Masan Group and Germany's H.C. Starck have agreed to establish a joint-venture to process tungsten from one of the world's largest mines in central Vietnam.
Masan's Nui Phao Company will own 51 percent of the stake, and the German firm, one of the world's largest tungsten producers, the rest, Thoi bao kinh te Sai Gon (Saigon Times) reported Monday.
It quoted the Masan Group as saying that the joint-venture would refine ore from Nui Phao mine in Thai Nguyen Province, and make tungsten products, which are used in light bulbs and x-ray machines.
The mine began to be operated by Nui Phao Company earlier this year.
Masan said the new company would have a refining capacity of 10,000 tons of tungsten a year.
Most of its output will be bought by H.C. Starck, which will also assist the joint-venture in marketing the rest.
According to Masan Group, the factory will begin operation next month.
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