TKV surpasses its Q3 targets.

Since the beginning of the year, the Vietnam Coal and Mineral Industry Group (TKV) has focused on overcoming difficulties, boosting production, and striving to complete its production and business targets for the first six months of the year as soon as possible, creating momentum to achieve the goals for 2024.

These days, production teams and groups at Cao Son Coal Joint Stock Company's mining site are stepping up their emulation campaigns, striving to achieve their third-quarter targets.

In 2024, Uong Bi Coal Company - TKV aims to produce over 2 million tons of coal, consume over 1.9 million tons, and excavate 27,600 meters of new tunnels. To increase the mine's capacity, the company is currently implementing key projects, including: underground mining in the Tan Yen - Dong Trang Bach mine area; underground mining project at the Dong Vong mine; expansion of open-pit coal mining in the Uong Thuong and Dong Vong areas; waste dump at the Trang Bach mine; planning of the industrial yard, the +30 level control area at the Trang Bach mine, and the +37 level area at the Trang Khe area. Investing in underground mining projects at this stage is of significant importance to Uong Bi Coal Company in ensuring production and employment for its workers.

Despite facing difficulties with increasingly deeper and shrinking production areas, and the need to relocate mining operations multiple times, the company has promoted a labor and production emulation movement, fostering creativity and overcoming challenges to complete production and business plans while ensuring occupational safety and health. In the first six months of 2024, Uong Bi Coal Company extracted over 1 million tons of raw coal, achieving more than 50% of the annual plan.

Currently, TKV and Uong Bi Coal Company are urgently addressing difficulties, resolving investment procedures, detailed construction planning; approving investment policies, and conducting environmental impact assessments for a number of mine development projects.

To ensure the supply of coal to thermal power plants as directed by the Prime Minister and in fulfillment of commitments to the Vietnam Electricity Group (EVN), TKV has been operating coal production, import, processing, and consumption at a high intensity since the beginning of 2024. However, in the first six months of this year, TKV faced numerous difficulties such as early heavy rains hindering coal production, delayed approval of coal exports, and a sharp decrease in demand for coal from fertilizer and cement factories. This resulted in very low consumption of high-quality coal compared to the plan, and the domestic coal selling price to power plants has not been increased since 2019, reducing TKV's business efficiency. TKV's coal production units have strived to overcome difficulties and achieve their production and business targets.

According to TKV's report, in the first six months of 2024, TKV produced 20.61 million tons of raw materials, reaching 53.2% of the annual plan. In addition, coal consumption reached 26.7 million tons. Production in the alumina, electricity, mechanical engineering, chemical, and industrial explosives sectors remained stable and met planned targets. The Group's total revenue in the first six months of 2024 reached over VND 88,900 billion, achieving 50.7% of the annual plan; profit reached nearly VND 1,500 billion; and TKV contributed over VND 13,000 billion to the state budget, equivalent to 52.2% of the annual plan. In Quang Ninh , TKV contributed over VND 8,000 billion to the state budget, equivalent to 51.2% of the projected contribution for the whole year of 2024.

Entering the third quarter, the demand for coal from thermal power plants increased significantly, but this was also a time of extreme weather, with the impact of storms and heatwaves putting considerable pressure on units within TKV (Vietnam Coal and Mineral Group). However, adhering closely to the production and business plan and the Group's production and consumption directives, the units made efforts to boost production, overcome difficulties, and fulfill the assigned plan targets.

Workers at Ha Long Coal Company operate the support system in the coal face.

The development of the coal industry not only plays a leading role in the socio-economic development of Quang Ninh province but also creates jobs and income for tens of thousands of local workers. Alongside stabilizing production and business, Quang Ninh province and the coal industry have recently collaborated closely to address difficulties and obstacles. For example, on June 19th, Quang Ninh province held a meeting with TKV (Vietnam Coal Corporation) to resolve several difficulties and obstacles in production and business.

Mr. Dang Thanh Hai, General Director of the Group, emphasized: To develop production and meet the coal needs of the economy, especially coal for electricity production, TKV has made efforts to boost production and focus on investing in projects. TKV requested Quang Ninh province to continue paying attention to resolving difficulties and obstacles related to the termination of the business cooperation contract with Vietmido; consider approving the investment plan for the construction of Con Ong - Hon Net port; plan for connection with transportation infrastructure in the area; resolve land management procedures; and promptly complete the compensation and support plan for land clearance for the Nam Cau Trang coal screening plant so that TKV can hand over the land to the locality for project construction on schedule. At the same time, TKV requested permission for its coal production units to sell waste rock after processing to construction material and land leveling units.

Currently, Quang Ninh province has approved 10 investment projects by TKV (Vietnam Coal and Mineral Group) in the province, especially mine development projects, creating favorable conditions for TKV's production development. TKV's projects are of great significance, contributing to growth in the investment sector as well as the province's development. To resolve difficulties for the Vietmindo project, the province is directing the Department of Planning and Investment to urgently work with the Ministry of Planning and Investment and other relevant ministries and agencies, and report to the provincial leadership.

Based on that, the province reported to the Prime Minister on the cooperation process, mine closure, and the definitive resolution of issues related to the Vietmindo project in accordance with legal regulations. Quang Ninh province agreed to allow TKV to develop a proposal for the investment policy of the project in accordance with the Investment Law, ensuring compliance with legal regulations, and in the direction of a general port that serves both the production and business of the Group and the economic development of the province. TKV needs to conduct research, hire consultants, and coordinate with the provincial departments and agencies to expedite the investment work of the project and ensure investment efficiency.

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