HCM CITY-- Vietnam Infrastructure Ltd, a fund that focuses on infrastructure investment, has reached a memorandum of understanding with a local firm on a quarry project in Binh Duong Province.

The Thuong Tan 6 quarry project of the Mien Dong Joint-Stock company is located on a 54ha acreage in Tan Uyen District, which requires an initial investment of around US$20 million.

"Discussion is underway to decide whether we’ll invest the entire needed capital or just a stake," William Lean, managing director of the fund, said on Thursday. The fund was listed on the Alternative Investment Market of London Stock Exchange in early July.

He said the project was expected to begin operation in no more than nine months.

It is estimated to have a total reserve of 17.5 million cubic metres and a life of no more than 25 years.

Prior to the MOU, the $402 million fund won several investment contracts including $20 million in projects of the Tan Tao Industrial Park Co (ITACO) and another of $6 million in two power plants, Thac Mo Hydropower and Ba Ria Thermopower.

Lean said he was involved in discussions about other investments in the water supply and telecommunications sectors as well.

The infrastructure fund is the fourth one managed by VinaCapital with three others being Vietnam Opportunity Fund, VinaLand and DFJ VinaCapital. -- VNS

Posted by rjorr at August 18, 2007 9:17 PM