A MAJOR mining joint venture that foundered six months ago amid a dispute between Vietnamese government officials and their Australian partners is to be resurrected after concessions from the Australian side.
Westralian Sands has informed the Australian stock exchange that the production and export of ilmenite sand will resume from its Austinh joint venture in central Vietnam.
Westralian Sands managing director Malcolm Macpherson confirmed that agreement was reached with officials from Ha Tinh province to defer previously announced mine expansions.
'I believe there is a growing recognition by Vietnamese authorities that projects like the Austinh development must succeed if Vietnam is to attract new foreign investment,' Mr Macpherson said.
The agreement would allow Austinh to keep faith with the firm's customers and other stakeholders, he added.
It is understood that considerable bitterness and uncertainty remains, however.
Sources on both sides said Westralian Sands had little option but to seek a speedy agreement and 'mine their way out of trouble'.