The state-run Viet Nam National Coal-Minerals Group, or Vinacomin, will invest VND25 trillion ($1.47 billion) on development 2009, state media reported Friday.

The group, Vietnam’s largest coal producer, will mostly invest in mining and power projects, the Ministry of Trade and Industry’s Cong Thuong newspaper said, citing group chairman Doan Van Kien.

Vinacomin will expand its existing coal mines and undertake coal exploration in northern Vietnam; it will continue to develop two bauxite mining projects in the Central Highlands and invest in a steel mill in Cao Bang province, a bronze production project in Lao Cai province, a chromite project in Thanh Hoa province and an iron ore mining project in Ha Tinh province, it reported.

The group will also build three new power plants, including two coal-fired plants with combined capacity of 710 megawatts in Quang Ninh province and a hydroelectric power plant in Dong Nai province, it said.

Vinacomin will also build a seaport in Binh Thuan province to serve its aluminum projects in the Central Highlands, it added.

The group is expected to produce 34 million metric tons of coal in 2009, down 5.6% on year, according to the report.

Last year, Vinacomin invested VND16 trillion on development, the newspaper said. (Dow Jones)