Vietnam top gold miner Bong Mieu goes bankrupt
Fourteen out of 24 creditors voted on filing Bong Mieu’s bankruptcy process.
Vietnam’s leading gold mining company Bong Mieu, located in the country’s South Central Coast Quang Nam province, went bankrupt due to a debt burden of over VND1 trillion (US$43.27 million).
Illustrative photo.
|
As of November 2017, Bong Mieu’s total asset value reached over VND302 billion (US$13.05 million), and its payables of VND1.2 trillion (US$51.87 million).
The company’s asset valuation was reported at VND34.8 billion (US$1.5 million), of which collateral assets were VND25.4 billion (US$1.09 million) and non-collateral assets VND9.4 billion (US$406,343).
However, Bong Mieu assets are specialized for mining and attached to the gold mine, so the asset value could only be maintained by keeping exploiting gold, instead of liquidizing.
Bong Mieu is a subsidiary of New Zealand-based Besra Gold Inc, which were granted exploration license in Vietnam until March 2016.
The company kept on operating even when the license expired, and only ceased operation per the local authority’s order.
In May 2017, Quang Nam’s authority ordered to close the gold mine.
15:17, 2024/11/04
Hiring multitaskers: Priority for Hanoi companies
Several sectors experience increased hiring demand in the remaining months of 2024
18:17, 2024/11/03
Hanoi seeks partnerships to build skilled workforce for digital transformation
Vocational training institutions play important roles in developing a quality workforce prepared for large companies.
18:35, 2024/10/30
Hanoi to host Vietnam-Asia Smart City Summit 2024
The summit aims to share best practices and promote cooperation among Vietnam's provinces and cities in building and developing smart cities.
15:53, 2024/10/29
Vietnamese spend $8.9 billion on ecommerce
The total transaction volume in the Jan-Sep period increased by 37.7% compared to the same period last year.
14:48, 2024/10/29
Hanoi steps up inspections to crack down on unsafe food
The purpose of the survey is to gain a thorough understanding of the local food safety situation and to identify non-compliance promptly, allowing for corrective actions to be taken to mitigate health risks.
22:24, 2024/10/23
SEMIEXPO Vietnam 2024 to foster growth of semiconductor industry
The exhibition aims to develop the ancillary industry ecosystem and attract investment from the world's leading semiconductor companies.
- Hanoi targets double-digit growth over next decade
- Hanoi's industrial production shows positive growth
- Hanoi launches Vietnamese Fashion Product Brand Festival 2024
- Exhibition promotes Hanoi's key industrial products
- New partnerships forged at Hanoi Industrial Development Conference
- Hanoi addresses administrative challenges through dialogues