The central province of Quang Nam will allocate VND12.6 billion (US$547,800) from the provincial budget to close the Bong Mieu gold mine.
|Police inspect the Bong Mieu gold mine. — Photo: VNN|
The information was announced last week in a meeting of the provincial people’s council.
As much as VND6.5 billion ($282,600) more will be taken from the mine’s fund for environmental restoration.
To close the mine, which is in Tam Lanh Commune, Phu Ninh District, different work should be done including levelling the area to plant trees and grass, purifying six water holes and setting up signs around the area.
The entrance to the mine will be covered with a metre of concrete.
The fund will also be used to upgrade the Bong Mieu Gold Company’s offices.
On November 28 last year, the Quang Nam People’s Court opened a conference between the Bong Mieu Company and its creditors. The creditors voted to declare that the company go bankrupt.
Financial reports said that the company has more than VND302 billion ($13 million) whereas it owned more than VND1trillion ($43 million). — VNS
Illegal gold mining on Bo Tot Mountain in the northern mountainous province of Dien Bien has been posing a risk to public security since 2017.
The main purposes of attracting FDI into the mining sector are to increase deep exploration with high technology, linking local businesses into supply chains, and increase the government’s budgetary revenue.