruined. Nobody know how the gold mines benefits local residents but it is noticeable that their lives are always in danger and they have to live in pollution.

Inspections by the local authorities repeatedly demonstrated that wastewater from the Bong Mieu gold mine always exceeded the permitted standards for heavy metals, especially cyanide content. Because of gold, Quang Nam’s environment is increasingly polluted.

Dat Viet