The Department of Agriculture and Environment of Lao Cai province has just organized the handover of the Minh Luong gold mine (total area of 528,648.5 m2) to the local government for management according to regulations.
According to the investigation, the Minh Luong gold mine in Minh Luong commune, Van Ban district of Lao Cai Gold Joint Stock Company was licensed by the Ministry of Natural Resources and Environment (now the Ministry of Agriculture and Environment) to exploit the original gold ore in 2011; extended in December 2016, expired in April 2019.
Before the license expired, this enterprise submitted a request for an extension of the mineral exploitation license but it had not been accepted by the Ministry of Natural Resources and Environment because it did not meet the requirements according to regulations.
In June 2020, the People's Committee of Lao Cai province issued an official dispatch requesting the Ministry of Natural Resources and Environment to consider allowing Lao Cai Gold Joint Stock Company to continue exploiting the Minh Luong gold mine.
Based on the proposal of the People's Committee of Lao Cai province, the Ministry of Natural Resources and Environment proposed that the Prime Minister allow Lao Cai Gold Joint Stock Company to continue to manage and protect unexploited minerals at Minh Luong gold mine until a new decision is made by the competent state agency.
On December 30, 2024, the People's Committee of Lao Cai province issued a Decision to reclaim land of Lao Cai Gold Joint Stock Company. It clearly stated that the company is responsible for handling assets attached to the land to return the site to the State.
On January 22, 2025, the People's Committee of Lao Cai province continued to issue a document requesting Lao Cai Golden Joint Stock Company to be responsible for developing a plan to complete the assets before March 30, 2025.
After the handover procedures on March 5, 2025, the authorities are requesting Lao Cai Gold Joint Stock Company to urgently move assets including: Office space and housing for officers and employees of the company in the office area; the factory area has offices, factory areas, security checkpoints, canteens and auxiliary works out of the recovered land area...
It is known that in 2008, State-owned Mineral One Member Co., Ltd. III, under Vietnam National Coal and Mineral Industries Corporation, announced the results of a survey and exploration at Minh Luong gold mine.
Initially, experts determined that the gold reserves at Minh Luong mine were about more than 6 tons. This is the largest gold reserve in the Northwest region to date.
According to research, Lao Cai Golden Joint Stock Company was established in September 2017 with an initial charter capital of VND45 billion founded by 5 shareholders.
Currently, the charter capital of this enterprise has increased to 105 billion VND and there have been many changes to the Board of Directors members when major shareholders simultaneously divested.
At the end of 2018, with the listing of 10.5 million shares on the UPCoM exchange, Lao Cai Gold Joint Stock Company became the first gold mining company listed on the Vietnamese stock market ( stock code: GLC).
Most of the time, the shares of Lao Cai Gold Joint Stock Company were at VND 10,000/share, but there was almost no liquidity.
By the trading session on February 21, the stock of Lao Cai Gold Joint Stock Company's floor had decreased to VND6,000/share.
At the session of February 28, GLC shares only had agreed transactions with a volume of 8.82 million shares. The total agreed trading value in this session reached nearly VND53 billion, equivalent to VND6,000/share, equal to the closing price.
