NEXI has decided to provide Overseas Untied Loan Insurance for loans extended to Vietnam National Coal and Mineral Industries Holding Corporation Limited ("Vinacomin"), Vietnam's largest national coal mining firm. The loans are to be provided by Citibank Japan Ltd., Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, and The Bank of Tokyo-Mitsubishi UFJ, Ltd.
The purpose of the project is to develop bauxite mines and construct a new alumina refinery in Lam Dong province of Vietnam. Vinacomin is trying to add more value to their bauxite resources by constructing and operating Vietnam's first alumina refinery plant.
Vinacomin is planning to produce about 600 to 650 thousand tons of alumina per year, of which Marubeni Corporation of Japan has the right to purchase 160 to 180 thousand tons annually under a principle agreement on sale and purchase of alumina. The project is expected to contribute to Japanese manufacturers both in Japan and overseas by providing them a new and stable supply of alumina.