Project highlights

Nui Phao represents the ideal platform to build Masan Resources into Vietnam’s leading private-sector resource company.

• Unique Asset of Scale - Nui Phao is a unique mine with one of the world’s largest deposits of tungsten, fluorspar and bismuth, as well as deposits of copper with traces of gold. When in full production, Nui Phao is expected to generate over US$400 million in revenue and US$250-300 million in EBITDA annually*.
• The Right Commodities - A distributed revenue base provides the project stability in a volatile environment for commodities. In addition, given the concentration of supply for tungsten, fluorspar and bismuth and the prospects for copper linked to emerging markets growth, the view on future prices for these commodities is favorable.
• Low Cost of Operations - As an open-pit mine with a low strip ratio, Nui Phao will be one of the lowest cost producers of tungsten. Cash costs on a tungsten basis are projected to be negative, which will help the project withstand commodity price fluctuations.
• Significant Progress - Over US$130 million had already been invested into the project prior to Masan Group’s acquisition, with resources and reserves established, a feasibility study completed and a substantial amount of long lead-time equipment already on site. This significantly reduces both the risk for Masan Group in developing this project and time to revenue generation.
• Infrastructure Availability - The project is located only 80 km from Hanoi and around 180 km and 240 km from the Hai Phong and Quang Ninh ports, respectively. Basic infrastructure including roads, rail lines and access to power and water are in place, allowing a shorter project development timeline.