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Nui Phao Project Review

SRK was commissioned by Masan Group Corporation, in Vietnam to provide an independent oversight of Masan Resources’, Nui Phao project during construction and production ramp up. This work took place over a period of 18 months.

The Nui Phao project is a polymetallic deposit, located some 80km north west of Hanoi. An Ore Reserve of 53Mt has been defined containing; tungsten, fluorite, bismuth and copper mineralisation. Mine production is designed to produce 3.5 Mtpa of ore for a multistream processing plant.

The project was designed to an international standard and was ably led by a multinational leadership team during construction and into operation.

In late 2011, construction commenced on site with the processing plant earthworks, Tailings Storage Facility (TSF) earthworks and waste pre-stripping for the mine. The project delivery method selected was for an owners’ team to provide construction management (for a number of installation projects), supported by an Engineering and Procurement design contractor for the processing plant, design engineer for the TSF and a mining contractor. The owners’ team was responsible for sourcing and awarding all construction contracts for site works and major procurement.

SRK’s initial role was to review the construction preparations/project implementation planning and Ore Reserve. Once construction was under way, SRK conducted independent monthly progress reviews and quarterly site visits. This allowed a confirmation of site progress and provided independent feedback to the Masan Group on project progress and ongoing awareness of updated project risks.

SRK was responsible for providing review coverage for geology/mineral resource, mining, processing, tailings and environmental areas.

During the review period, SRK also provided support for the Masan Group while seeking ongoing finance for the project by preparing specific independent reviews for financial institutions on the project progress.

This project review has demonstrated the value of carrying out an ongoing independent project review to satisfy both the parent owner’s and other stakeholders governance requirements. That, in turn, has allowed these entities to have a level of external oversight over the internal project team and project controls systems.

Simon Hanrahan:

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