Under the decision, the project was terminated because the investor failed to achieve the project's operational objectives within 24 months after the implementation deadline specified in the investment certificate. The project was also not eligible for an extension under current regulations.
The department revoked the investment certificate originally issued by the Ha Tinh Provincial People's Committee on December 24, 2008.
Thach Khe Iron Joint Stock Company, the project's investor, has been instructed to carry out procedures related to the disposal of invested capital and assets, liquidate the project and fulfill all legal obligations in accordance with Vietnamese law.
Located in the former Thach Ha District, now covering Thach Khe, Dong Tien and Thach Lac communes, the Thach Khe mine is considered Vietnam's largest iron ore deposit and one of the largest in Southeast Asia, with estimated reserves of about 544 million tons.
The mining and ore processing project was launched in 2008 under Thach Khe Iron Joint Stock Company.
Between 2008 and 2011, the company conducted technology trials and removed overburden at the site. However, since 2011, the investor has only completed administrative procedures and has not commenced commercial mining operations.
