Carmaker THACO has proposed a circular economy complex for mining and processing bauxite worth VND103 trillion (US$4.1 billion) in Lam Dong Province.
The project, called Lam Dong 2 Aluminum Complex, will be carried out in Bao Lam, Da Huoai and Da Teh districts and Bao Loc City.
It will encompass the entire process of mining bauxite ores, processing them into aluminum, restoring the surrounding environment, planting crops and developing ecotourism in the area.
Almost one-third of the project’s capital will come from THACO while the remainder will come from loans.
The complex is divided into three stages, which will be carried out over 10 years, and is expected to produce four tons of aluminum per year once it is put into operation in 2034.
During the project’s 50-year duration, it will mine bauxite ores to manufacture aluminum in the first 20 years then switch to external bauxite supply in the remaining 30 years, says THACO.
The carmaker is asking to have a meeting with Lam Dong People’s Committee this month to present its research results and implementation plan for the project.
It aims to complete the report on the project’s feasibility quickly and submit it to regulators within the first quarter of 2024.
THACO is a multi-industry corporation that currently operates in automobiles, agriculture, mechanics, logistics, construction, and commerce.
The firm’s profit after tax was just over VND1 billion for the first six months of 2023, which is barely 25% of the profit it earned in the same period in 2022 when the car industry was mired in difficulties.
Lam Dong Province has one of the largest bauxite reserves in the Central Highlands region, and there are currently two bauxite plants in the province.