Vietnamese Masan Group Corporation has acquired a 70 percent stake from foreign-owned Tiberon Minerals in the Nui Phao tungsten mining project in the northern province of Thai Nguyen.
The acquisition is an important step for the corporation to build a leading resource and infrastructure business, said Masan director Michael Nguyen.
Nui Phao has one of the largest deposits of tungsten in the world. When fully operational, the mine will produce about 5 percent of global tungsten output, said the Ho Chi Minh Stock Exchange-listed corporation.
More than US$130 million has been invested in the project, which is scheduled to start production in 2012, Masan said.
Tiberon Minerals is owned by funds managed by Vietnam-based asset firm Dragon Capital, which manages $1.3 billion on behalf of private and public institutions around the globe.