Paul Cham Group with a 51% stake of Vietnam’s T&T Group and the U.S.-based Phi Mining Group have set up a joint venture, Phi Cham Mining Corporation, to carry out a cement project worth $50.94 million in Cambodia’s northern Stung Treng province, the Vietnam News Agency said Friday.
Phi Mining Group contributes 60% of capital to the joint venture and the rest from Paul Cham group.
Under the project, the joint venture will spend $625,000 on building a 50-kilometer road and $600,000 on an electrical link to Laos, said Phi Mining group’s documents.
Total spending for infrastructure and the cement plant will be $28.7 million, which is expected to be recouped within three years, stated the company’s documents.
Work on the cement plant with a yearly capacity of 1Mt will be start next month, said Nguyen Thi Cham, Director of Paul Cham group.
The plant will turn out its first products early next year, which will be shipped to Phnom Penh and exported to other markets, said Phi Mining Group.