As a result, the total investment will be increased to VND22.3 trillion (USD1.06 billion), while the earlier investment estimates were VND9.9 trillion (USD472.14 million).

According to Ho Duc Binh, General Director of Thach Khe Iron Ore Joint Stock Company (TIC), the project’s investor, the company will contribute 30% to the investment and mobilise the rest from other sources.

Since it was set up in 2007, TIC has faced a number of challenges in the implementation of the project.

In a bid to finish the project on time, TIC held a meeting on January 13 to announce some adjustments to the project's design and management.

The company has decided to maintain the mine’s acreage, 3,877 hectares, but they have lowered their expectations for exploitable iron ore deposits to 370 million tonnes, from the earlier estimate of 544 million.

Exploitation operations will be divided into two phases. The first will be from 2011 to 2021, and include three years for construction.

Actual mining activities will officially start in 2015, with an estimated output of 4.4 million tonnes per year. The output will increase to eight million tonnes by 2021.

The second phase will last from 2022 to 2051, with an expected output of 10 million tonnes per year for the next 29 years. Gradually this will decrease to less than 10 million tonnes per year.

Under the new, adjusted plans, TIC intends to use land areas both in the mainland and the surrounding sea-encroached area as a dump site.

A total of 150 million cubic metres of waste soil and stone will be discharged to a combined area of 923 hectares.

Thach Khe iron ore mine covers a 38-square-kilometre area across six communes in the central province of Ha Tinh.