Project investors continuously record losses
According to research, Na Lua iron mine is divided into two areas North and South. After many years of exploitation, the Southern region has run out of reserves, forcing Cao Bang Steel Gang Joint Stock Company (CBI) - the mine owner - to carry out procedures to prepare for exploitation in the Northern region in the form of open-air.
However, while focusing resources on the new project, the business results of this enterprise still face many difficulties and disadvantages.
The CBI's Q3/2025 financial report shows that revenue reached more than VND554 billion, a slight increase of nearly VND10 billion over the same period last year. However, after-tax profit was still negative at VND17.1 billion, down from VND39 billion in the same period in 2024.
The CBI said the loss was due to the production of steel billets reaching 45,951 tons, up more than 39% over the same period last year, while the prices of some raw materials and input materials - especially coal - decreased sharply.
However, in the first 9 months of 2025, the CBI's production and business situation still recorded negative results.
Accumulated revenue reached over VND 1,492 billion, down VND 230 billion over the same period, while profit after tax was over VND 200 billion, nearly 4 times the loss in the same period in 2024.
The accumulated selling price in the first 9 months reached more than VND 1,581 billion, causing a combined profit of VND 88.7 billion.
At the same time, sales and business management expenses increased sharply to more than 73 billion VND, 40 billion VND higher than the same period last year.
Notably, the cost of management staff is still increasing from 8.7 billion to 9.2 billion VND, even though the company is in a long losing streak.
As of September 30, 2025, the CBI has suffered losses for 6 consecutive quarters, with accumulated losses of more than 352 billion VND. The total assets of the enterprise reached VND 1,791 billion, but equity was only over VND 77 billion after many quarters of being eroded by losses.
Regarding shareholder structure, Vinacomin Mineral Corporation (KSV) currently holds more than 52.54% of CBI's shares. KSV is a subsidiary of the Vietnam National Coal and Mineral Industries Group (TKV), a 100% state-owned enterprise.
It is known that in 2025, the CBI sets a revenue target of VND 2,257 billion and strives to match after-tax profits.
The enterprise plans to consume 160,000 tons of steel, produce 135,000 tons of steel billets, of which 120,000 tons of CT5 steel billets are internally supplied to TKV.
At the same time, the company is focusing all resources on site clearance for the North of Na Lua iron mine, preparing for the next discharge and exploitation phase.
According to Lao Dong reporter's actual record on October 29 at Na Hoa iron mine area, many machines and workers are still operating, red dust still covers the entire area.
The ponds and lakes around the mine are densely red due to the large amount of iron ore, creating a typical scene of the mineral exploitation area.
Searching for relatives of 52 graves
Regarding the above enterprise, the People's Committee of Tan Giang Ward (Cao Bang Province) has just issued a second notice on finding relatives of graves located in the land acquisition and site clearance area (GPMB) to serve the Na Hoa iron mine exploitation and expansion project.
According to Notice No. 99/TB-UBND dated October 24, 2025, the Compensation, Support and Resettlement Council of Tan Giang Ward said that the statistical and counting of graves within the project area has been basically completed.
However, up to now, there are still many graves whose relatives have not been identified or whose representatives have not come to declare and relocate.
The tombs are scattered in many different locations, including the intersection near the Group 9 Cultural House (land plot No. 66, map sheet No. 34), the area behind the Financial Collective Housing Area in Residential Groups 2 and 3, and a number of other locations within the project's site clearance scope.
According to statistics, there are currently 52 graves with names on the stele that need to be verified for their relatives.
The local government recommends that people with relatives buried in the above area contact the People's Committee of Tan Giang Ward before October 29, 2025 to declare, inventory and determine the family's grave.
After the above deadline, tombs with no one coming to receive them will be treated as united tombs and relocated according to the provisions of law.
Na Lua iron mine was discovered by (old) Soviet experts in 1957, with a total reserve of more than 16.7 million tons of iron ore. Since 2017, the mine has been officially exploited in an open-pit form, at one point reaching an output of 350,000 tons of iron ore/year, becoming one of the oldest and important iron mines in the Northern region.
