Mount Kellet invests in Vietnam's Masan Group
Private equity firm Mount Kellett Capital Management has injected $100 million in a unit of Vietnamese consumer-product and financial services holder Masan Group.
The investee, Masan Resources, owns mines in northern Vietnam, and the capital injection buys Mount Kellett a 20% stake in the company. According to a statement, Masan Resources is set to develop the Nui Phao mine by 2013, which is expected to bring in $300 million in revenue a year from the mining of tungsten and fluorspar.
The Masan Group has invested $150 million into the project at this time. Among Masan Group's assets is the Nui Phao Mining Joint Venture Company, which it purchased in May of last year from Dragon Capital-backed Tiberon Minerals. Global reports note that the Masan Group still owns 64% of Masan Resources while Tiberon Minerals will manage 16%.
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