A Chinese investor has withdrawn from a gold excavation project in Phu Yen after authorities in the south-central province disapproved the use of cyanide.
Chung Thao Hang Tan Company, a joint venture between Kinh Mau Chung Thao Company from China and Vietnam’s Duy Tan Mineral Development Company, got the province’s approval in 2007 to excavate gold on 35 hectares in over 30 years.
The plan was to produce 99,000 tons of gold ore a year and process them into 999,9 gold bars.
But it was stopped after the provincial government did not allow the company to use cynanide in the mining process.
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