MASAN RESOURCES UNLOCKING THE POTENTIAL OF VIETNAM’S TUNGSTEN RESOURCE
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MASAN RESOURCES THE FUTURE POTENTIAL OF TUNGSTEN IN VIETNAM WRIT TEN BY
DA LE BENTON PRODUCED BY
A LE X PAGE
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MASAN RESOURCES HAS SUCCESSFULLY DEVELOPED THE LARGEST TUNGSTEN MINE IN THE WORLD, SHINING THE SPOTLIGHT ON VIETNAM’S EMERGING MINING SPACE
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ooking across the global mining map, Canada, Australia and Africa dominate the conversation with regards to resource rich geographies and untapped potential.
The mining industry is cyclical and that in turn forces compa04
nies to look for new resources and new opportunities in new and emerging markets. One such emerging market, is Vietnam. Vietnam is a mining jurisdiction that is the very definition of untapped potential. With more than 5,000 deposits of more than 60 different types of metals, including 7% of the world’s reserves of bauxite, Vietnam could very well be a major mining market of the future. In order to turn this possibility into reality, not only will it require investment but smart investment, leadership and a network of international partners to collaborate as part of a platform to drive this market. This is exactly what Masan Resources strives to achieve. Through the acquisition of a controlling interest in Nui Phao Mining, Masan Resources has worked to significantly develop the Nui Phao Project – the world’s largest tungsten mine.
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Overseeing this development is
fluorspar mines in the world as well as
Craig Bradshaw, CEO of Masan
being the largest bismuth mine in the
Resources and General Director at
world too,” he says. “But Vietnam has
Nui Phao. Having worked on the project
so much untapped potential in terms of
over the last seven years, under the
people too with quality of life, educa-
previous CEO and succeeding him in
tion and infrastructure all improving.
2015, Bradshaw has witnessed first-
“When you combine the resource
hand just how much potential both
potential with the human workforce
Vietnam and the mine itself has to
potential, you really begin to recognise
dictate the global mining market.
how close Vietnam is to changing
“We’re the world’s largest tungsten mine, up there as one of the leading
the mining conversation in the world.”
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“ We’re the world’s largest tungsten mine, up there as one of the leading fluorspar mines in the world as well as being the largest bismuth mine in the world too” 08
— Craig Bradshaw, CEO of Masan Resources & General Director at Nui Phao
The project produces around 3.5 to
more challenging here than at any other
3.8mn tonnes of ore per year, including
mine in the world, given the nature
tungsten, bismuth, fluorspar and small
of the minerals.”
amounts of copper and gold. Bradshaw
Alas, Bradshaw points to consider-
notes that the challenge then becomes
able success that he has overseen at
one of processing those different
the project in recent years. In 2017,
minerals, both effectively and efficiently.
Masan Resources reported a record
“It really is a challenge in being able
year for production across all of its
to process those minerals and extract
commodities, with a 5.7% increase year
them at different stages of the process,”
on year with tungsten, copper and acid
says Bradshaw. “I’d argue it’s probably
grade fluorspar production increasing
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13.3%, 8.5% and 7.6% respectively. But what does Bradshaw attribute
a challenge made up of different techniques, different sciences and
this success to? For him it is simple:
processes. It’s a good challenge,
it is the people and the team that he
but how do you solve it?”
has amassed over time. “The difference between good
Masan Resources solves this problem through a truly collaborative approach.
companies and bad companies are
Bradshaw believes that no one in the
the people that they have and the skills
mining industry will come into a business
that they are allowed to bring into
and solve a problem with the “perfect
problem solving,” he says. “When you
background” rather he looks at attracting
look at the challenge we face, it’s
and pooling people together that can
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bring different approaches and
workers out there looking to embark
different viewpoints to a problem.
on a career in mining.
“Collectively then, it is just about
This is where other companies turn
looking at a problem or a challenge
towards recruitment agencies or mining
through different angles,” he says.
service providers, but Bradshaw
“They bring different core competencies,
approaches this a little differently.
different backgrounds and experiences,
“When we are trying to build a company
they approach it differently and this
and recruit people, we don’t just go and
creates real collaborative effect.”
seek out specific agencies for each
This collaborative approach starts
specific area of work in mining,” he says.
at the recruitment level. The mining
“Sure, we got people who had experi-
industry, through its labour intensive
ence across different metals and
nature, is often one that is plagued by
different processes but for me what’s
skills shortages or a general lack of
key is their mindset.” w w w. m a s a n g r o u p . c o m
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“They can have the best knowledge
Bradshaw recognises this responsi-
of tungsten or fluorspar, but they need
bility to be able to supply the market
the right mindset and work ethic. That’s
and understands the key role that
what makes us unique, we have a group
Masan Resources can play in building
of people with all their different experi-
the capabilities of Vietnam’s mining
ences but they come to work and they
industry to answer to the demand.
challenge each other. That’s a work
This is where Masan Resources’
ethic we strive for and is what ultimate-
strategy of acquiring assets across
ly leads us to success.”
Vietnam will prove key. Bradshaw
As the world’s largest tungsten mine,
believes that as the company looks
the Nui Phao will both influence and be
to the future, it will look to benchmark
influenced by the market demand. With
the industry through the Nui Phao mine.
its uses in cutting tool technologies
Nui Phao is the first mine in Vietnam
used in the aerospace, defence and
to operate to international standards.
automotive industries, tungsten is a key
That in itself is no small feat and it is
mineral now more than ever before.
a feat that Bradshaw feels will continue
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“We’ve been successful in developing the mine and so the future for us is to be the number one producer of tungsten in the world, or within the top three. There’s no reason we can’t be,based on how successful we’ve been with our current portfolio”
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A PARTNERSHIP OF YEARS GROWING ONLY STRONGER
WE’VE HAD PLENTY OF REASONS TO CELEBRATE THROUGHOUT THE YEARS.
Our success has come from working together, to build a real understanding of your vision in Vietnam. Our shared approaches to
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successfully brought the latest technology into Vietnam, and it’s just the begining for many more to follow.
to define the future growth of
There’s no reason we can’t be
Masan Resources.
based on how successful we’ve
“There is real opportunity across Vietnam,” he says. “We are
been with our current portfolio.” The mining industry is cyclical
looking to acquire new assets
and one of the biggest challeng-
and replicate what we’ve done with
es in the world, be it gold, copper
Nui Phao, not just in tungsten but
or tungsten, is that supply may
in other resources.
one day meet the current demand
“We’ve been successful in
but it will inevitably fall into a deficit.
developing the mine and so the
Bradshaw is all too aware of this
future for us is to be the number
and points to the Vietnam account-
one producers of tungsten in the
ing for approximately 40% of the
world, or within the top three.
world’s supply of tungsten 19
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21 presenting an opportunity for the company to play a key role in the future of this market. “We’re independent from other producers,” he says. “The rest of the world is in a deficit as the likes of China rely on tungsten for its industrial sector.
industrial sector. We embody the
“Masan Resources is the number one
“Vietnam can do” spirit, and we are
primary TC producer Ex-China, with
strongly positioned not only to signifi-
36% of the non-China market, and we
cantly increase shareholder value,
have clear operational plans to become
but more importantly, to enhance
the largest producer and supplier of
social economic value as a representa-
tungsten chemicals globally.”
tive of Vietnam globally.”
“I hope Vietnam can be proud of Masan Resources’ ambition and ability to be a dominant player in a global w w w. m a s a n g r o u p . c o m
Level 15 Hoa Binh international building 106 Hoang Quoc Viet St. Cau Giay Dist. Ha Noi Viet Nam T +(84-4) 3718 2490 www.masangroup.com