Du An Mo Sat Thach Khe

D n m qung st Thch Kh
Ti liu gii thiu c hi u t

1
Min trch
Ti liu ny c son tho v ph chun vi mc ch gii thiu c hi u t vo Cng ty c
phn St Thch Kh. Vic l bt k thng tin no cho bn th ba m cha c php ca
BSC, hoc vic mt bn th ba s dng, sao chp, pht tn hoc trch dn bt k thng tin no
trong ti liu ny m cha c s ng bng vn bn ca BSC u l khng hp php.
Ti liu ny c xy dng trn c s cac quy inh hin hanh v pht hnh chng khon va
kin t vn ca BSC ti thi im son tho. Ti liu ny l ti sn ca ring BSC va do BSC ton
quyn s dng theo mun.
Ti liu ny ch truyn ti y thng tin khi c ng thi xem xt tng th. Tng phn ring
l s khng to thnh ti liu hon chnh.
Cc ni dung trong ti liu ny c th khng cn chnh xc v phn nh ng thc t nu c
xem xt ti cc thi im khc v/hoc trong cc hon cnh khc.
BSC s khng chu trch nhim vi bt k bn th ba no v vic s dng cc thng tin nu
trong ti liu ny.
Mc lc
Phn I. Gii thiu c hi u t
Phn II. Phng n huy ng vn
Ngnh khai thc qung st v cc thng s v ngnh

Thng tin v d n u t
Thng tin ti chnh ton d n
Thng tin ti chnh Giai on I ca D n
4
18
41
50
Thng tin v i tng thc hin huy ng vn

nh gi nng lc trin khai d n ca ch u t
Tnh ph hp ca cng c huy ng
nh gi kh nng tiu th sn phm u ra
Phn III. Phng n pht hnh tri phiu
Cu trc pht hnh tri phiu

K hoch tr n tri phiu
81
82
83
Phn IV. nh gi ri ro trin khai d n
Ri ro v php l
Ri ro tr lng m
Ri ro cht lng tinh qung
Ri ro cng ngh khai thc
Ri ro nhu cu th trng
Ri ro nguyn vt liu u vo
Ri ro bin ng gi bn
Ri ro huy ng vn
54
56
58
60
64
85
85
86
86
86
88
88
88
89
3
Phn I. Gii thiu c hi u t

BSC a ra nhng thng tin tng qut v ngnh & lnh vc
u t, ng thi phn tch, nhn nh chi tit v thc trng
ca d n u t, t nh v r tim nng ca d n trong
tng giai on.
Cc ni dung chnh ca Phn I bao gm:
Ngnh Khai thc qung st v cc thng s v ngnh
Thng tin v d n u t
19
42
50
Ngnh Khai thc qung st v cc thng s v ngnh
98+2+M 60+40+M 57+43+M

Mt s thng s trng yu v ngnh Khai thc qung st
98%
Qung st khai thc c

s dng trong ngnh sn
xut thp.
63
USD
D bo gi Qung st
trong nm 2015.
60%
T l hm lng st trong
qung c nh gi l
qung giu.
41
triu
tn/nm
D bo nhu cu qung st
ca Vit Nam n nm
2030.
57%
Tng th phn xut khu

qung st ca 4 nc xut
khu qung st ln nht
th gii.
02
S m st ti Vit Nam c
quy m trn 100 triu tn
(Qu Xa v Thch Kh),
trong Thch Kh c
quy m gp gn 5 ln m
Qu Xa.
5
Vai tr ca qung st trong ngnh Cng nghip

Trong cc loi khong sn,
qung st c vai tr rt
quan trng v c s
dng rng ri trong cng
nghip luyn kim v
nguyn liu ph gia xi
mng.
Nguyn liu u vo cho sn xut gang thp

(luyn kim en)
Khong 98% qung st c khai thc ra
dng vo sn xut thp. Nhu cu s dng
qung st, st v thp nhiu ngnh kinh t l
rt ln v khng ngng gia tng. Nhiu nc
trn th gii, in hnh l Trung Quc, phi
nhp khu qung st, st v thp phc v cc
ngnh xy dng, sn xut cng nghip.
Quy trnh sn xut thp t qung st
Qung st Thch Kh l qung manhetit
(Fe3O4) c hm lng st ln t 59% tr ln,
Sau khi khai thc, qung cc c a vo h
thng my nghin, nghin n c ht thch hp
(8-45)mm v (8-0) mm. C ht 8-0mm cho vo
my thiu kt tn dng li cc loi c c ht
khng ph hp vi l cao v kh tp cht c
hi l lu hunh (S), sn phm thiu kt c c
ht t 5-45mm c cho vo l cao luyn gang.
C ht qung 8-45mm cho vo l cao cng cc
loi nguyn liu ph tr nh: qung Mangan,
hunh thch, than cc, vi, than cm v thi
kh giu xy vo , nung chy n nhit
1500oC thnh gang lng v x. Gang lng cho
vo l chuyn (l thi xy) luyn thp lng
cc loi, sau thp lng chuyn n h thng
my c lin tc ra phi thp cc loi nh phi vung, phi tm v thp ng. Sn

phm phi thp cung cp cho cc nh my cn thp xy dng, thp hnh, thp
tm v thp ch to my
nh gi tnh cht qung st

Trong cng nghip luyn gang thp l cao, vic nghin cu v nh
gi tnh cht qung st l v cng quan trng nhm mc ch s
dng tt nht qung. Thnh phn ha hc c quan tm u tin
ca qung st l hm lng st; hm lng ny cng ln th hiu
qu ca qu trnh luyn thp cng cao. Ch tiu hm lng st cha
trong qung nguyn khai cng c s dng nh gi mc
giu, ngho ca qung. Thng thng, hm lng st t trn 60%
gi l qung giu, hm lng t 50-60% gi l qung trung bnh
cn hm lng di 50% gi l qung ngho.
Tiu chun v qung st phc v cho ngnh sn xut thp
Hm lng cc tp cht c hi trong qung st nh Photpho(P),
Lu hunh(S), Asen (As), Ch (Pb), Km (Zn)... cng thp cng tt.
Ngoi ra, qung st cng c quy nh cht ch v t l Mn/Fe
khng vt qu 1,5%, nu khng buc phi tnh ton li phi liu
qung (trong l cao Mn c hon nguyn hon ton v ch yu i
vo gang, lm tng bn, cng, mi mn v dai va p
ca thp; tuy nhin hm lng Mn qu cao s gy kh khn cho
cng ngh luyn thp tip theo); hm lng Titan trong qung
thng c quy nh di 0,3%; hm lng crom c khng ch
vi mc di 0,2%... Ngay ti Vit Nam, s lng qung st hin
t tiu chun phc v cho ngnh sn xut thp ni a kh hn
ch.
Cht lng qung st

Qung st vi hm lng trn
60% c xc nh l qung
giu, t 50-60% c nh gi
mc trung bnh v di 50%
c coi l qung ngho.
Ph gia quan trng dng cho sn xut xi mng.

Trong nhng nm gn y, ngnh cng nghip Xi mng ca Vit
Nam pht trin, hng lot nh my c c ci to nng cp
cng vi chui nh my mi ra i; giai on kh khn ca ngnh
Xi mng cng i qua, nh du s tr li ca nhu cu qung st
nh nguyn liu ph gia trong sn xut xi mng.
Tng quan th trng qung st th gii

Qung st c khai thc
ti trn 50 quc gia nhng
ch c, Brazil, n ,
Canada v Nam Phi l
nhng nc xut khu
qung ln nht th gii.
BSC nhn nh qung st trn th gii ang

trong giai on iu chnh cung cu. Cc tp on
a quc gia nh Rio Tinto, BHP Billington,
Fortescue Metals ang m rng hot ng khai
thc nhm p ng nh cu ti cc quc gia ang
pht trin.
Tng quan Cung - cu qung st

nh gi v ngun cung
Ngun cung qung st thiu ht sut 7
nm trong vng 8 nm tr li y, kch
thch cc hng tng cng khai thc. Tuy
nhin, t cui nm 2013, ngun cung trn
th gii c xu hng ri vo trng thi d
tha do cc nh khai thc m ln nht
th gii u m rng hot ng khai thc
nhm p ng nhu cu qung st ca
Trung Quc, vi vic t cc vo sn
lng cao hn s b p cho gi qung st
gim; trong Australia chim ti 66% s

gia tng cung qung st trong nm 2014.
Cui thng 10/2013, Rio Tinto nng
cng sut khai thc ca hng ti m
Pibara thuc Australia t mc 290 triu
tn ln 360 triu tn. Hng khai khong
Fortescue Metals (Australia) cng nng
cng sut ln mc 155 triu tn vo cui
nm 2013 thng qua vic hon tt d n
m rng tr gi 9,2 t USD. Trong nm ti
chnh 2015, BHP gi mc tiu sn lng
225 triu tn t mc 204 triu tn trong
nm trc , trong khi Rio c k hoch

sn lng t 330 triu tn t mc 295
triu tntrong nm 2014; v Vale SA d
kin sn xut 340 triu tn.
Theo Sanford C. Bernstein & Company,
ngun cung s tng khong 60 triu tn,
ln mc 75 triu tn nm 2015 do khai
thc m rng ti Australia v Brazil nhiu
hn, b p s ng ca ti Trung Quc.
Morgan Stanley d bo mc tng rng
trong sn lng qung st nm nay t 63 triu tn vi nh

im d kin trong thng 9 v thng 10/2015.
nh gi v ngun cu
Trung Quc hin ang l quc gia s dng qung st ln nht
th gii (vi 67% lng qung st ton cu), mc tiu th hng
nm t hn 1 t tn. Hu ht lng qung st c Trung
Quc nhp khu t cc hng khai khong ln nh Vale SA
(Brazil), Rio Tinto (Australia), BHP v FMG; sn lng nhp
khu qung st thng gim trong nhng thng cui ca cc
nm do trong ma ng, nhit xung thp cn tr cc hot
ng xy dng, ko theo nhu cu qung st gim. Trong thng
9/2013, lng qung st c Trung Quc nhp khu tng
ln mc cao nht tng c ghi nhn vi 74,58 triu tn; tng
8% so vi thng 8/2013 v 15% so vi cng k nm 2012.
Khi lng st sn xut v nhp khu ti Trung Quc (triu tn)
140
120
100
Trung Quc hin ang s dng
67% sn lng st ton cu, c nhp

khu ch yu t cc tp on, cc cng ty
a quc gia.
BHP Billiton v Vale SA
chim khong 57% xut khu ton cu trong

nm 2014.
67+M
57+M
67%
57%
80
60
40
20
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Nhp khu
Sn xut
Din bin v xu hng gi qung st trn th gii
Trong mt thp k qua, gi qung

st trn th gii tri qua nhiu
giai on thng trm.
Din bin gi qung st trn th trng th gii giai on 2001 - 2014 v phn tch chi tit din bin trong nm 2014 (USD)
Din bin gi qung st

Theo d liu t Worldbank1 , gi qung
st lin tc tng mnh t mc khong
68 USD/tn trong u nm 2006 ln
mc gi gn nh gp ba t khong
198 USD/tn vo cui nm 2007 v bt
u dao ng nh quanh mc ny
trong ba thng u nm 2008. Trong
hai nm sau , do nh hng ca
khng hong kinh t bao trm, th
trng thp th gii tri qua mt thi
k y bin ng khi nhu cu tiu th
thp suy yu, ko theo l s st gim
khng ngng ca gi qung st, xung
y 64,95 USD/tn vo T12/2009.
Trong giai on 2010-2011, s khi sc
ca cc nn kinh t hng u nh M,
Nht Bn v Chu u - tuy tng trng
chm nhng bn vng hn a
150
1 https://www.quandl.com/data/WORLDBANK/
WLD_IRON_ORE-Iron-ore-Price-cents-dmtu
250
200
100
50
2001
2002
2003
2004
200
2006
2007
2008
2009
2011
2012
Tng nh
u qu
Xu hng gim
t cui 2013
n nh, xu hng gim cui k
50
2014
Cu thp, gi
tip tc c xu
hng gim
150
100
2013
10
Thng
10
nn kinh t th gii vt qua giai on khng

hong, v a th trng thp v qung st
phc hi tr li. Tuy cha th tr li mc gi
nh im t c trong vng 05 nm
trc , nhng mc gi t c trong qu
1/2011 mc 180USD/tn l du hiu tch cc
cho th trng qung st th gii. T na cui
nm 2011 n nay, qung st trn th gii li
bc vo mt chu k mi, vi nhng bin ng
theo hng tiu cc m nguyn nhn chnh
xut pht t vic ngun cung trn th gii gia
tng nhng nhu cu tiu th qung st (ch
yu ca Trung Quc) st gim.
qung st tnh n thng 11/2014 l 74 USD/

tn v thng 12/2014 l 68 USD/tn2 . Nh vy,
trong nm 2014, gi qung st gim 44%,
chm mc thp nht trong vng 5 nm tr li
y do tnh trng d cung trn ton cu.
c bit, nm 2014 l nm chng kin xu

hng gim gi lin tip ca cc loi nguyn
nhin vt liu sn xut thp trn ton th
gii. Qung st l mt trong nhng nguyn liu
gim gi nhiu nht trong nm. Ngoi ra, than
cc, HRC, CRC, thp ph cng lin tc gim
gi.
D bo gi qung st trong giai on 2015 2018, BREE (USD)
T cui nm 2013 n thng 3/2014, t mc

gi 135 USD/tn, gi qung st gim lin tc,
sau tng nh tr livo qu 2/2014 trc tin
n nhu cu qung st nhp khu ca Trung
Quc tip tc tng gip hp thu ton b lng
d tha ton cu. Trong qu 3/2014, gi qung
st tng i n nh v duy tr mc 78
USD/tn. Tuy nhin, trong qu 4/2014, do cu
thp, gi st li tip tc c xu hng gim. Gi
D bo gi qung st trong thi gian ti

Theo d bo u nm 2015 ca Cc Ti nguyn
v Nng lng Bureau of Resources and
Energy Economics (BREE) ca Australia, gi
qung st trung bnh trn th gii trong nm
2015 c th mc 63 USD/tn.
2018
2017
2016
2015
0
10
20
30
40
50
60
70
80
90
2 http://www.worldbank.org/content/dam/Worldbank/GEP/
GEPcommodities/GEP2015a_commodity_Jan2015.pdf
11
Tng quan Th trng qung st Vit Nam

Mc d nhu cu qung st phc
v ngnh luyn kim trong nc
(cha tnh xut khu) rt ln, cc
s liu v sn lng khai thc v
ch bin qung st ti Vit Nam
cho thy s thiu ht tng i
trm trng trong vic p ng nhu
cu ny.
Nhu cu qung v tinh st cho ngnh luyn kim trong nc d bo n nm 2015 t khong 7,2 triu tn, nm 2020 t khong
18 triu
nm 2025
t khong
32 triuluyn
tn v
nm
2030
td
khong
41 triu
Nhu tn,
cu qung
v tinh
st cho ngnh
kim
trong
nc
bo n
nm tn.
2015 t khong 7,2 triu tn, nm 2020 t
khong 18 triu tn, nm 2025 t khong 32 triu tn v nm 2030 t khong 41 triu tn.
Tng quan cung - cu

S pht trin mnh m ca ngnh
Cng nghip ti Vit Nam trong
nhng nm qua v trong thi gian ti
khin cho nhu cu v qung st
trong nn kinh t lun c duy tr
mc cao. i vi ngnh luyn kim ni
a, ch tnh ring 15 l cao m nhn
luyn nguyn liu qung st thnh sn
phm thuc 14 d n ang sn xut
trn c nc, tng nhu cu v nguyn
liu u vo l qung st mc
4.550.000 tn/nm. Nu tnh c cc d
n d kin cui nm 2014, nm 2015

a vo hot ng th tng nhu cu
qung st khong 18.814.000 tn/nm
(cha tnh ti cc d n ang nm
trong quy hoch pht trin ca ngnh
Thp ti nm 2020, c xt n nm
2025 c ph duyt). Ngoi ra,
theo Quyt nh s 2185/Q-TTg
ngy 05/12/2014 v vic quy hoch
thm d, khai thc ch bin v s dng
qung st n nm 2020 c xt n
2030, nhu cu qung v tinh st cho
ngnh luyn kim trong nc d bo
n nm 2015 t khong 7,2 triu tn,

nm 2020 t khong 18 triu tn,
nm 2025 t khong 32 triu tn v
nm 2030 t khong 41 triu tn.
Mc d nhu cu qung st phc v
ngnh luyn kim trong nc (cha
tnh xut khu) rt ln, cc s liu v
sn lng khai thc v ch bin qung
st ti Vit Nam cho thy s thiu ht
tng i trm trng trong vic p
ng nhu cu ny. Theo thng k a
cht, tng tr lng v ti nguyn v
qung st ca Vit Nam hin t

khong mt t tn, tp trung ti hai
m Thch Kh (H Tnh) v Qu Xa
(Lo Cai); trong m Thch Kh c
tr lng khong 544 triu tn, cha
a vo khai thc; m Qu Xa c tr
lng khong 120 triu tn, ang c
khai thc. Ngoi ra, cn mt s m
khc nm ri rc ti cc a phng c
tr lng nh v hm lng st thp.
12
Lng M
Qu Xa
Thch Kh
118
Tin B
22
76
Tri Cau
7,3
23
544
Tr lng cc m st Vit Nam
Chi tit v tr lng m v thng s

ca tng m c th hin trong cc
biu v bng thng s sau:
N Lng
N Ra
Nguyn Bnh
Thng s v cht lng qung v cng sut khai thc ti mt s m st Vit Nam
Tn m
Thng s
Thch Kh Qu Xa
Lng M
Tin B
N Ra
Nguyn
Bnh
N Lng
Tri Cau
H Tnh
Lo Cai
Yn Bi
Thi
Nguyn
Cao Bng
Cao Bng
Cao Bng
Thi
Nguyn
544
118
76
23
22
7,3
2.0
Hm lng Fe (%)
58-60
53
30
41,27
58
52
56
48-60
Cng sut khai thc

(tn/nm)
5 triu
1,5-2 triu
300.000
350.000
350.000
Tnh
Tr lng Fe (tr. tn)
180.000
13
Tng cng sut khai thc

ca cc m ln nht ang
hot ng ch t mc
2,7-3,2 triu tn/nm
(cng sut cc m cn li
khng ng k),
Nhn nh ca BSC v thc trng Cung Cu

Bng s liu cho thy tng cng sut khai thc ca cc m ln
nht ang hot ng ch t mc 2,7-3,2 triu tn/nm (cng
sut cc m cn li khng ng k), thp hn nhiu so vi nhu
cu ca th trng. S thiu ht ny cha tnh ti trc , mt
phn sn lng qung c khai thc v ch bin phc v nhu
cu xut khu, trc khi Ch th 02/CT-TTg ngy 09/01/2012
(trong c ni dung qung st l mt hng cm xut khu) v
Ch th s 03/CT-TTg ngy 30/03/2015 (trong c ch o
khng xut khu qung th) ca Th tng Chnh ph c
hiu lc.
theo yu cu ca Th tng Chnh ph, theo quy hoch ti

Quyt nh s 2185/Q-TTg ngy 05/12/2014 ca Th tng
Chnh ph, n lc a vo khai thc v ch bin t cng sut
thit k hai m qung st quy m ln l Thch Kh (H Tnh)
v Qu Xa (Lo Cai) v cc m qung quy m va v nh nm
ri rc ti cc a bn khc s ci thin sn lng khai thc v
ch bin, khc phc tnh trng cung khng cu.
Cc s liu trn ch ra cu qung st ang vt xa so vi kh

nng cung cp qung st t cc n v khai thc qung st ti
Vit Nam. Ch tnh ring lng qung st phc v cc doanh
nghip sn xut thp theo cng ngh l cao, nhu cu hin ti
rt ln. Trong thi gian ti, cng vi vic dng hn xut khu
nh hng ca yu t hm lng st
ln hot ng sn xut
Tr lng qung c khai thc ti Vit
Nam c hm lng st cao khng
nhiu, nn cc doanh nghip sn xut
thp trong nc ri vo tnh trng thiu
qung nguyn liu v phi nhp khu.
in hnh, theo s liu ca Tng Cng
ty Thp Vit Nam (VnSteel), VnSteel c
cc n v sn xut thp t l cao l:
Cng ty C phn Gang thp Thi
Nguyn, giai on I c sn lng thp
bnh qun 210.000 tn/nm v c nhu

cu khong 400.000 tn qung st/nm;
ngoi ra, khi d n m rng gang thp
Thi Nguyn giai on II i vo hot
ng, vi cng sut 500.000 tn qung
st/nm, nhu cu qung st ni b cn
khong 900.000 tn/nm, do vn
cn gn 50% lng qung st phi mua
ngoi. Mt nh tiu th qung st ln
khc trong nc nh Thp Ha Pht
(HPG) trong nm 2013 kin ngh B
Cng thng khng cho xut khu
qung v cam kt mua ton b qung

qua ch bin vi gi bng hoc cao hn
gi xut khu thc thu sau thu xut
khu do nhu cu ca HPG rt ln trong
khi loi qung t hm lng 63,5% st
nh tiu chun th gii ang rt thiu
ti Vit Nam (Nhu cu qung st cho
sn xut thp ca HPG khong 1,35
triu tn qung tinh/nm; trong ,
HPG t cp khong 40% cn li l mua
ca nhiu i tc).
14
Tng quan th trng qung st Vit Nam

Vic phn cp ti nguyn
khong sn (bao gm
qung st) l vic phn chia
mt cch c h thng cc
m khong sn c gi tr
kinh t.
Phn cp d bo trong khai
thc qung st
Quy trnh hng dn cch phn
loi ph thuc vo quy nh ca
Chnh ph v quy hoch v
qun l cc ngun ti nguyn
ca mi quc gia. Hin nay trn
th gii c 02 h thng phn
loi c nhiu nc s dng
nht: H thng phn chia ca
M v mt s nc phng Ty
v H thng phn chia ca Lin
X v mt s nc theo Lin
X.
H thng phn chia
C s
Phn cp
H thng phn chia

ca M v mt s
nc phng Ty
C s ca h thng phn chia

ny l mc tin cy v iu tra
a cht v tnh kh thi v kinh
t.
Ti nguyn c chia lm 3 cp: Cp chc chn, Cp tng i chc

chn v Cp d bo; trong khi tr lng c chia lm 2 cp: Cp
chc chn (m bo mc tin cy l 90%) v Cp tng i chc
chn (m bo mc tin cy l 50%).
H thng phn chia

ca Lin X v mt s
nc theo Lin X
C s ca vic phn chia ny

ch yu l mc tin cy v
iu tra a cht.
Tr lng c chia thnh 4 cp: A, B (tr lng o c), C1 (tr

lng tnh ton c), C2 (tr lng xut c) . Ti nguyn
c chia thnh 3 cp P1 (ti nguyn d bo), P2, P3 (kt qu thm
d).
H thng phn chia ti

Vit Nam
Vic phn cp tr lng v phn

cp ti nguyn qung st hin
nay c quy nh ti Quyt
nh s 06/2006/Q-BTNMT
ngy 07/06/2006 ca B Ti
nguyn v Mi trng v/v ban
hng quy nh v phn cp tr
lng v ti nguyn khong sn
rn, v Thng t 33/2010/
TT-BTNMT, ngy 09 thng 12
nm 2010 ca B trng B Ti
nguyn v Mi trng v/v Quy
nh v thm d, phn cp tr
lng ti nguyn cc m qung
st.
Tr lng v ti nguyn khong sn rn c phn loi trn c s

phi hp ca ba nhm thng tin:
Mc nghin cu a cht c phn lm 4 mc c tin cy
khc nhau: chc chn, tin cy, d tnh v d bo.
Mc nghin cu kh thi c phn lm 3 mc: nghin cu
kh thi, nghin cu tin kh thi v nghin cu khi qut.
Mc hiu qu kinh t c phn lm 3 mc: c hiu qu kinh
t, c tim nng hiu qu kinh t v cha r hiu qu kinh t.
C th i vi qung st, vic phn cp tr lng v ti nguyn cc
m nh sau:
Ti nguyn xc nh cc m qung st c phn thnh ba cp
tr lng: 111, 121 v 122 v su cp ti nguyn: 211, 221, 222,
331, 332 v 333;
Ti nguyn d bo cc m qung st c phn thnh hai cp:
334a v 334b;
15
nh hng ca chnh sch n hot ng khai

thc
Hot ng khai thc m st ti Vit Nam chu nhiu
nh hng ca cc chnh sch qun l v m hoc
quy hoch ca Chnh ph v hot ng khai thc,
ch bin v s dng qung st. C th nh sau:
Lut khong sn 2010 v Lut Bo v mi trng
2014;
Quyt nh s 2185/Q-TTg ngy 05/12/2014 ca
Th tng Chnh ph v/v quy hoch thm d, khai
thc ch bin v s dng qung st n nm 2020 c
xt n 2030;
Theo :
Quan im pht trin: Quy hoch qung st phi
ph hp vi chin lc khong sn n nm 2020,
tm nhn n nm 2030; ph hp vi Quy hoch
pht trin kinh t - x hi cc a phng c qung
st.
Mc tiu pht trin: Bn cnh vic thm d cc m
mi ti Bc Kn, Thanh Ha, Qung Nam, Bnh
Thun v Ty nguyn, trong giai on n nm 2020,
cn a vo khai thc v ch bin t cng sut thit
k hai m qung st ln l Thch Kh (H Tnh) cng sut 05 triu tn/nm (giai on 1) v Qu Xa
(Lo Cai) - cng sut 03 triu tn/nm (giai on 2)
Quyt nh s 2427/Q-TTg ngy 22/12/2011 ca
Th tng Chnh ph v/v ph duyt chin lc khong
sn n nm 2020, tm nhn n nm 2030;
Hot ng khai thc m st ti Vit Nam chu nhiu nh hng ca cc chnh sch qun l v
m hoc quy hoch ca Chnh ph v hot ng khai thc, ch bin v s dng qung st.
Theo :
Vic xy dng chin lc pht trin khong sn cn
cn i gia khai thc vi d tr khong sn. C th,
i vi qung st, s m rng trin khai thm d i
vi cc m c tim nng ti tnh Yn Bi, Lo Cai,
Sn La, H Giang, Ph Th, Bc Kn, Qung Ngi v
hot ng khai thc nhm phc v d n sn xut
gang, thp trong nc, khng xut khu qung st.
Quyt nh s 694/Q-BCT ngy 31/01/2013 ca B
Cng thng v/v ph duyt quy hoch pht trin h
thng sn xut v h thng phn phi thp giai on
n 2020, c xt n nm 2025;
Theo , n nm 2020, s c mt s d n ln do
doanh nghip nc ngoi u t nh my lin hp
sn xut thp tm cn nng t qung st ti khu vc
min Trung (ti H Tnh: c lin hp thp H Tnh
ca CTCP St Thch Kh lin danh vi nc ngoi).
Ngoi ra, hot ng khai thc m st cn chu s
iu tit ca:
Chnh sch n b gii phng mt bng, ti nh
c: Ngh nh 43/2014/N-CP ngy 15/05/2014
quy nh chi tit mt s iu ca Lut t ai
(thay th Ngh nh 69/2009/N-CP ca Chnh
ph v/v b sung quy hoch s dng t, gi t,
thu hi t, bi thng, h tr v ti nh c);
Chnh sch thu ti nguyn: Theo Ngh quyt

712/2013/UBTVQH13 ngy 16/12/2013 ca y
ban thng v Quc hi, t ngy 16/12/2013,
thu ti nguyn ca phn ln cc loi qung kim
loi trong c qung st c iu chnh
tng ln thnh 12% so vi mc thu sut c 10%
t nm 2010.
Ph bo v mi trng: Ngh nh s 74/2011/
N-CP ngy 28/5/2011 ca Chnh ph v/v ph
bo v mi trng i vi khong sn;
Chi ph cp quyn khai thc khong sn: cn c
Ngh nh s 203/2013/N-CP ngy 28/11/2013
ca Chnh ph v/v phng php tnh, mc thu
tin cp quyn khai thc khong sn;
Chnh sch k qu ci to phc hi mi trng:
Cn c Quyt nh s 18/2013/Q-TTg ngy
29/3/2013 ca Chnh ph.
Thu sut thu xut khu i vi khong sn:
Gm Thng t 67/2011/TT-BTC ngy 18/05/2011
sa i mc thu sut thu xut khu i vi mt
hng qung st v tinh qung st thuc nhm
26.01 quy nh biu thu xut khu, v trc l
Thng t 184/2010/TT-BTC ngy 15/11/2010.
16
Quy hoch d kin

Theo quy hoch pht trin ngnh cng nghip khai thc qung st
p ng nhu cu cho nn kinh t quc dn giai on n nm 2020,
c xt n nm 2030, c Chnh ph ph duyt ti Quyt nh
2185/Q-Ttg (05/12/2014), ngoi cc m st l thin hin ang khai
thc ti Thi Nguyn, nhiu m l thin ti Vit Nam s c u t
a vo khai thc nhm p ng nhu cu cho nn kinh t quc dn.
Hin trng h thng m st ti Vit Nam

V v tr a l: Hin nay trn lnh th Vit Nam pht hin v
khoanh nh c trn 216 v tr c qung st vi tng tr
lng v ti nguyn qung st Vit Nam t gn 1,2 t tn; c
13 m t tr lng trn 02 triu tn. Cc m l thin v phn
b khng u, tp trung ch yu vng ni pha Bc nh Lo
Cai, Yn Bi, Cao Bng, Thi Nguyn, H Giang v mt s tnh
Trung b v Bc Trung b nh H Tnh, Qung Ngi. Trong tt
c cc m qung st Vit Nam, xt quy m trn c cp tr
lng v cp ti nguyn, ng ch nht l m st Qu Xa
Lo Cai (tng tr lng a cht ton m 118 triu tn) v m
st Thch Kh H Tnh (tng tr lng a cht ton m 544
triu tn). Hu ht cc m khong sn st phn b cc vng
rng ni, xa cc trung tm kinh t & cng nghip hoc st b
bin.
V tr lng: So snh vi bng phn loi tr lng hin ang
c s dng mt s nc ang pht trin v pht trin trong
khu vc, tr lng qung ca cc m Vit Nam thuc loi nh
v trung bnh, duy nht m Thch Kh c tr lng v cng

sut ln. M st Thch Kh l m c tr lng a cht ln nht
(c cp tr lng v cp ti nguyn) ln n 544 triu tn; m
nm ven bin cch H Tnh 7km. M st th hai Vit Nam l
m st Qu Xa vi tr lng 118 triu tn, nm b phi sng
Hng thuc tnh Lo Cai.
V cu to a cht: Cc va qung ph bin c chiu dy t
4-30m (ngoi tr m st Thch Kh c chiu dy ti 100m).
Trong cc thn qung c cc lp t kp, chiu dy t
0,2-0,8m. Cc va qung u chm su vi chiu cao b m t
300-550m. Giai on u cc m phi khai thc vi h s bc
ln.
Cc m qung st c ngun gc hnh thnh khc nhau nhng
u chung c im l khi khai thc s gp phi t yu, ct, t
st, trm tch neogen, Ba dng t yu thng gp nht khi
khai thc cc m qung st gc: t yu dng ct chy (M
Thch Kh), t yu dng st do dnh (m Tri Cau v m
Thch Kh), v t yu dng mt phn lp (m N Ra). cc
17
ni t yu ny, cng ngh khai thc s phc tp hn ti cc ni

c cng.
iu kin t nhin kh phc tp ca

cc m qung st l thin ti Vit
Nam t ra nhng yu cu c
bn i vi cng ngh khai thc.
Cc thn qung st gc nc ta c cu to phc tp, v vy s

nh hng n cng ngh khai thc v ng b thit b s dng
cc m. Tng t ph cc m c chiu dy t vi mt n
hng trm mt. a tng pha trn gm trm tch t , trm
tch Neogen v cc tn tch, y l cc loi t yu, bo ho
thp. a tng pha di thng l cc loi vi, gabro, cc
loi ny do hot ng ca nc ngm thng hnh thnh cc
hang cacst (karst). y l nguyn nhn to nn dng chy
ngm vo cc khai trng khi khaithc xung su rt ln v nh
hng n qu trnh khai thc m. Cc m phi khai thc xung
su di mc thot nc t chy, iu kin a cht thu vn
(CTV), a cht cng trnh (CCT) ca cc m phc tp, khai
trng cht hp
V thi gian khai thc: Vit Nam nm trong vng kh hu nhit
i gi ma, nn v ma ma lng bn v nc xung y
m rt ln, iu kin khai thc, vn ti, x l bn v thot nc
ngy cng phc tp. Nu s dng cng ngh o su y m 1
cp th cng tc khai thc l thin ch yu thc hin c trong
06 thng ma kh, tuy nhin khi p dng cng ngh o su y
moong 2 cp, y m nhiu cp th c th nng thi gian khai
thc ln trn 10 thng/nm. p dng cng ngh o su y
moong 2 cp vi y m nhiu cp c mt s tng ng thi
khai thc qung v p dng my xc TLGN chy diezel. Ma
ma tin hnh bc t v khai thc qung cc tng trn cao,
cn tng di cng c s dng lm h cha nc. n
nhng thng chuyn ma t ma ma sang ma kh, cn phi
bm cn moong vo u ma kh c th a cc thit b
xung y moong tin hnh o su v khai thc qung.
V cng ngh khai thc: iu kin t nhin kh phc tp ca

cc m qung st l thin ti Vit Nam t ra nhng yu cu
c bn i vi cng ngh khai thc:
Cng ngh khai thc phi linh hot, c kh nng ng ph kp
thi vi nhng bin i ca thi tit, tn thu c nhiu ti
nguyn trong lng t v t gy nhim mi trng;
Thit b s dng phi thch nghi vi a hnh min ni, c
ng, cng sut ph hp vi tui th m, c kh nng khai
thc chn lc, hot ng trong khng gian cht hp.
Thc tin cho thy khai thc hiu qu, ch d n u t
thng p dng cc gii php cng ngh sau:
Cc gii php hn ch nh hng ca nc ngm n qu
trnh khai thc: Cc m nm gn cc vng cp nc, t
ca a tng c h thm ln v c cc hang cacst cn p
dng cc gii php c bit h thp mc nc ngm xung
quanh khai trng nh: thot nc ngm bng h thng l
khoan a cht thu vn, xy dng h thng ngn nc t
ngun cp n moong khai thc;
Cng ngh vn ti trong iu kin nn tng yu: p dng cc
gii php gia c tuyn ng vn ti i vi cc tng t yu
bng ri ng cp phi hoc lt tm chng ly. La chn
ng b thit b khai thc vi cc m c iu kin CTVCCT phc tp: ng b thit b xc bc, vn ti la chn
phi c tnh c ng cao, p lc ln nn t nh, c kh nng
khc phc dc ln. Thit b khoan qung nn chn loi c
ng knh nh (d = 90165mm), c kh nng khoan
nghing theo mi hng
18
Thng tin v d n u t
Tn d n: D n u t khai thc v tuyn qung st m Thch

Kh, H Tnh (iu chnh)
Ch u t: Cng ty C phn St Thch Kh (TIC)
a im d n: M qung st Thch Kh nm trn a bn 03
x ca huyn Thch H (tnh H Tnh) gm Thch Kh, Thch
nh, Thch Hi.
Tn t chc lp D n v lp Thit k c s: Lin danh nh
thu t vn bao gm: CTCP T vn u t m v Cng nghip
Vinacomin (VIMCC); Vin Khoa hc Cng ngh M - Luyn
kim (VIMLUKI) v Vin tho kh m (VIOGEM);
H tng giao thng:D n nm v tr kt ni ng b ni vi
trung tm thnh ph H Tnh v cng Vng ng, v ng thy
kt ni vi cng Vng ng v sng Ca St, thun tin cho vic
vn chuyn sn phm cung cp cho cc h tiu th.
19
V tr v c im a l ca m st Thch Kh
V tr a l ca m st Thch Kh to
nhiu iu kin thun li cho qu trnh
khai thc qung st trn quy m cng
nghip.
Bn v tr a l khu vc
V tr a l
M qung st Thch Kh nm trn a bn 03 x
ca huyn Thch H (tnh H Tnh) gm Thch
Kh, Thch nh, Thch Hi; cch thnh ph
H Tnh 8km v pha ng; trung tm ca m
cch b bin ng khong 1,6 km v cch cng
Vng ng 66km. M c din tch ch yu nm
pha ng X Thch Kh. V vy, tt c cc
nguyn nhin vt liu v vt t khc cn thit
phc v cho D n u c cung cp t thnh
ph H Tnh v cc khu vc ln cn bng t
vo m theo ng nha hin c rt thun li.
Ta a l khu m nh sau:
Ko di t 10505530 n 10505900 kinh
ng.
Rng t 1802000 n 1802600 v bc.
pha ng, chiu dy trung bnh t 70/80 m,
rng t 200/400 m, di trn 600 m;
20
Thuc t bn a hnh t l 1: 100.000, k hiu E-48-56
Bn a hnh khu vc
c im l t nhin
a hnh
a hnh khu m tng i bng phng, din tch c bn l bi
ct ven bin c th chia khu m ra lm 3 dy pht trin theo
phng Ty Bc. cao tuyt i ca b mt phn trung tm
l 5/7 m.
a hnh khu m tng

i bng phng, din tch
c bn l bi ct ven bin
c th chia khu m ra lm
3 dy pht trin theo
phng Ty Bc.
Dy pha ng: Nm st ven bin, c chiu rng khong

1km bao gm cc cn ct tng i ln lin tip to thnh
mt min i hnh cao ngn cch khu m vi bin. cao
tuyt i ca cn ct t 10/15m, vi ni ti +20 m.
Dy trung tm: Bao trm ton b phn din tch c qung,
chiu rng khong 1.5km phn ln l ni bng phng c
cao ph bin t 6-7m, pha Nam c mt s cn ct nh
cao t 10-12m.
Dy pha Ty v Ty Bc: c chiu rng khong 600-700m
gm c cc cn ct nh nhng ni tip nhau, to thnh mt
lung hp ko di n tn chn i Kiu Mc. cao ph
bin t 9-12m.
Mng li sng - sui - h
M qung st Thch Kh chy di theo b bin gia Vnh Bc
B v sng Thch ng ni vi sng Ca St.
Trong phm vi khu m khng c sng sui ln, a phn l cc
sui chy theo ma c ngun cung cp nc t dy cc cn ct.
Ton b cc sui ny c chia thnh 2 h thng: h thng chy
v pha ng trc tip ra bin, h thng chy v pha Ty
ra sng Thch ng. Duy nht ch c mt sui nc chy
quanh nm c bt ngun t ni Nam Gii chy dc theo ra
pha Ty khu m. Lu lng v ma kh t 1-5 l/s ma ma
thng t 30-40 l/s.
Pha Ty cch trung tm khu m 3km c sng Thch ng chy

theo hng t Nam n Bc v vo Ca St. Vnh Ca St
to nn ca sng rng thng ra bin.
Trong khu m, ngay trn din tch c qung c 2 h nh nc
nng v quanh nm: h Bc Tng ( pha Bc) v h Thnh
Cng ( pha Nam).
Hin nay, dc theo sng Thch ng v Ro Ci c h thng
bo v khu m t pha Ty khi l lt t sng vo ma ma.
21
c im H tng giao thng kt ni vi khu m

M st Thch Kh nm pha ng Bc thnh ph H Tnh
cch trung tm thnh ph khong 8 km. V tr khu m nm
trong khu vc c h thng giao thng vn ti kh thun li
bao gm c ng b v ng thy. iu ny gip gim
ng k chi ph v thi gian vn chuyn sn phm t m
Thch Kh ti cc h tiu th.
Bn h tng giao thng
ng b - H thng ng b
Khai trng nm tip gip vi ng Quc l 1A v cc
tuyn ng tnh l (ng cp V, cht lng tt) ni vi
trung tm Thnh ph H Tnh v cng Vng nh. C th
nh sau:
Cch khai trng m v pha Ty v Ty Nam khong 8
km c Quc l 1A.
Gip khai trng pha Nam v ng Nam c ng Tnh
l 26 ni vi trung tm thnh ph H Tnh v Quc l 1A.
Gip khai trng v pha Ty v Ty Bc c tuyn ng
tnh l 122 ni vi trung tm thnh ph H Tnh. Chy
dc theo b bin Vnh Bc b gip khai trng v pha
ng c tuyn ng Tnh l 19/5 v Tnh l 101 ni vi
cng Vng ng.
Ngoi ra, tuyn ng t mong khai thc i bi thi t bc
c xy dng trong qu trnh bc t xy dng c bn.
22
ng thy H thng cng bin

Mt im rt thun li ca D n khai thc qung m st Thch
Kh l m chy di theo b bin, nm gia vnh Bc B v sng
Thch ng; trong khi H Tnh l a phng c h thng cng
bin pht trin hp dn nhiu nh u t.
H Tnh l a phng c h thng cng bin pht trin hp dn

nhiu nh u t.
Ngoi cng thng mi Xun Hi (huyn Nghi Xun) nm

pha Bc tnh H Tnh hot ng t nm 1992 vi nng lc bc
xp 200 ngn tn/nm, H Tnh c bit n vi h thng cng
Vng ng Sn Dng l mt trong nhng h thng cng
ln nht Vit Nam (Cng loi I), l cng tng hp quc gia v
u mi khu vc. Trong cm khu bn cng Vng ng (huyn
K Anh) c khu bn tng hp gm hai bn cng ca cng
Vng ng (huyn K Anh) ln lt c a vo hot ng t
thng 03/2001 n thng 06/2010 vi cng sut thit k 1,3 triu
tn/nm, v khu bn cng cho vn chuyn than phc v t hp
nhit in Vng ng. Cc tu c trng ti ln u d dng cp
cng Vng ng. ng lu l cng Vng ng ch cch pha
Nam ca m st Thch Kh khong 40km.
Ngoi ra, cch trung tm khai trng m Thch Kh khong
3km v pha Ty Bc c cng Ca St. Sng Ca St (ni vi
sng Thch ng) c chiu su ln v rng t 1-2km thay i
theo thy triu, ca sng rng thng ra bin, tu thuyn c
trng ti ln i li trn sng thun tin. V tr ny c th xy
dng bn cng phc v vn ti thit b v vt liu phc v khai
thc m.
23
c im a cht khu m
Qung st m Thch Kh gm qung deluvi, qung gc v
nhng va qung pha tp khc.
Thn qung deluvi: L qung th sinh, to thnh trong qu
trnh phn hy thn qung gc. Qung phn b di dng
hnh r qut, t trung tm tuyn T79 y ko di t tuyn
T80 n tuyn T98 to ra pha b bin vi din tch khong 2
km2. Thn qung c xu th nm ngang, chiu dy t 1,5/100
m. B mt phn cch gia qung deluvi v qung gc kh xc
nh. Qung c dng cc v b xy ho mnh. Thnh
phn, cht lng v tnh cht c l ca qung deluvi v tng
t nh qung xy ha (tuy nhin qung deluvi c hm lng
P cao hn qung oxy ha).
Thn qung gc: Ko di theo phng ng Bc Ty Nam,
c chiu di khong 3.000 m, rng t 500/700 m, tp trung
ti hai thn qung (ranh gii gia 2 phn thn qung ny gn
trng vi tuyn T79). T l t kp trong hai thn qung
ny rt thp, ch khong 1%.
Phn thn qung pha Nam: Ch yu l qung manhetit t b oxy
ha. Na pha ng thn qung c dng va vt mng dn v
Phn thn qung pha Bc: Thn qung nm trong i st ln

ca khu vc nn b xy ho mnh, thn qung c dng chn
sa v phc tp hn thn qung pha Nam. C chiu di 400 m,
rng t 300/700 m, dy t 22/273 m. Trong qung xy ha,
nhng khong cht chnh l hematit, manhetit, i khi c
limonit (hn hp hydroxit Fe vi SiO2 v cc khong cht khc)
v xit st ngm nc.
M st Thch Kh c ngun gc
Skarn, tham gia cu trc a
tng ca m gm cc loi
vi, hoa, granit v
mtaoxmatit, cc trm tch ct,
cui, si, st c tui t k
vn (Devon) n k T.
c im a cht thy vn
iu kin a cht thy vn ca khu m c cn nhc vo din
phc tp hn so vi mt s m khc ti Vit Nam, bi c s
hin din ca cc yu t sau y:
24
Hai phn thn qung pha Bc v pha Nam

ca m st Thch Kh mang c tnh a
cht khc nhau.
Mt vi tng cha nc v t hp cha

nc c lin kt thy lc vi nhau;
Moong khai thc phn b gn vnh Bc B
(cch 0,5 km t chu tuyn cui ca m n
hng ng bc);
Sng Thch ng chy qua pha ty ca
moong khai thc cch 2-3 km;
iu kin kh hu phc tp, ma ro ko
di trong thi k c gi ma
c im a cht cng trnh
Theo c im CCT, nham thch trong khu
m c th chia lm 02 loi: t tng ph;
qung v vy quanh:
tng ct kt, cui kt, ph tng st, st pha

dm vn, ph tng bt kt, st kt.
c im CCT ca qung v vy
quanh: Qung gm 2 loi: qung xy ho
v qung gc nguyn sinh. Qung xy ho
thng v vn thnh hn, cc; cn qung
gc nguyn sinh dng khi nt n yu.
vy quanh chia ra thnh cc loi sau:
sng, hoa, hoa xen sng, bin
cht tip xc trao i skarn (
mtaxmatit), v granit.
c im CCT ca t tng ph: Tng

t ph theo th t t trn xung gm cc
ph tng sau: ph tng ct, ct pha st, ph
25
Lch s thm d, thit k m
M st Thch Kh c ngi Php pht hin t trc nm 1954. T thi

im c pht hin cho n khi D n chnh khai thc v tuyn qung st
c cc cp c thm quyn ph duyt vo thng 10/2014, D n tri
qua nhiu ct mc ng ch .
Giai on nghin cu a cht khu m
t 1960-1987
Giai on 1960-1964: Pht hin, khoan
kim tra v o a vt l xc nh s
b iu kin a cht khu m.
Giai on 1970-1987: Tm kim t m
bng khoan thm d; Thm d s b;
Thm d t m (1981-1984).
Vic thm d m Thch Kh do cc
chuyn gia Lin X v Vit Nam thc
hin. Kt qu bo co thm d m Thch
Kh c Hi ng Xt duyt tr
lng Khong sn ph duyt (s 153/
Q-H, ngy12/4/1985). Theo Bo co
ny, tng tr lng a cht ton m l
544,081 triu tn, trong qung gc c
488,39 triu tn v qung deluvi c 55,69
tn.
Lun chng Kinh t - K thut do Lin

X lp nm 1984-1985
Lun chng kinh t - k thut xy dng
Khu lin hp luyn kim cng sut 1,5
triu tn/nm do Lin X lp nm 1985
chia lm 3 giai on u t nh sau:
Giai on I: Nh my luyn thp l in
s dng thp ph, cng sut 500.000 tn/
nm.
Giai on II: Khai thc m qung st
Thch Kh vi cng sut 3,45 triu tn/
nm sn xut qung thng phm cho
xut khu (giai on u) v sau cung
cp cho Nh my luyn kim c xy
dng (giai on III).
Giai on III: Nh my luyn kim cng

sut 1.500.000 tn/nm theo cng ngh
L cao - L thi xy.
Cc bo co lp giai on 1991-1997
Trong khong thi gian sau , nhiu t
chc tham gia vo vic lp d n khai
thc:
Bo co tin kh thi khai thc m do
Krupp - Lohrho Pacific lp giai on
1990 - 1991: Cng ty Krupp-Lohrho
Pacific (CHLB c) lp Bo co nghin
cu tin kh thi, khai thc n su
-400m, cng sut m 10 triu tn/nm,
tr lng qung khai thc 304 triu tn;
Bo co TKKT khai thc m do cc
Cng ty Nht Bn lp nm 1991: Cng
ty Nipon Steel cng Cng ty Mitsui, Cng
ty Nichimen v Cng ty Nissho Iwai
(Nht Bn lp Bo co nghin cu tin
kh thi vi cng sut m 5 triu tn/nm
Bo co do UNIDO lp nm 1992: Bo
co do UNIDO lp l bo co h tr cho
Bo co nghin cu tin kh thi ca
Krupp - Lohrho Pacific s dng kt
26
Theo Bo co kt qu tnh chuyn i cp tr lng, cp ti nguyn

theo Quyt nh s 06/2006/Q-BTNMT ngy 07/06/2006 ca
B Ti nguyn v mi trng trn c s Bo co Nghin cu kh thi
(Quyt nh s 46/Q-HTL/C ngy 02/04/2008), tng tr
lng v ti nguyn ca m l 544.080,1 nghn tn.
qu thm d ca Vit Nam vi cng
sut khai thc 10 triu tn/nm
Bo co do Cng ty Dr.Otto Gold v
RE lp nm 1994: Cng ty Dr.Otto
Gold lp Bo co nh gi a cht
v cht lng m qung st Thch
Kh v Cng ty Rheinbraun Engineeri
(CHLB c) lp Bo co tho kh
m;
Bo co kh thi chi tit ca
Consortium lp giai on 1995-1997:
Lin hp (Consortium) gm Krupp
(CHLB c), Genrco (Cng ha Nam
Phi) v Mitsubishi (Nht Bn) phi
hp lp Bo co kh thi chi tit m st
Thch Kh vi cng sut 10 triu tn/
nm. Tuy nhin, v mt s nguyn
nhn c khch quan v ch quan, cc
d n do cc t chc trn u khng
th trin khai c. Bo co tin kh
thi ca Vin Ghiprodura (CHLB Nga)
nm 2004: Vin Ghiprodura (CHLB
Nga) lp Bo co tin kh thi, v

phi hp vi cc t chc t vn Vit
Nam lp D n u t xy dng v
c cc c quan chc nng trong nm
2007; bo co ny c Hi ng qun
tr Cng ty C phn St Thch Kh
(TIC) ph duyt theo Quyt nh s
23/Q-HQT ngy 24/11/2008.
Trn c s Quyt nh ph duyt ny
v Ngh quyt s 05/NQ-HQT ngy
28/11/2010 ca Hi ng qun tr TIC,
Lin danh nh thu t vn gm Cng
ty C phn u t m v Cng nghip
VINACOMIN (VIMCC), Vin Khoa
hc v Cng ngh M - Luyn kim
(VIMLUKI) v Vin Tho kh m
(VIOGEM) k Hp ng t vn vi
TIC lp Thit k k thut Tng d
ton D n khai thc v tuyn qung
st m Thch Kh, H Tnh. Tuy nhin,
trong qu trnh trin khai Thit k k
thut Tng d ton, c nhng pht
sinh nh yu cu ti c cu TIC (theo
Thng bo s 164/TB-VPCP ngy

11/07/2011) v kt lun v trin khai
thc hin D n ca Ph th tng
Hong Trung Hi (theo Thng bo s
52/TB-VPCP ngy 17/02/2012); c
bit l nhng yu t khng cn ph
hp vi iu kin thc t (nh gi
nguyn vt liu u vo, t gi hi oi,
cc ch /chnh sch mi ca Nh
nc, cng ngh o su y m, dy
chuyn ng b thit b khai thc, vn
ti; h thng thot nc m; phng
n thi;). Do , D n iu
chnh khai thc v tuyn qung st m
Thch Kh H Tnh c lp
ph hp vi iu kin mi.
D n c T cng tc ca TIC,
Hi Khoa hc v Cng ngh M Vit
Nam thm tra tnh hiu qu v kh thi,
B Cng Thng thm nh v c
Chnh ph thng qua theo Vn bn s
8467/VBCP-KTN ngy 10/10/2013, v
c hon thin, ph duyt ti Quyt
nh s 01/Q-HQT ngy
02/12/2014 ca Hi ng qun tr TIC
(chi tit h s php l d n c trnh
by ti Phn 2.2. Php l khai thc m
di y).
Theo Bo co kt qu tnh chuyn i
cp tr lng, cp ti nguyn theo
Quyt nh s 06/2006/Q-BTNMT
ngy 07/06/2006 ca B Ti nguyn v
mi trng trn c s Bo co Nghin
cu kh thi (Quyt nh s 46/
Q-HTL/C ngy 02/04/2008), tng
tr lng v ti nguyn ca m l
544.080,1 nghn tn , trong cp tr
lng l 293.312,9 nghn tn v cp ti
nguyn l 250.767,2 nghn tn. Qung
st thuc loi qung deluvi, qung gc
v cc thn qung pha tp khc.
27
Php l khai thc m
T thi im D n bt u trin khai trong nm 2009

n nay, Cng ty C phn St Thch Kh c nhng
khc phc trong vic trin khai thc hin cc cng vic
v t vn thit k, khai thc. Bn cnh , Cng ty
hon thin v trnh cc cp thm quyn ph duyt xong
Bo co nh gi tc ng mi trng v n ci to
phc hi mi trng i vi D n iu chnh; hon
thin cc th tc php l ca d n.
V t cch php nhn ca Ch u t
Cng ty c phn st Thch Kh c giao lm Ch u t D
n theo ch trng ca B Chnh tr, Ban chp hnh Trung
ng ng ti vn bn s 72-TB/TW ngy 9/5/2007 v vic
u t v phn u c sn phm thp trong k K hoch 5 nm
2006-2010 v kin ch o ca Th tng Chnh ph ti
Cng vn s 119/TB-VPCP ngy 28/5/2007 ca Vn phng
Chnh ph
Cng ty C phn St Thch Kh hot ng theo Giy chng
nhn KDN Cng ty c phn m s doanh nghip 3000408242
do S K hoch v u t tnh H Tnh cp, ng k ln u
ngy 02 thng 4 nm 2007, ng k thay i ln th 2 ngy 01
thng 6 nm 2012, trong c ngnh ngh thm d, u t khai
thc, lm giu qung st v cc khong sn khc; mua bn

qung st v cc sn phm t qung st v khong sn khc.
V ch trng u t
Cng tc u t khai thc m ph hp vi ch trng ca
Chnh ph v cc ban ngnh lin quan, c th nh sau:
Giy chng nhn u t: Giy Chng nhn u t s
28121000037 do y ban Nhn dn tnh H Tnh cp ngy
24 thng 12 nm 2008.
Giy php khai thc: Giy php khai thc khong sn s
222/GP-BTNMT do B Ti Nguyn Mi Trng cp ngy
24 thng 02 nm 2009.
Vn phng chnh ph
V c bn, y l cc vn bn n c ch o B cng
thng v/hoc UBND tnh H Tnh n c Cng ty C
phn St Thch Kh v cc c ng thc hin cc nhim v
c Th tng Chnh ph giao lin quan n D n; ph
duyt Bo co thm nh D n iu chnh khai thc v
tuyn qung m st Thch Kh,
Thng bo s 158/TB-VPCP ca Vn phng Chnh ph v
kin kt lun ca Ph Th tng Hong Trung Hi ti
cuc hp v vic thc hin d n khai thc v tuyn qung
st m Thch Kh, tnh H Tnh ngy 18/4/2014;
28
Cng vn s 575/VPCP-KTN ca Vn phng Chnh ph

v vic thc hin d n u t, khai thc v tuyn qung
m st Thch Kh iu chnh ngy 24/1/2014;
v vic D n u t khai thc v tuyn qung m st
Thch Kh iu chnh ngy 10/10/2013;
v vic thc hin D n m st Thch Kh, H Tnh ngy
18/2/2013;
Thng bo s 52/TB-VPCP ca Vn phng Chnh ph Kt
lun ca Ph Th tng Hong Trung Hi v trin khai
thc hin D n m st Thch Kh, tnh H Tnh ngy
17/2/2012
Thng bo s 164/TB-VPCP ca Vn phng Chnh ph
Kt lun ca Th tng Nguyn Tn Dng ti cuc hp
Thng trc Chnh ph v ti c cu Cng ty c phn st
Thch Kh ngy 11/7/2011;
Thng bo s 119/TB-VPCP ngy 28/5/2007 ca Vn
phng Chnh ph thng bo kin ca Th tng Nguyn
Tn Dng v trin khai cc d n bauxite, sn xut alumin
v nhm khu vc Ty Nguyn; D n m st Thch Kh
v Nh my Thp lin hp H Tnh;
Thng bo s 218/TB-VPCP ngy 25/11/2005 ca Vn
Phng Chnh Ph thng bo kin Th tng Chnh ph
Phan Vn Khi v Quy hoch phn vng thm d, khai
thc, ch bin, s dng qung st giai on n nm 2010,
c xt n nm 2020 v cc d n u t m st Thch
Kh v nh my thp lin hp H Tnh ng thng qua
Bo co nghin cu tin kh thi D n khai thc, tuyn v

x l qung st m Thch Kh, tnh H Tnh;
Cc B Ban ngnh lin quan
y l cc vn bn B cng thng tham gia kin v
thit k c s iu chnh D n khai thc v tuyn qung
m st Thch Kh, H Tnh; hoc yu cu Tp on Cng
nghip Than Khong sn Vit Nam v Cng ty C phn
St Thch Kh tranh th s h tr k thut v ti chnh
cho D n t i tc Kobe Steel Ltd (Nht Bn), hon
thin v ph duyt D n iu chnh khai thc v tuyn
qung m St Thch Kh, yu cu VINACOMIN ch o
i din phn vn ca mnh ti TIC cng cc c ng
khc gp vn iu l theo quy nh.
Cng vn s 1144/BCT-CNNg ca B Cng thng v
vic thc hin D n u t khai thc m st Thch Kh
ngy 18/2/2014;
Cng vn s 3658/BCT-CNNg ca B Cng thng v
vic thc hin d n khai thc m st Thch Kh ngy
5/5/2014;
Quyt nh s 1753/Q-BTNMT ca B Ti nguyn v
Mi trng v vic ph duyt bo co nh gi tc ng
mi trng v n ci to, phc hi mi trng ca D
n iu chnh khai thc v tuyn qung st m Thch
Kh, H Tnh ngy 23/9/2013;
Bo co s 7313/BCT-CNNg ca B Cng thng v vic
Bo co kt qu thm nh D n u t khai thc v
tuyn qung m st Thch Kh iu chnh ngy 16/8/2013;
29
Cng vn s 9452/BCT-CNNg ca B Cng thng v vic

trin khai thc hin D n u t, khai thc v tuyn qung
m st Thch Kh iu chnh ngy 18/10/2013
Cng vn s 4521/BCT-CNNg ca B Cng thng v vic
tham gia kin v thit k c s iu chnh D n khai thc
v tuyn qung st m Thch Kh ngy 29/5/2012.
y ban nhn dn tnh
Cc vn bn ny ca UBND tnh H Tnh nhm mc ch
ng gp kin i vi D n khai thc v tuyn qung m
st Thch Kh, v ph duyt l trnh ti nh c D n iu
chnh khai thc v tuyn qung st m Thch Kh.
Cng vn s 283/UBND-CN1 ca UBND tnh H Tnh v
vic gp D n u t khai thc v tuyn qung m st
Thch Kh ngy 20/1/2014;
Quyt nh s 1358/Q-UBND ca UBND tnh H Tnh v
vic Ph duyt l trnh bi thng, h tr v ti nh c D
n khai thc v tuyn qung st m Thch Kh iu chnh
ngy 15/5/2013;
Cng vn s 356/SCT-QLCN ca S Cng thng v vic gp
iu chnh d n khai thc v tuyn qung st Thch
Kh-H Tnh ngy 4/6/2012;
Ngoi ra, c cc vn bn ni b do Cng ty C phn St Thch
Kh (TIC) son tho (Ngh quyt i hi ng c ng, Bin
bn hp i hi ng c ng, Ngh quyt Hi ng qun tr,
Quyt nh Hi ng qun tr).
30
Tr lng khai thc

M Thch Kh c xem l
m st ln nht khu vc ng
Nam , c pht hin t
nm 1960, vi tr lng
khong 544 triu tn, c th:
Theo Bo co thm d t m
(Quyt nh s 153/QH
ngy 12/04/1985), tr lng
ca m l 544.080,1 nghn tn.
Kt qu c th th hin bng
bn, theo h thng phn cp
tr lng v cp ti nguyn
ca Lin X:
Bo co Thm d t m (Q 153/QH ngy 12/04/1985)

Cp tr lng (nghn tn)
Loi qung
Qung gc
Qung Deluvi
Ton m
Qung giu
Qung ngho
Qung giu lu hunh
Ton m
B
86.042,5
86.042,5
84.666,3
1.382,2
86.048,2
C1
320.357,9
5.555,6
325.913,5
309.033,5
4.768,3
12.117,7
325.919,5
C2
81.989,3
50.134,8
132.124,1
121.007,5
11.116,6
132.124,1
Tng cng
488.389,7
55.690,4
544.080,1
514.701,3
17.267,1
12.117,7
544.080,1
T trng (%)
90
10
100
95
3
2
100
31
Theo h thng phn cp tr

lng v cp ti nguyn mi,
cn c Bo co kt qu tnh
chuyn i cp tr lng, cp
ti nguyn (n mc -370m)
theo Quyt nh s 06/2006/
Q-BTNMT ngy 07/06/2006
ca B Ti nguyn v mi
trng trn c s Bo co
Nghin cu kh thi (Quyt
nh s 46/Q-HTL/C
ngy 02/4/2008), tr lng v
ti nguyn m nh sau:
Loi qung
Qung gc
Qung Deluvi
Ton m
Qung giu
Qung ngho
Qung giu lu hunh
Ton m
Cp tr lng (nghn tn)
Cp ti nguyn (nghn tn)
121
77.729,7
221
8.312,8
77.729,7
77.729,7
122
200.313,0
15.270,2
215.583,2
215.583,2
77.729,7
215.583,2
8.312,80
8.312,8
6.930,6
1.382,2
222
123.864,6
1.993,7
125.858,3
108.97,3
4.768,3
12.111,7
16.880
223
781.169,7
38.426,5
116.596,1
105.479,5
11.116,6
116.596,1
32
Tr lng trong v ngoi bin

gii khai trng:
Cp tr lng
Tr lng qung a cht

trong bin gii khai trng
n -550m: 375,1 triu tn;
trong qung manhetit
224,5 triu tn v qung oxy
ha 150,6 triu tn.
Tr lng qung nguyn khai
trong bin gii khai trng
n -550m: 369,9 triu tn;
trong qung manhetit
219,8 triu tn v qung oxy
ha 150,1 triu tn.
Cn i cc loi qung(triu tn)

Giu
Qung ngoi cn i(triu tn)
Ngho
Ton b
Qung lu hunh
Qung Deluvi
Ton b
Trong bin gii khai trng

121 + 122
369,4
333
21,6
Cng
391,0
Ngoi bin gii khai trng
5,7
0,6
6,3
375,1
22,2
397,3
12,0
12,0
5,2
15,0
20,2
17,2
15,0
32,2
121 + 122
333
Cng
25,1
59,5
84,6
35,0
35,0
35,0
35,0
25,1
59,5
84,6
C th, tr lng trong v

ngoi bin gii khai trng
c th hin Bng di
y:
33
Cht lng v c im Qung

Qung nguyn khai (qung t nhin) ca m st Thch
Kh l qung manhetit, c ln t qung hematit. Do ,
c th ni m st Thch Kh gm cc dng qung:
Qung manhetit gc (bao gm qung manhetit nguyn
sinh - qung manhetit b oxy ha) v qung manhetit
dng deluvi.1
Thnh phn khong vt qung
Qung manhetit nguyn sinh: manhetit (95-99%), hematite
(1-10%), hydorxit st (2-5%), pirit (<1-32%), chancopirit
(1-2%) v cc khong vt phi qung (n 40%)
Qung manhetit gc
Qung manhetit dng deluvi
Phn thn qung pha Nam

hu nh cha b oxy ha,
phn thn qung pha b v
vn v b oxy ha trit .
Qung th sinh, to thnh trong qu trnh ph

hy bo mn thn qung gc. Qung c dng
cc v b xy ho mnh. Phn bit qung
manhetit deluvi v qung manhetit b oxy ha
mnh ch yu da vo khng gian din phn
b cc du hiu ca qu trnh vn chuyn nh
mi trn hn cc, v thng thng i vi
qung deluvi, hm lng P cao hn trong
qung b oxy ha.
Qung manhetit b oxy ha & qung manhetit deluvi:

hematite (90-100%), manhetit (15-20%), hydroxit st (4050%)
1 (Xem thm phn c im a cht trnh by trn)
34
Thnh phn ha hc
Thnh phn ha hc c th ca tng
thn qung st v hm lng trung
bnh trong qung st m Thch Kh
c trnh by trong Bng bn.
Thnh phn ha hc ca qung st Thch Kh

Thnh phn (TP)
Hm lng cc cht trong qung (%)
Qung Manhetit
(Thn pha Nam)
Qung xy ha
(Thn pha Bc)
Hm lng trung bnh (%)
S liu nm 2003
(Vin MEKHANOBR)
S liu t khai
trng d kin
Hm lng cc thnh phn ha hc

Thnh phn chnh
trn c th thay i, ty thuc su
Fe
59,94
58,41
63,9
59,19
khai thc v mu vt th. Tuy nhin, s
Zn max
0,08
0,07
0,063
0,073
liu nghin cu ca cc Bo co khc
S
0,114
0,019
0,07
0,07
nhau u ch ra rng thy qung st
P
0,015
0,036
0,013
0,02
Thch Kh thuc loi qung giu,
khng cn lm giu khi s dng. Hm
TP ha hc y
lng st trong qung nguyn khai ca
FeO
22,24
9,26
17,2
17,01
m dao ng t 58-60% (cao hn m
Fe2O3
60,64
73,13
72,21
65,61
Qu Xa - mc 53%, m N Ra -
SiO2
6,05
8,56
3,74
7,31
mc 58% v cao hn hn cc m l
Al2O3
1,15
3,451
1,59
2,12
thin khc ti cc tnh min ni pha
Bc), trong khi hm lng cc nguyn
CaO
1,93
0,175
0,75
1,21
t c hi nh lu hunh (S) v phtpho
MgO
3,951
0,953
1,84
2,74
(P) rt thp. im bt li duy nht
MnO
0,31
0,3
N/A
N/A
trong thnh phn ha hc ca qung
K2O
0,018
0,044
N/A
N/A
st m Thch Kh l hm lng km
Na, O
0,009
0,015
N/A
N/A
cao hn so vi trong qung thng
TiO2
0,245
0,358
N/A
N/A
thng, gy nh hng ti cng ngh
luyn gang trong l cao (do tng cc
H2O
0,42
0,54
N/A
N/A
loi chi ph: chi ph than cc, chi ph
Mt mt trong qu trnh luyn
2,648
3,089
N/A
N/A
bo dng l, chi ph u t thit k v
Tng cng
100
100
xy lp l). Tuy nhin hin nay cng
ngh luyn gang l cao trn th gii x l c lng km cao trong qung st c hiu qu v m bo mi trng. Nn vic s dng ngun nguyn liu 100%
qung st Thch Kh c cha hm lng Km cao cho cng ngh luyn gang L cao s t hiu qu kinh t cao
35
Cng ngh khai thc
Cc cng ngh c p dng trong qu trnh khai

thc m Thch Kh p ng nhng iu kin c
bn t ra i vi h thng m l thin c iu kin
a cht tng i phc ti ti Vit Nam (nh phn
tch trn), c qua iu chnh ph hp vi c im
a l v CTV - CCT ca ring m Thch Kh.
Cng ngh tho kh v thot nc m, hn ch nh hng
ca nc ngm n qu trnh khai thc
M Thch Kh nm st bin ng, khai thc hon ton di
mc nc t chy, nn m bo an ton v hiu qu, gim
lng nc chy vo khai trng, D n v ang p dng
gii php tho kh tng t mt s m l khin khc ti Vit
Nam bm cng bc kt hp vi y moong 2 cp.
nhiu lu lng nc chy vo khai trng m Thch Kh

trong giai on u (18.000 30.000 m3/h) v ch s dng
ti 04 my bm c cng sut 1250m3/h
Cng ngh thi
D n Khai thc v tuyn qung m st Thch Kh (iu
chnh) c ph duyt thng 12/2014, cng tc thi
ca d n c iu chnh b sung bng phng n thi
ln bin nhm mc ch m bo din tch thi ( thi
th nghim cho thy din tch cha theo quy hoch c khng
p ng yu cu), gim ri ro st l b m pha bin ng v
to mt bng cho cng tc ti nh c v b tr cng trnh
dch v phc v D n v c dn trong vng.
Cng ngh s dng h thng khai thc bng y moong 2

cp kt hp bm cng bc cng sut ln, nn gim thiu
c tc ng tiu cc ca nc mt v nc ngm vo qu
trnh khai thc m.
Vic p dng bm cng bc cng sut 1250m3/h thc t ti
m N Ra (nm gn sng Hin v sng Bng Giang) m
bo thot nc tt mc d cng tc khai thc qung hon
ton di mc thot nc t chy v lu lng nc chy
vo khai trng d kin (89.993 96.044 m3/h) ln hn
36
Cng tc thi
Bi thi s 1, s 2 v bi thi st: t thi c vn
chuyn bng t t ; Cng ngh thi kt hp t vi
my gt. Phng php thi theo chu vi bi thi.
Bi thi ln bin: t thi c vn chuyn bng h
thng t bng ti dc theo chiu di bi thi. Trnh t
thi l t trong ra ngoi, t Nam ti Bc, ht tng 1 c ct
cao b mt +10m ri ln ct cao +25m v c thc hin
ngay trong giai on I ca D n.
Cng tc thi ca d n c
iu chnh b sung bng phng
n thi ln bin nhm mc ch
m bo din tch thi
37
La chn BTB vi cc m c iu kin

CTV-CCT phc tp
Ti cc m st nh Thch Kh, Tri Cau v
Tin B, tng t ph c lc dnh kt bng
khng hoc rt nh. Vi nhng khu vc
mm yu ny t rt d b sa ly. khc
phc nhc im ca tng t yu v m
bo cng tc xc bc, vn ti t hiu qu
kinh t cao, d n m st Thch Kh la
chn ng b thit b khai thc trn cc
yu cu sau: Thit b xc bc phi c tnh
c ng, p lc ln nn nh. My xc thy
lc gu ngc (MXTLGN) chy diezel l
hng u tin la chn hng u, v so vi
my xc gu cp, cng dung tch gu, my
xc gu cp c trng lng nng gp
1,8-1,85 ln MXTL (do p lc ln nn
khc phc nhc im ca

tng t yu v m bo cng
tc xc bc, vn ti t hiu qu
kinh t cao, d n m st Thch
Kh la chn ng b thit
b khai thc.
TT
1
2
3
4
5
6
7
cao hn 1,46 - 2,3 ln); hn na MXTL c

tc do chuyn t 2,4-6km.h, ph hp
vi m Thch Kh khai thc di mc
nc t chy.
My xc TLGN c th kt hp vi my xc
gu treo xc cc tng ct v st hoc
my xc TLGT (Thy Lc Gu Treo) xc
bc cc tng pha trn khi y m
xung su c > 2/3 tng.
i vi thit b vn ti: hnh thc vn ti
lin hp t bng ti vi trm chuyn ti
c b tr c nh trn mt bng vn
ti ct ra bi thi ln bin gip gi thnh h
v m bo v sinh mi trng.
Di y l dy chuyn BTB c bn hin
c ti D n:
Tn thit b
My xc TLGN PC750 E = 4 m3
t Volvo khung mm c q = 39 tn
My xc lt cc loi
My gt cc loi
My san ng
H thng bm nc moong Qb = 1.250 m3/h
H thng bm nc moong Qb = 320 m3/h
n v
ci
ci
ci
ci
ci
HT
HT
S lng
2
10
1
2
1
2
2
38
Cng tc xc bc t trong iu kin nn tng yu

m bo cho thit b vn ti hot ng nhng khu vc t
yu cn phi gia c cc tuyn ng bng cc gii php: Lm
ng cp phi hoc lt tm b tng, hoc lt tm ghi ng
bng sn bay. Hin nay, m st Thch Kh ang thc hin gia c
cc tuyn ng bng t cp phi v m bo cho cc t
c ti trng n 27 tn hot ng hiu qu.
Cng tc khoan n mn m bo cht lng yu cu
Trong iu kin m st Thch Kh, tr t mm (Ct v st) c
th xc bc trc tip, cn cng v qung gc c kin c
ln, v vy cn lm ti s b bng cng tc khoan n mn. D n
hin s dng my khoan thy lc chy diezel khoan qung v
t di y m, cn my khoan chy in i vi cc tng
pha trn (do iu kin y m lun b ly li, thi tit kh hu
ma nng tht thng). Gi tr ng knh l khoan hp l
tng ng vi dung tch gu ca my xc thu lc v loi t
n mn i vi m St Thch Kh c tnh ton t m da
trn iu kin t v cc phng php khoan khc nhau, c
th:
i vi t cng: my khoan chy in c ng knh l
khoan d = 250/269 mm
i vi qung: chn cc my khoan thy lc chy diezel c
ng knh l khoan dlk = 110/165 mm.
gng xc dc tng, tc l my xc ng vung gc vi ng

phng ca thn qung v xc t vch sang tr thn qung.
Trng hp i ho trong thn qung th khai thc khi qung
c gii hn bi ho v tr trc vi hng pht trin t ho
n tr, ri sau i ho pha vch v khai thc qung theo
nguyn tc trn.
Phng php n mn
p dng phng php n mn vi sai phi in.
y l phng php c nhiu u im vt
tri v mang li hiu qu cao so vi phng
php n mn thng thng (do sng tn hiu
n c truyn t l mn khi n v theo th
t s truyn n tt c cc l mn) v bo v
mi trng. Phng php ny c bit ph
hp vi m Thch Kh trong iu kin y
m ly li p dng phng php ny c kh
nng chng st, r r in; ngoi ra cn gim
c chi ph thuc n v tng hiu qu p
v cng v qung (lm gim chi ph khoan
n mn ln 2 v tng hiu qu xc bc.
Cng tc xc chn lc qung

Do qu trnh n mn qung nn c s xm nhim ca vo
thn qung. im tch cc l t l t kp trong cc thn
qung ca m Thch Kh rt thp, ch khong 1%.
gp phn gim thiu t l tn tht v lm ngho qung trong
qu trnh khai thc, cn i ho pha vch thn qung v xc theo
39
Cng sut khai thc v tui th m

Cng sut khai thc
D n khai thc v tuyn qung st iu chnh
c cc cp ph duyt thng 10/2014 thit
k cng sut ph hp vi nhu cu th trng
trong giai on t 2012 n 2020. Theo ,
cng sut thit k ca m c chia thnh 2
giai on:
Giai on 1: 5 triu tn/nm, c ko di
trong 7 nm (khng k 04 nm thc hin
v 03 nm XDCB tip theo), t nm khai
thc th 1 n nm th 7, trong nm th
1 l 4,4 triu tn/nm v nm th 7 l 8 triu
tn/nm.
Giai on 2: 10 triu tn/nm, c ko di
trong 29 nm, t nm khai thc th 8 n
nm th 36; sau gim xung di 10 triu
t nm th 37 n kt thc.
on u t v cng sut khai thc ti D n

iu chnh ny s gim gnh nng v ngun
vn u t trong giai on suy thoi kinh t
hin nay (thi gian duy tr cng sut 5 triu
tn/nm c nng t 05 nm ln 07 nm).
Ngoi ra Ch u t c thm thi gian thu
thp v nghin cu thm iu kin a cht
thy vn, a cht cng trnh, cc t iu
chnh cng ngh ph hp vi iu kin thc t
m bo khai thc an ton v hiu qu hn
khi nng cng sut m ln 10 triu tn/nm.
Tui th m
Vi tr lng qung khai thc trong bin gii
khai trng l 369.900 ngn tn v cng sut
thit k nh trnh by trn, tui th m l
52 nm, k c thi gian xy dng c bn (7
nm) v ng ca m (2 nm)
So vi thit k trc (do Vin Giprodura lp

nm 2007 v c thng qua nm 2008), phn
40
Hin trng khai thc

Khi lng t bc th nghim (triu tn), 2007 2011
6
5,59
5
4
3,05
3
2
2,50
1,61
1
0
2007-2008
2009
2010
2011
Thng 9/2007: Cng ty C phn St Thch

Kh hp tc vi Cng ty C phn T
vn u t M v Cng nghip - TKV lp
phng n th nghim cng ngh thi cng
trn nn ct v st m qung st Thch Kh
c c s cho vic thit k k thut, thit
k thi cng v tin hnh trin khai thi cng
Cui thng 12/2007: Trn c s Phng n
th nghim cng ngh thi cng trn nn
ct v st m qung st Thch Kh, Cng ty
CP St Thch Kh phi hp vi Cng ty

CP Than Cc Su - TKV tin hnh bc t
th nghim. Tng khi lng t bc trong
thi gian th nghim l 2.827.237 m3,
trong c 1.500.919 m3 nm trong ranh
gii th nghim giai on I v 1.326.318
m3 nm ngoi ranh gii th nghim
nhng nm trong ranh gii bc t XDCB.
S d phi bc t ra ngoi ranh gii th
nghim l v t thng 9/2008 ti thng
3/2009, lng nc chy vo khai trng
ln, h thng bm khng bm ht c
nn khng th tip tc khai thc xung su
ti mc -10 m m phi tin hnh bc t
m rng.
Thng 3/2009: Khai trng c bm cn
v t thng 4/2009 ngoi vic bc t m
rng, tip tc bc t xung su ti mc
-10 m kt thc giai on th nghim
(ct cao y m mc -10 m v bc 1,5
triu m3 t ph)
T thng 12/2007 n ht thng 7/2011,
khi lng t bc thc hin l
12.741.142 m3. Chi tit khi lng t bc
qua cc nm c th hin bng di.
Nm 2010 v 2011: Tip tc bc t m

rng v xung su ti mc -34 m.
T kt qu bc t trong thi gian qua cho
php rt ra mt s nhn xt c bn v hin
trng d n nh sau:
Cng tc bc t mm trong iu kin nn
yu, d st ln, thi tit kh hu nhit v
m cao v tht thng tt nht l s
dng dy chuyn ng B Thit B c
ng nh my xc thy lc v xe t
khung ng.
Vic s dng p chn xung quanh khai
trng hon ton c th hn ch c
lng nc mt chy vo moong khai thc.
H thng ng vn ti t khai trng ti
cc bi thi khi s dng xe t khung ng
hon ton c th s dng my san san
ng l t c th chy c m t phi
bi p thm mt ng cp phi bng
dm
hn ch tri trt bi thi ct cn phi
thi ct ln vi t cng v c bao
quanh theo tng giai on.
41
30+70+M
Mt s thng s trng yu v k hoch ti chnh ca ton d n
14.517
6.777
Tng mc u t d n sau
iu chnh.
Tng mc u t d n
giai on I
t VND
15,4%
IRR c tnh cho ton d n
t VND
7.740
t VND
Tng mc u t d n
giai on II
30%
70%
T l Vn ch s hu/Vn n ti tr cho ton

d n.
42
Nhu cu ngun vn huy ng

ton D n
Tng mc u t sau thu ca ton D n sau khi iu
chnh l 14.517 t ng, chia thnh 02 giai on, trong
phn k u t cho Giai on I l 6.777 t ng v
Giai on II l 7.740 t ng.
Trn c s tham chiu cc vn bn php l ca B Cng Thng, B Ti Nguyn v Mi trng,

B Xy Dng, UBND Tnh H Tnh v Vn phng Chnh Ph, HQT Cng ty C phn St Thch
Kh ban hnh Quyt nh 01/Q-HQT ngy 02/12/2014 ph duyt D n iu chnh khai
thc & tuyn qung st M Thch Kh. Theo Quyt nh ny, cc thng s ca D n (trc thu
v sau thu) nh sau:
Gi tr sau thu (ngn ng)
Ni dung chi ph
Tng cng
Giai on I
Giai on II
Chi ph xy dng
5.598.576.721
2.468.606.208
3.129.970.512
Chi ph thit b
3.912.508.560
1.028.614.141
2.883.894.419
Chi ph GMPB-TC
2.392.934.053
1.404.684.053
988.250.000
48.244.319
38.729.088
9.515.231
Chi ph TVTXD
621.381.281
544.121.327
77.259.954
Chi ph khc
788.609.129
751.482.315
37.126.814
1.154.965.848
541.174.384
613.791.465
14.517.219.910
6.777.411.515
7.739.808.394
Chi ph qun l d n
Chi ph d phng
Tng
43
Gi tr trc thu
STT
1
1.1
1.2
2
2.1
2.2
3
3.1
3.2
4
4.1
4.2
5
5.1
5.2
6
6.1
6.2
7
7.1
7.2
Ni dung chi ph
Chi ph xy dng
Gi tr thc hin
Gi tr thc hin tip
Chi ph thit b
Gi tr thc hin
Gi tr thc hin tip
Chi ph bi thng, h tr ti nh c
Gi tr thc hin
Gi tr thc hin tip
n 946
HT cp nc cc khu TC m st Thch Kh, huyn Thch H
Chi ph qun l d n
Gi tr thc hin
Gi tr thc hin tip
Chi ph t vn u t xy dng cng trnh
Gi tr thc hin
Gi tr thc hin tip
Chi ph khc
Gi tr thc hin
Gi tr thc hin tip
Cc khon mc chi ph khc
Li vay trong thi gian xy dng c bn
Chi ph d phng
D phng do yu t khi lng pht sinh
D phng do yu t trt gi
Tng cng
Tng cng
5 085 974 085
478 096 325
4 607 877 759
3 570 682 335
139 416 968
3 431 265 367
2 392 934 053
317 000 000
2 075 934 053
1 885 250 000
105 100 000
85 584 053
43 858 400
30 161 727
13 696 673
592 957 591
336 370 047
256 587 544
769 543 014
79 943 208
689 599 806
157 461 398
532 138 408
1 050 028 391
846 688 874
203 339 517
13 505 977 869
Giai on I
2 232 855 140
478 096 325
1 754 758 815
956 620 122
139 416 968
817 203 154
1 404 684 053
317 000 000
1 087 684 053
897 000 000
105 100 000
85 584 053
35 208 156
30 161 727
5 046 429
522 708 478
336 370 047
186 338 430
735 701 124
79 943 208
655 757 916
123 619 508
532 138 408
492 036 150
288 696 634
203 339 517
6 379 813 223
Giai on II
2 853 118 945
2 853 118 945
2 614 062 213
2 614 062 213
988 250 000
988 250 000
988 250 000
8 650 244
8 650 244
70 249 114
70 249 114
33 841 890
33 841 890
33 841 890
557 992 241
557 992 241
7 126 164 646
44
C cu ngun vn ti tr
ton D n
Vic huy ng ngun vn ch s hu tham gia d n m bo c cu
vn d kin 30%-70%.
C cu ngun vn ti tr ton D
n
Theo quy nh ti iu 53, Lut khong
sn ban hnh nm 2010, doanh nghip
ch c cp Giy php khai thc
khong sn khi m bo vn ch s
hu ti thiu bng 30% tng s vn
u t ca d n u t khai thc
khong sn. Ni cch khc, d n s
Ngun vn
c ti tr ti thiu 30% t ngun

vn gp ca ch u t, 70% cn li s
c huy ng t ngun vn khc hoc l ngun vn n (vay thng mi
hoc pht hnh tri phiu) hoc l
ngun vn ch s hu thng qua vic
pht hnh ring l c phiu. C th c
cu vn ton D n nh sau:
S tin (nghn. sau thu)
T trng
Vn ch s hu
4.355.165.973
30%
Ngun vn khc
10.162.053.936
70%
Tng
14.517.219.909
100%
45
C cu ngun vn ti tr ton d n
C cu ti tr d n cho giai on I c d kin nh sau
Phn k u t
Giai on 1
CPXD
2.456.140.654
CPTB
1.052.282.134
GPMB
1.404.684.053
QLDA
38.728.972
TVTXD
574.979.325
CP khc
648.678.204
D phng
Tng
541.239.765
VCSH
chi u t
2.015.019.932
478.096.325
139.416.968
Vn gp cn li
Vn huy ng d kin
Giai on 2
VCSH
Vn huy ng
6.716.733.107
317.000.000
30.161.727
411.228.018
336.370.047
79.943.208
173.043.688
49.759.950
1.380.988.276
634.031.656
1.978.044.329
912.865.166
676.456.035
8.567.244
65.565.590
518.975.046
541.239.765
4.701.713.175
3.138.430.839
2.875.468.434
988.250.000
9.515.269
77.274.025
37.078.362
613.791.465
7.739.808.394
941.529.252
862.640.530
296.475.000
2.854.581
23.182.207
11.123.509
184.137.439
2.321.942.518
2.196.901.588
2.012.827.904
691.775.000
6.660.688
54.091.817
25.954.854
429.654.025
5.417.865.876
CPXD: Chi ph xy dng

CPTB: Chi ph thit b
GPMB: Gii phng mt bng
QLDA: Qun l d n
TVTXD: T vn u t xy dng
46
K hoch huy ng ngun vn ch s hu

Vic huy ng ngun vn ch s hu tham gia d n
m bo c cu vn d kin 30%-70% nh cp trn
v ang c TIC quyt lit thc hin.
Trong giai on 2009 2011 khi d n mi i vo trin khai, TIC
gp nhng kh khn trong vic huy ng vn cam kt t 09 c
ng sng lp. Tnh ti thi im cui nm 2011, mi ch c xp
x 1.000/2.400 t ng c cc c ng ng gp cho TIC. iu
ny gy khng t kh khn cho cng tc n b, gii phng mt
bng cng nh thc hin mt s hng mc khc ca d n.
Tuy nhin, cng vi s ch o ca Th tng Chnh ph ti cc
thng bo 164/TB-VPCP ngy 11/07/2011,s 52/TB-VPCP ngy
VL sau ti c cu
(Tr.)
S vn gp lu k
n 25/6/2014
17/12/2012, s 1306/VPCP-KTN ngy 18/02/2013 v ca B

Cng thng ti Cng vn s 3461/BCT-CNNg ngy 12/04/2013
v/v gp vn iu l ca cc C ng vo TIC, ch 2 C ng
Vinacomin v Thng Long nghim tc thc hin vic gp vn
theo cc quyt ngh ca Hi ng qun tr TIC, gp phn nng
dn t l vn gp thc t. Tnh ti thi im 31/10/2013, t l ny
c nng ln mc 1.368 t ng tng ng vi 57% vn
iu l cam kt.
Theo Ngh quyt 01/N-HQT ngy 05/08/2014 ca Hi ng
qun tr TIC, tnh hnh gp vn v cam kt gp vn m bo
t l vn gp 65% vn iu l cam kt ca 05 c ng hin hu
nh sau:
Tng s vn sau khi

huy ng at 65%
(Tr.)
S vn cn phi huy ng
(t t l 65%) (tr.)
1.248.000
52,00
711.360
51,89
3% t 1 (trc
11/12/2014)
37.440
Mitraco
312.000
13,00
179.659
13,10
7.541
15.600
23.141
202.800
13,00
Vnsteel
Bitexco
480.000
72.000
20,00
3,00
273.600
36.251
19,96
2,64
14.400
6.949
24.000
3.600
38.400
10.549
312.000
46.800
20,00
3,00
12,00
170.090
100 1.370.960
12,41
100
2.710
69.040
14.400
120.000
17.110
189.040
187.200
1.560.000
12,00
100
S tin T l %
Vinacomin
Thng Long
Tng cng
288.000
2.400.000
S tin
T l %
5% t 2 (trc
31/3/2015)
62.400
Tng cng
S tin
T l %
99.840
811.200
52,00
47
Trc mt, m bo vic trin khai giai on

I ca D n, theo ch o ca B Cng Thng
(ti Cng vn s 2770/BCT-CNNg ngy
23/03/2015 v/v y nhanh tin trin khai D
n St Thch Kh, TIC ngh cc c ng
tip tc thu xp ngun vn v gp vn ng k
hn thanh ton cc khon vay n hn v cc
khon cp bch nh tin cp quyn khai thc
khong sn nm 2015, tin in khai trng,
lng cho ngi lao ng, chi ph bc t tng
ph, tin cp quyn khai thc khong sn
C ng
Vinacomin
Mitraco
Vnsteel
Bitexco
Thng Long
Tng cng
VL sau ti c cu (Tr.)
S tin
1.248.000
312.000
480.000
72.000
288.000
2.400.000
T l %
52,00
13,00
20,00
3,00
12,00
100
(Cng vn 306/TIC-KTTK ngy 21/04/2015 v/v

n c cc c ng gp vn iu l t 30%
mc u t giai on I ti TIC), TIC v cc c
ng s tip tc huy ng thm khong 619 t
ng, m bo vn ch s hu tham gia d
n mc 2.033 t - tng ng vi 30% tng
mc u t sau thu giai on I ca D n (gi
tr sau thu 6.777 t ng theo ph duyt ti
Quyt nh 01/Q-HQT ngy 02/12/2014 ca
Hi ng qun tr TIC).
Tng gi tr VL phi gp
S vn gp lu k n
theo t l ti c cu
31/03/2015 (Tr.)
n 31/03/2015 (Tr.)
S tin
711.360
179.659
273.600
36.251
170.090
1.370.960
T l %
52,00
13,00
20,00
3,00
12,00
100
1.270.489
304.828
464.217
61.507
298.959
2.400.000
Gi tr mc
u t giai
on I (Tr.)
Gi tr phi gp
n 30% vn u
t G I (Tr.)
Gi tr mi c ng
phi gp trc
20/04/15 (Tr.)
6.774.411
1.076.329
258.243
393.274
52.107
253.271
2.033.223
327.529
78.584
119.674
15.856
77.071
618.713
48
Hiu qu kinh t ton b vng i D n

Xt trn gc kinh t, ton i D n (02 giai on,
vng i 50 nm) c tnh kh thi vi NPV khong 2.865
t ng v IRR 15,4% kh cao so vi sut chit khu
c s dng (11,5%).
Xt ton b vng i d n (50 nm), theo thuyt minh Hiu qu

kinh t D n u t khai thc v tuyn qung st m Thch Kh
sau iu chnh nh sau:
S TT
1
2
Tn ch tiu
Vn u t - Trc thu ; Tr.ng
NPV (r=11,5%) Tr.ng
3
4
5
6
7
8
IRR (%)
Gi bn bnh qun; /tn
Chi ph sn xut bnh qun; /tn
Gi thnh sn xut bnh qun; /tn
Thi gian thu hi vn
T s li ch/Chi ph (B/C)
Gi tr
13 505 977
2 865 116
15,4%
1 113 822
918 135
868 449
9,5
1,06
49

Vic tnh ton v nh gi hiu qu kinh t ton b vng i D n khai thc v tuyn qung st Thch Kh (nh
trnh by ti Phn 3. Thng tin ti chnh ton D n) l cn thit nhm nhn thc c tm quan trng trong di
hn ca D n mang tm chin lc quc gia ny i vi s pht trin ca t nc v trn c s ph hp vi cc
ng li chnh sch quy hoch khai thc khong sn n nm 2030 ca ng v Nh nc.
V mt thit k, Giai on I v Giai on II ca D n l hai phn k kh c lp. Trong , Giai on I l bc khi
u quan trng, quyt nh s tn vong ca D n, v ang c ch u t trin khai, vi mc tiu xy dng
hon thin c s h tng ca D n, to nn tng cho cng tc trin khai Giai on II mang li hiu qu ti a cho
d n.
Mc d hot ng u t mang tnh cht c bn, tuy nhin Giai on I vn mang li ngun thu kh tt cho ch u
t t vic khai thc qung nguyn khai trong lp bc t . V vy, cng tc huy ng vn cho Giai on I, thc
cht c th coi l cng tc huy ng cho mt d n c lp, c nng lc to tin thc hin cc ngha v n.
Trn c s kt qu thc hin trong Giai on I cng nh din bin cung cu ca th trng qung st trong thi gian
ti, TIC c th cn nhc trin khai Giai on II vi phng n xy dng nh my tuyn sn xut ra 03 loi sn
phm vi c ht sn phm t 45-8mm (chim 18%), 8-0 mm (chim 37%), ng thi tip tc nghin tuyn mt
phn sn phm 8-0mm sn xut ra qung v vin -0,074 mm (chim 35,99%) v ui thi chim 9,01% nhm ti
a ha hiu qu ca D n.
50
Nhu cu v c cu ngun vn huy ng trong

Giai on I ca D n
Tng mc u t sau thu trong Giai on I c ph duyt
trong FS ca D n 6.716 t ng*, bao gm cc hng mc
chnh nh sau:
Hng mc chnh (sau thu)
Quy m (ng)
Chi ph xy dng
2 456 140 654
Chi ph thit b
1 041 012 370
1 404 684 053
Chi ph qun l d n
38 728 972
Chi ph t vn u t xy dng cng trnh
544 077 420
Chi ph khc
690 849 874
Chi ph d phng
541 239 765
Tng cng
nm 2010), phn vn cn li l ngun vn vay thng mi v

vn pht hnh tri phiu hoc vn huy ng qua pht hnh c
phiu ring l. Do , c cu ngun vn ti tr trong giai on I
ca D n c th nh sau:
Ngun vn
S tin (nghn. sau thu)
T trng
Vn ch s hu
2.033.134.815
30,3%
Ngun vn khc
4.683.598.292
69,7%
Tng
6.716.733.107
100%
(*) Theo FS, tng mc u t sau thu ny ln ti 6.777 t ng
6 716 733 107
Tng t c cu vn chung ca ton D n, trong giai on I,

TIC cn m bo ti thiu 30% ngun vn gp ca ch s hu
tham gia (theo quy nh ti iu 53, Lut khong sn ban hnh
51
Cc hng mc u t trong Giai on I ca D n

Giai on I ca D n c trin khai xy dng t
nm 2007, trong c ti tr ch yu bng ngun
vn ch s hu (quy m ln ti 1.380 t ng)
Ngun vn ti tr d kin s ng gp t c ng vo mt s
hng mc trng yu nh sau:
Chi ph xy dng: 478 t ng
Chi ph gii phng mt bng: 317 t ng
Chi ph t vn u t: 337 t ng
Chi ph thit b: 139 t ng
Chi ph khc: 80 t ng
Tng chi ph u t thc hin l 1.380 t ng
hon thnh Giai on I, thi gian d kin trin khai cn li
c xc nh cn khong 03 nm vi k hoch gii ngn trong
tng nm c th nh sau:
T bng phn b vn u t trn, c th thy nhu cu vn sau
thu hon tt Giai on I d kin l 5.335 t ng, trong
k hoch gii ngn cho nm u tin ti khi ng d n l
2.121 t ng, tp trung vo mt s hng mc chnh c th
hi trong bng nh km.
Giai on I
Ni dung
CP xy dng
Bng phn b vn u t
Sau thu Nm XD th 1
Nm XD th 2
Nm XD th 3
1.978.044.329
507.077.863
735.616.525
735.349.941
912.865.166
683.322.014
54.513.564
175.029.588
1.087.684.053
411.228.018
338.228.017
338.228.018
8.567.244
2.689.279
4.568.498
1.309.467
CP t vn u t xy
dng cngtrnh
238.609.278
173.043.688
49.376.333
16.189.257
CP khc
568.734.996
215.549.281
91.996.458
261.189.257
CP d phng
541.239.765
128.173.271
182.060.612
231.005.882
5.335.744.831
2.121.083.414
1.456.360.007
1.758.301.410
CP thit b
CP bi thng, h tr
ti nh c
CP qun l d n
Tng cng
Chi ph bi thng, h tr ti nh c 1.088 t ng

Cng tc gii ta l mt trong nhng hng mc quan trng nht
ca D n nhm to mt bng thng nht trc khi c th trin
khai thi cng ng b cc cu phn cn li. Ngoi mc ch to
khai trng trin khai d n, vic thc y tin gii phng
mt bng cn gip hn ch khiu ni t cc h dn trong thi
gian va qua, m bo d n c trin khai thun li. Vi din
tch d n kh ln, hn 4.000 ha (trong din tch khai trng
l 527 ha), cng tc gii ta s c thc hin dn tri trong 03
52
nm, vi tng mc u t trong nm u tin khi

d n khi ng tr li l 411 t ng.
Chi ph xy dng 1.978 t ng
Chi ph xy dng bao gm 02 cu phn chnh: Bc
t v H thng c tuyn, xy dng, cung cp in,
thng tin lin lc t ng ha.
Hot ng bc t xy dng c bn c trin khai
trn c s k hoch khai thc hng nm v d kin
s hon tt sau 03 nm, trong chi ph nm u
tin d kin vo khong 106 t ng.
Trong khi , chi ph cho phn c tuyn ch yu
tp trung vo mt s hng mc chnh nh h thng
bng ti vn chuyn n bi thi, h thng in
trung th (35 kV), mt bng khai trng, h tng
giao thng ti khai trng, h thng thot nc v
c bit l Tuyn chn bi thi ln bin (chim
n 26% tng chi ph) vi tng d ton trong nm
u tin l 355 t ng.
Chi ph thit b - 912 t ng
V c bn, chi ph thit b trong giai on I bao
gm 02 cu phn chnh l Thit b khai thc (241 t
ng, chim 27%) v H thng C tuyn, xy dng,
cung cp in, thng tin lin lc, t ng ha (658
t ng, chim 73%).
H thng C tuyn, xy dng, cung cp in, thng
tin lin lc... vi cu phn ln nht (chim ti 77%
tng mc chi ph) l H thng bng ti vn ti ct
ti bi thi ln bin d kin c u tin hon
thin ngay trong nm u tin (vi tng mc u t
l 617 t ng) nhm m bo tin v hiu qu

ca cng tc vn chuyn cht thi trong giai on
xy dng c bn. Chi ph trong 02 nm tip sau
khng ng k, ch yu l chi ph to mt bng
xy dng nh my tuyn qung trong giai on II.
Vi mc tiu y nhanh tin v hon thnh cng
tc xy dng c bn, thit b khai thc trong 02 nm
u tin s c u t mc ph hp nhm
tn dng c khi lng khai thc trong giai on
bc t. Theo quy m gii ngn trong nm u
tin ch vo khong 66 t ng, l 01 dy chuyn
nghin sng vi cng sut 1,4 triu tn/nm, ph
hp vi quy m khai thc trong nm u tin l
800.000 tn/nm.
Chi ph t vn u t xy dng cng trnh 238
t ng
V c bn, hng mc ny s phi c hon thnh
trc khi d n c trin khai nhm m bo tnh
tnh ng nht v an ton. Ch u t s phi thc
hin thanh ton ton b chi ph cho n v t vn
sau khi nghim thu. Theo , phn ln chi ph ny
c ch u t ti tr bng ngun vn ch s
hu trong giai on 04 nm xy dng c bn 2010
- 2014, vi tng gi tr ln ti 336 t ng; phn gi
tr cha thc hin trong giai on I ch cn khong
238 t ng s c hon tt trong 03 nm tip
theo, tp trung gii ngn trong nm th nht (173
t ng), ch yu cho vic lp Thit k k thut
Tng d ton, lp k thut ln bin, v lp thit
k bn v thi cng.
53
Phn II. Phng n huy ng vn

Trn c s c im khai thc ca m st Thch Kh, k hoch
trin khai d n v nng lc ti chnh ca doanh nghip,
phng n huy ng vn c thit lp nhm a ra k
hoch ti tr ph hp vi nhu cu s dng ngun vn ca
doanh nghip v m bo ti u ha hiu qu kinh t.
Cc ni dung chnh ca Phn bao gm:
55
57
59
Sn lng v doanh thu tiu th giai on I
70
54

Tn doanh nghip
Cng ty C phn st Thch Kh
Logo
Tr s chnh
64 Phan nh Phng, TP H Tnh, Tnh H Tnh
in thoi
0393.897198
Giy CN KKD
s 3000408242 do S K hoch v u t tnh H Tnh cp ngy 01 thng 6 nm 2012
Vn iu l (theo GCN KKD)
2.400 t ng
Ngnh ngh kinh doanh
Thm d, u t, khai thc, lm giu qung st v cc loi khong sn khc

Mua, bn qung st v cc sn phm t qung st v khong sn khc
Xy dng cc cng trnh cng nghip, luyn kim, giao thng v dn dng
55
S t chc b my qun l
i hi ng c ng
Ban kim sot
Hi ng qun tr
Ban gim c
Ban QLDA
Cc phng KT
Phng Nghip v
Cc PXSX chnh
Cc PXSX ph tr
56

Cng ty C phn St Thch Kh (Cng ty) hot ng theo Giy
chng nhn ng k kinh doanh s: 28 03 000 375 do S K
hoch v u t tnh H Tnh cp ngy 2 thng 4 nm 2007;
c sa i ln th 1 ngy 11 thng 02 nm 2009, sa i ln 2
s: 3000 408 242 ngy 01 thng 6 nm 2012.
iu l t chc v hot ng ca Cng ty c i hi ng C
ng thng qua ngy 13/3/2007 v c sa i b sung ln 2
ngy 23/6/2009 v sa i b sung ln 3 ngy 17/11/2011; Theo
Quyt nh s 03/Q-HQT ngy 26/04/2012, ng Nguyn
Vn Sinh c b nhim l ngi i din theo php lut ca
Cng ty c phn st Thch Kh vi chc danh l Tng gim c
STT Tn c ng
1
2
3
4
5
Tng
Tp on CN Than Khong sn Vit Nam

Tng cng ty Khong sn v Thng mi H Tnh
Tng cng ty Thp Vit Nam
Cng ty TNHH SX Kinh doanh XNK Bnh Minh
Cng ty CP Khong sn v Luyn kim Thng Long
Mc vn
Mc vn
gp thc t
gp cam kt
(t ng)
(t ng)
(*)
711,360
1.248
179,659
312
273,600
480
36,251
72
170,090
288
1,370,960
2.400
T l
(%)
52%
13%
20%
3%
12%
100%
(*) S liu ti Ngh quyt 01/NQ-HQT ca TIC ngy 05/08/14
57
nh gi hin trng ti chnh ca ch u t
Quy m tng ti sn ca doanh

nghip khng c s thay i ln
no trong giai on 2012 tr li
y do d n duy nht cng ty
ang trin khai l d n st Thch
Kh vn ang trong qu trnh ku
gi v huy ng ngun vn u t.
C cu ti sn
Tng ti sn ca Cng ty tng t 1.364
t nm 2012 ln 1.471 t nm 2013 v
1.618 t nm 2014.
Cn cn ti sn ca cng ty ang
nghing v pha ti sn di hn do d
n khai thc qung st Thch Kh ang
trong qu trnh trin khai.
C cu ti sn ngn hn/di hn ti
thi im 31/12/2014 ca cng ty l
23%/77% vi gi tr ti sn ngn hn
v di hn ln lt l 373 v 1.245 t
ng trn tng ti sn 1.618 t.
C cu ti sn Cng ty C phn St Thch
Kh (t ng)
2014
373,35
2013
411,47
2012 331,39
1.245,33
Ti sn di hn chim phn ln l chi

ph xy dng c bn d dang ca d
n khai thc qung st (s d ti
31/12/2014 l 1.069 t ng, chim
85,8% ti sn di hn). Ti sn di hn
cn li l ti sn c nh phc v cho
vic khai thc m (174 t) v ti sn v
hnh l quyn s dng t (19,6 t).
1.059,66
1.032,75
1000
Ti sn ngn hn
l chi ph n b v chi ph gii phng

mt bng d n) i vi Ban qun l
khu vc m st Thch Kh nhng cng
ty cha thc hin vic quyt ton. Cc
khon mc khc chim t l khng
ng k do d n vn ang trong qu
trnh u t.
2000
Ti sn di hn
Trong ti sn ngn hn, chim phn

ln l cc khon phi thu khc
(87,8%). Bn cht ca khon mc ny
l khon phi thu ca cc hng mc
cng trnh d n trin khai (c th
C cu ngun vn
Hu nh ton b chi ph u t khai
thc m tnh n thi im hin ti
u c ti tr bi vn ch s hu.
Tnh n thi im 31/12/2014,vn
ch s hu thc gp ca cng ty l
1.411 t ng (tng chi ph xy dng
cho d n m tnh n 31/12/2014 l

1.243 t ng).
C cu ngun vn Cng ty C phn St
Thch Kh (t ng)
2014
205
2013 153
2012 190
N phi tr
1.414
1.318
1.174
1.000
2.000
Vn ch s hu
T l N /vn ch s hu ca doanh
nghip ang duy tr kh thp, d n
vay ton b l d n ngn hn (109 t
ng ti 31/12/2014).iu ny gip
cho doanh nghip c c c cu
ngun vn lnh mnh, hn ch ri ro
v thanh khon.
58

Cc cng c huy ng vn & tnh ph hp i
vi D n
Thng thng ch u t d n c th huy ng
vn thng qua th trng vn v th trng n,
c th nh sau:
Huy ng t th trng vn
Ch u t d n c th gia tng ngun vn ch
s hu thng qua hnh thc pht hnh c phiu
cho c ng hin hu hoc pht hnh c phiu
ring l cho c ng bn ngoi.
i vi nhm c ng hin hu, n thi im
hin ti, quy m vn thc gp ca D n mi ch
t 57,5% vn iu l cam kt (1.380 t ng vn
thc gp so vi 2.400 t ng vn iu l cam
kt) mt phn do trong giai on trc, D n
cha hon thin phng n iu chnh v Thit
k k thut c s trnh cp c thm quyn ph
duyt nn cc c ng chm tr gp vn, mt
phn khc do khng hong kinh t nh hng
ti nng lc ti chnh ca cc c ng hin hu.
Do , phng n tng vn pht hnh cho c
ng hin hu c nh gi l khng kh thi.
Mt khc, trong khi nng lc to tin hin ti ca

D n cn hn ch, cam kt gp vn ca c ng
hin hu cha c thc hin y lm
gim sc hp dn i vi nhu t ti chnh, th
qu trnh tm kim v cho bn c phiu cho c
ng chin lc kh c kh nng hon tt c
trong ngn hn, khng p ng c nhu cu
vn u t cp thit vo thi im hin ti, nh
hng n tin trin khai D n - l mt
trong nhng thnh t trng yu quyt nh s
hiu qu ca D n.
V vy, nhn chung phng n huy ng thng
qua th trng vn l cha ph hp v thiu tnh
kh thi trong giai on u ca d n. Phng
n ny c k vng s em li ngun vn n
nh cho D n sau khi qu trnh xy dng c
bn c hon tt, D n c khai thc ng
b v mang li dng tin di do.
Huy ng t th trng n
Nh vy, loi tr ngun vn ch s hu, TIC c
th thc hin vic huy ng ngun vn ti tr d
n thng qua 02 cng c n cn li l: Vay
thng mi v Pht hnh tri phiu, vi quy m
ph hp vi tnh cht ca tng hng mc u t,
c th nh sau:
Vay thng mi: L mt trong nhng cng c truyn

thng trong hot ng huy ng vn v c cc doanh
nghip a chung khi trin khai d n, tuy nhin vay
thng mi ph hp hn vi cc hng mc gii ngn
theo tin , vo giai on d n bt u c nng lc to
tin, nhm m bo thanh ton ngha v n c quy m
ln (bao gm c li v gc).
Pht hnh tri phiu: Bn cnh hnh thc vay thng
mi, tri phiu doanh nghip hin l mt knh u t
hp dn i vi cc t chc tn dng nhm khai thng
ngun vn hin ang ng ti h thng.
Khc vi tn dng ngn hng, doanh nghip khng phi
thanh ton gc trong thi gian u, m ch phi thanh
ton li nh k v thanh ton gc tri phiu ti thi
im o hn, gip doanh nghip tch ly c ngun
vn phc v hot ng u t, m bo hiu qu kinh
doanh ca d n.
i vi d n St Thch Kh, Vay thng mi v Pht
hnh tri phiu l 02 cng c khng th tch ri, ty
thuc vo tnh cht ca cc khon mc gii ngn v thi
im gii ngn, ch u t s s dng cc cng c ny
mt cch ph hp nhm m bo d n c trin khai
mt cch hiu qu.
59
C th, trong phn k u t 03 nm ca giai on I, sau thi gian

tm dng, nm th nht ti khi ng li d n c coi l nm bn
l, vi nhiu hng mc mang tnh u t tng lc. Theo , trong
nm th 1, ngun vn ch s hu (gp thm theo cam kt) v
ngun vn tri phiu s c u tin s dng ti tr cho nhng
hng mc c tnh cht thanh ton ng lot, c th cha mang li
ngun doanh thu ln, nhm gim p lc ti chnh cho d n (do tri
phiu ch thanh ton gc vay vo thi im cui k).
Ngun vn vay s c s dng ti tr chnh cho cc hng mc my
mc thit b, s c trin khai sau khi h tng c bn ca d n
c hon tt tng phn, m bo hot ng to tin cho d n.
Trn c s tnh ton theo cc gi nh mang tnh cn trng, thi
gian hon vn ca d n c tnh vo khong 10 nm, theo k
hn ca ngun vn vay ti tr cng c xc nh l 10 nm, thi
gian n hn l 2 nm.
gim p lc cho cc c ng v c th huy ng tng phn trn
c s nhu cu thc t pht sinh ca d n, ngun vn ch s hu s
c s dng ti tr cho cc hng mc cn li hin mang tnh
cht d ton nh chi ph d phng, chi ph khc (trong phn ln
l chi ph li vay) v chi ph c kh nng m phn chm thanh ton
(chi ph t vn xy dng u t)
Trn c s phn tch chi tit cc hng mc u t ti mc 3.1 Phn
I,, vai tr ca mi cng c n trong nm th nht ti khi ng d
n s c s dng c th nh sau:
Pht hnh tri phiu: Vn huy ng t pht hnh tri phiu s c
s dng ti tr cc hng mc c tnh trng yu, cn trin khai
ngay v gii ngn mt ln trong thi gian ngn. Theo , quy m
pht hnh d kin c xc nh vo khong 500 t ng, ti tr
cho 02 hng mc:
Chi ph bi thng, n b gii phng mt bng: 411 t ng

Chi ph bc t (nm trong cu phn chi ph xy dng): 106 t ng
Trong giai on u trin khai, d n cha c nng lc to tin trong ngn
hn, kh to hp dn i vi nh u t vn c phn, theo tri phiu pht
hnh c d kin l tri phiu trn, k hn 05 nm. Ti thi im o hn
tri phiu, ty thuc vo din bin th trng v tnh hnh kinh doanh ni
ti, doanh nghip c th thc hin tip vic pht hnh tri phiu hon i
hoc tri phiu bc cu nhm m bo nng lc ti tr di hn cho d n.
Vn vay thng mi: Vn vay thng mi s c huy ng vi quy m
1.000 t ng, nhm ti tr cho nhng hng mc h tng ca d n, m
bo cng tc trin khai sau khi c mt bng khai trng, c th vo cc
khon mc sau:
Chi ph thit b: 617 t ng
Chi ph hng mc C tuyn, xy dng, cung cp in, thng tin lin lc, t
ng ha, mt bng (nm trong cu phn Chi ph xy dng, loi tr cu
phn Chi ph bc t): 355 t ng
Ngun vn ch s hu: p ng yu cu quy nh ti Lut Khong sn
mi (ban hnh sau thi im cp Giy php khai thc m), TIC ban hnh
cng vn 306/TIC-KTTK ngy 21/04/2015 yu cu cc c ng thc hin
vic gp vn ln mc 2.033 t ng, tng thm 653 t ng so vi quy m
vn hin hu (1.380 t ng), s c s dng ti tr cho cc hng mc
cn li, bao gm:
Chi ph d phng: 128 t ng
Cc loi chi ph khc: 215 t ng
Chi ph t vn u t xy dng cng trnh: 186 t ng
i vi cc hng mc u t trong nm th 2 v nm th 3, ngun vn d
n hin c xy dng theo phng n c ti tr hon ton bng cc vn
60
vay thng mi t cc nh ch ti chnh. i vi nhng

khon vay c quy m ln, c cu phc tp nh D n St
Thch Kh, hnh thc ti tr d kin s c trin khai
theo phng n cho vay hp vn, l khon vay c cp
bi mt nhm cc ngn hng, trong thng c thu
xp bi mt ngn hng c uy tn nht trong t hp ngn
hng ti tr.
tnh ph hp vi bn cht c ti tr cng nh cn

bng tnh hnh ti chnh ca doanh nghip.
i vi cc hng mc u t
trong nm th 2 v nm th
3, ngun vn d n hin c
xy dng theo phng n
c ti tr hon ton bng
cc vn vay thng mi t cc
nh ch ti chnh.
Trn c s phn tch v nh gi tnh cn thit v ph

hp i vi tng cng c huy ng, c cu ti tr d n
cho giai on I c d kin nh sau
Cn c vo tnh hnh kt qu hot ng sn xut kinh

doanh ca d n, v xu hng vn ng ca th trng
vn, bn cnh cng cu vay thng mi, t chc pht
hnh c th cn nhc huy ng thng qua cng c tri
phiu (tri phiu trn v tri phiu chuyn i) m bo
Phn k u t
Tng u t
u t
Cn phi u t
Nm 1
CPXD
CPTB
GPMB
QLDA
TVTXD
2.456.140.654
1.052.282.134
478.096.325
1.404.684.053
38.728.972
574.979.325
648.678.204
541.239.765
6.716.733.107
139.416.968
317.000.000
30.161.727
336.370.047
79.943.208
1.380.988.276
1.978.044.329
912.865.166
1.087.684.053
8.567.244
238.609.278
568.734.996
541.239.765
5.335.744.831
507.077.863
683.322.014
411.228.018
2.689.279
173.043.688
215.549.281
128.173.271
2.121.083.414
173.043.688
49.759.950
VCSH
Vn huy ng
Vay thng mi
PHTP
Nm 2
411.228.018
CP khc
D phng
Tng
634.031.656
507.077.863
683.322.014
2.689.279
165.789.331
128.173.271
1.487.051.758
7.077.863
683.322.014
2.689.279
165.789.331
128.173.271
987.051.758
54.513.564
338.228.017
4.568.498
49.376.333
91.996.458
182.060.612
1.456.360.007
500.000.000
735.616.525
500.000.000
VCSH
Vn vay thng mi
Nm 3
735.616.525
54.513.564
338.228.017
4.568.498
49.376.333
91.996.458
182.060.612
1.456.360.007
735.349.941
175.029.588
338.228.018
1.309.467
16.189.257
261.189.257
231.005.882
1.758.301.410
VCSH
Vay thng mi
735.349.941
175.029.588
338.228.018
1.309.467
16.189.257
261.189.257
231.005.882
1.758.301.410
61
Phng thc trin khai cc cng c n

Ngun vn ch s hu
S c huy ng ngay theo tinh thn ca cng vn 304/TIC
-KTTK ngy 21/04/2015 ca Cng ty C phn St Thch Kh
v/v n c cc c ng gp vn iu l t 30% mc u t
giai on I ti TIC.
Tri phiu chuyn i

Tri phiu chuyn i l mt loi chng khon n bao gm 2
gi tr: gi tr ca tri phiu (thng qua nh gi tri tc) v gi
tr quyn chn chuyn i thnh c phiu ti mt mc gi tha
thun trc trong tng lai.
Ngun vn vay thng mi

L ngun vn di hn ti tr cho d n, trong ch u t s
thc hin huy ng trong nm u tin l 1.000 t ng, vi k
hn vay 10 nm.
Theo , ti thi im tri phiu o hn tri ch s c quyn

la chn thc hin vic chuyn i khon n thnh vn c phn
ca doanh nghip (theo mt t l nh trc). Vic chuyn i
s gip khon u t c tnh thanh khon hn (c th bn li
cho cc nh u t mi quan tm, mun tham gia u t vo d
n), ng thi lm gim p lc thanh ton ngha v n cho
doanh nghip khi chuyn khon n thnh vn ch s hu.
Ngun vn pht hnh tri phiu

L mt trong nhng ngun vn mang tnh trng yu nhm ti
khi ng li d n, vi mc ch ti tr cho nhng hng mc
c tnh cp thit, ch u t s thc hin pht hnh tri phiu
ngay trong nm u tin trn c s la chn mt trong hai sn
phm sau:
Tri phiu thng
Tri phiu d kin s c pht hnh vi k hn 5 nm, khng
chuyn i. Ti thi im o hn, doanh nghip c th pht
hnh tri phiu hon i cho tri phiu n hn, trong tri
ch c c quyn u tin trong vic u t tri phiu hon i
pht hnh mi.
62
nh gi tnh hiu qu ca D n trong Giai on I

L trnh trin khai v nhu cu huy ng vn trong Giai on I
Mc d phng n u t ton b i d n (50 nm) cho thy tnh
kh thi vi kt qu NPV v IRR kh cao (cc thng s ny theo FS
c th hin trong Phn 3.Tnh ton v xc nh nhu cu vn ton
D n) v c cp c thm quyn thng qua v mt nguyn tc
TIC tip tc trin khai cc ni dung tip theo, tuy nhin, phng
n u t ton b i d n c mt s hn ch nh:
tiu th trong nc, nh gi tc ng ca iu kin a cht v gii

php x l u c tin cy cao hn trong khong thi gian 8-10
nm. Trong giai on ny, vic trin khai nh gi chi tit hn i vi
cc yu t cha r rng ca D n c hon thin v nng cao
tin cy ca FS cho giai on u t di hn (trn 30 nm) tip theo
vi quy m v cng sut ln hn (10 triu tn/nm).
Th trng tiu th trong nc kh xc nh v d bo trong

khong thi gian di;
Tc ng tiu cc nh hng ti tng mc u t v gi thnh
cng nh iu kin a cht m tng i phc tp kh c
xc nh r rng trong khong thi gian di;
Phng n thi ra bin em li li ch v tit kim s dng
t nng nghip, tit kim chi ph n b v gii phng mt
bng nhng cc hot ng iu tra kho st khu vc thi
v cc th tc php l cha c tin hnh.
V vy, xt t gc nhn ca nh u t v cc t chc cho vay, vic
cn nhc phng n huy ng vn trong giai on I kh thi hn v
mang li tin cy cao hn, do mi yu t nh nh gi nhu cu
63
nh gi kh nng tiu th sn phm u ra

Cng sut tiu th ca m st Thch Kh n nm 2020
d kin l 7,42 triu tn, ch yu phc v cho mc ch
sn xut gang thp.
Vi yu cu ca Chnh ph v mc tiu phc v th trng tiu
th ni a, tnh n ngy 31/07/2013, bng Bin bn ghi nh v
l trnh cung cp qung st v l trnh a nh my thp vo
sn xut, u ra cho sn phm ca D n c xc nh nh
sau:
Nm
2015 2016
K hoch khai thc qung t 20152020
0,8
1,7
Qung tiu th theo cam kt gia TIC vi cc i tc
Cng ty CP Thp Ha Pht (Kinh Mn Hi Dng)
1
1
Cng ty CP xut nhp khu Thi Nguyn
(Kim Lng - Kim Thnh - Hi Dng)
0,6
0,6
Cng ty TNHH Nht Pht (KCN II An
Lo, Hi Phng)
0,5
0,5
Cng ty TNHH thp KOBE -Nht Bn
(KCN ng Hi, Qunh Lu, Ngh An)
1,5
Nh my thp TIC Lin danh nc ngoi
(Vng ng , H Tnh)
Cng ty TNHH Xun Dng (2 a
im:01 Lng Sn, 01 Tam ip)
0,12 0,12
Cng ty C phn gang thp Thanh Ha
(Thn Thanh Trung- X Thanh K- huyn
Nh Thanh - Thanh Ha)
0,2
0,2
Tng
2,42 3,92
2017
1,9
2018
4,4
2019
5
2020 Tng
5 18,8
0,6
0,6
0,6
0,6
3,6
0,5
0,5
0,5
0,5
3,0
13,5
0,12
0,12
0,12
0,12
0,72
0,2
5,42
0,2
7,42
0,2
7,42
0,2
1,2
7,42 34,02
64
D bo v xy dng k hoch gi bn
Gi bn sn phm qung c xy dng trc ht trn

c s nghin cu tham kho gi qung st th trng th
gii (gi qung st hin ang dao ng mc 50-60
USD/tn, cp nht ti thng 03/2015), ng thi cn
c vo gi tiu th trong nc ti thi im lp d n v
gi tiu th thc t ca mt s n v thuc
VINACOMIN trong thi gian gn y dao ng trong
khong 1,0 1,2 triu ng/tn, trung bnh 1,1 triu
ng/tn.
Xy dng gi bn sn phm
Nh phn tch trn, qung st Thch Kh c hm lng
km 0,07%, cao hn so vi qung thng mi th gii, dn ti
khi s dng sn xut gang bng cng ngh l cao phi tng
chi ph tiu hao than cc, tng chi ph sa cha v bo dng l
cao, gim nng sut v kh khn khi vn hnh l. Xut pht
t s khc bit ny so vi cc loi qung thng thng, khi xc
nh gi bn qung st Thch Kh, cn s dng phng php
nh gi ring bit thay v xc nh gi chnh xc bng phng
php phn tch th trng.
Di y l nhng nguyn tc c bn c xut s dng
xc nh gi qung st m Thch Kh:
Cn c gi qung st trong khu vc chu Thi Bnh Dng

lm gi tham chiu tnh ton. C th s ly gi qung ca
Australia bn cho cc nh sn xut thp chu trong
giai on t 2002 2007.
Cn c gi qung cm (ore fines) lm gi c s, gi qung cc
(lump ore) s c iu chnh tng ln t nht l 15%. Thng
thng Australia, gi qung cc cao hn gi qung cm t
2830%. i vi Brazil, mc chnh lch ny ch khong 10%
(theo s liu ca UNTAD) v gi qung v vin (pellets) cao
hn 1,52 ln so vi gi qung cm.
iu chnh gim gi so vi gi qung thng mi khu vc
chu
Thng thng gi qung st nim yt theo Gi n v l Cents
M/n v tn kh (Usc/dmtu) trong n v y l 1%
hm lng Fe. chuyn i gi n v sang gi USD/tn, ly
gi n v nhn vi hm lng st (Fe) trong 1 tn qung kh.
Gi bn qung thng c xc lp bi cc cng ty khai thc
qung ln trong khu vc chu Thi Bnh Dng v cc nh
sn xut thp ln ca chu u v chu . Trn th trng chu
, gi qung cm (c c ht di 6 mm) c thit lp theo
chun qung st ca Australia (hng BHP Billiton hoc
Hamersley).
Vic iu chnh gim gi da vo mc tng tiu hao than cc
khi s dng qung st Thch Kh sn xut gang theo cng
65
Mc 2: Vi mc tng tiu hao than cc ti a l 100 kg/tn

gang th mc iu chnh gim gi s l 155 USD x 0,10/1,65 =
9,3 USD/tn qung;
T nm 2000 n nay, gi qung st c nhng bin ng ln vi
xu hng tng cao trong nm 2007 2008. c bit nm 2005
gi qung st cc (c ht > 6 mm) tng 71,5% so vi nm 2004.
Gi qung st trong thi gian qua lin tc gim do tnh trng
d tha cung. Trong thng 3/2015, gi qung st vn tip tc i
xung, v xung mc thp nht trong vng 10 nm tr li y.
u thng 3, gi qung 62% Fe nhp v Trung Quc l 62,8 $/
dmt CFR, sau xung di 60 $/dmt vo cui tun u v tip
tc gim su xung mc 51 $/dmt vo ngy cui cng ca thng
3. Nh vy, ch trong 1 thng gi qung l gim gn 12 $/dmt
v nh du mc gi thp nht trong lch s 10 nm qua. Theo
nh gi ca TSI, gi qung 62%Fe bnh qun trong thng 3 l
56,94 $/dmt CFR Trung Quc.
Gi qung st trong thi gian

qua tim cn mc thp nht
trong 10 nm tr li y v d
kin s bnh n tr li.
Do gi qung Fe tim cn mc thp nht trong vng 10 nm

qua nn d kin trong giai on ti, gi qung Fe s bnh n tr
li v n nh mc 60USD/dmt.
ngh l cao. Vi gi than cc (gi c s) l 155 USD/tn v mc
tiu hao qung st l 1,65 tn qung st/tn gang l cao, c th
xc nh gi qung st Thch Kh theo 02 mc iu chnh gim
gi ph thuc vo mc tng tiu hao than cc trn 1 tn gang
nh sau:
Mc 1: Vi mc tng tiu hao than cc ti thiu l 35 kg/tn
gang th mc iu chnh gim gi s l 155 USD x 0,030/1,65
= 3,2 USD/tn qung;
Gi bn sn phm trong giai on I ca d n c d kin c

th nh sau:
Qung nguyn khai: 850 000ng/tn.
Qung c 45 8mm (qung cc): 1.092.000ng/tn.
Qung c 0 8mm (qung cm): 1.050.000ng/tn.
66
Trnh t & k hoch khai thc d kin

trong giai on I
Trnh t khai thc c thc
hin ph hp vi c im
a hnh, a cht, v iu
kin kh hu hai ma ma
kh ti a bn khai thc.
Trnh t v k hoch khai thc

Vi c im a hnh, a cht, iu kin sn trng ca thn
qung v thi tit kh hu ca vng v khng gian khai
trng m, c bit l cng tc khai thc hon ton di
mc thot nc t chy nn iu chnh cng ngh o su t
y moong 1 cp sang y moong 2 cp. Trong ma ma,
tin hnh bc t v khai thc qung cc tng trn cao,
cn tng di cng c s dng lm h cha nc. Trc
khi chuyn sang ma kh, cn bm cn moong u ma
kh c th a thit b xung y moong. Cng tc khai thc
c thc hin t khu trung tm v pht trin dn v pha
Bc v Nam. Lch XDCB v khai thc m sau iu chnh nh
sau:
Giai on XDCB (07 nm): bc 42 triu m3 (t 2008-2011
bc 12,7 triu m3 v khai thc c 4,4 triu tn qung;
Trong giai on 1 (07 nm): Mi nm bc 13-13,5 triu
m3/nm v khai thc vi cng sut 5 triu tn/nm, trong
nm khai thc th nht l 4,4 triu tn/nm v nm
khai thc th 7 l 8 triu tn/nm;
Cng trng xc/khoan, cc phn xng vn ti, phn

xng c in v bo dng t, phn xng sa cha c
kh, phn xng trm mng, trm bm v cng trng
bng ti, mt bng sn cng nghip;
Cc tuyn ng t khai trng i tnh l, i ra cng,
ng ven bin, ng bi thi st, ng t mt bng
sn cng nghip ra khai trng;
Cu s 1,2,3,4;
Nh iu hnh cc phn xng, nh a nng, kho vn t;
H thng cc bng ti vn ti ct ti bi thi ln bilr
H thng cc trm bm;
H thng cc mng thot nc;
H thng cung cp in ,nc, thng tin lin lc v t
ng ha
Cc hng mc xy dng chnh phc v khai thc

Tuyn chn bi thi trong t lin;
Tuyn chn bi thi ln bin;
67
Hch ton gi thnh sn phm c xy dng da trn k

hoch sn xut hng nm ca d n. Cn c tnh chi ph l
cc thng s k thut ca h thng khai thc, cc s vn
ti trong v ngoi m, cc nh mc kinh t k thut hin
ang p dng trong ngnh.
Chi ph vt liu, nhin liu: c tnh trn c s nh mc
tiu hao ca cc thit b khai thc, gi vt t ly theo gi thc
t trn th trng ti thi im tnh.
in nng: Gi in cn c vo gi hin hnh do Chnh ph
quy nh ti quyt nh s 4887/Q-BCT ngy 30/5/2014 ca
B Cng Thng.
Chi ph thu ngoi: Thu ngoi n mn cng v qung

hng nm. Thu xc bc, san gt v vn chuyn ct trong thi
gian xy dng c bn.
Chi ph sn xut chung: c tnh theo quy nh ca Tp
on theo t l % trn chi ph sn xut trc tip.
Chi ph qun l bao gm: Chi ph phc v cho cng tc qun
l, ph qun l cp trn...
Chi ph tp trung bao gm: Chi ph thm d khong sn, cp
cu m v h tr o to y t... c tnh theo quy nh ca
Tp on
Tin lng: Bao gm cc khon tin lng, tin cng v ph

cp c tnh cht lng phi tr cho ngi lao ng theo nng
sut t c. nh bin lao ng theo bin ch ca d n.
H s lng c tnh theo quyt nh s 1666/Q-TKV
ngy 30/7/2014 ca Tp on cng nghip Than Khong
sn Vit Nam.
Bo him cc loi: Cn c vo ngh nh s 152/2006/N-CP
ngy 22/12/2006 ca Chnh ph; Ngh nh s 127/2008/
N-CP ngy 12/12/2008 ca Chnh ph v ngh nh s
62/2009/N-CP ngy 27/7/2009 ca Chnh ph.
Khu hao TSC: Khu hao theo quyt nh s 45/2013/
Q-BTC ngy 25/4/2013 ca B Ti chnh.
68
Cc loi thu
Thu thu nhp doanh nghip: Cn c Ngh nh s 218/2013/
N-CP ngy 26/12/2013 ca Chnh ph.
Thu ti nguyn: Cn c Ngh nh s 50/2010/N-CP ngy
14/5/2010 ca Chnh ph; Thng t s 105/2010/TT-BTC
ngy 23/7/2010 ca B Ti chnh v Ngh quyt s 712/2013/
UBTVQH13 ngy 16/12/2013.
khong sn theo D n ny; S tin k qu nhng ln sau,

2.616.152.510 ng/ln k qu, thc hin trc ngy 31/01
ca nm tip theo.
Ph mi trng: Cn c Ngh nh s 74/2011/N-CP ngy

25/8/2011 ca Chnh ph.
Chi ph cp quyn khai thc khong sn: cn c Ngh nh s
203/2013/N-CP ngy 28/11/2013 ca Chnh ph.
Chi ph k qu ci to phc hi mi trng: Cn c Quyt
nh s 18/2013/Q-TTg ngy 29/3/2013 ca Chnh ph. C
th, i vi D n iu chnh khai thc v tuyn qung st
m Thch Kh, theo iu 2 ca Quyt nh 1753/QBTNMT ngy 23/09/2014 ca B Ti nguyn Mi trng v/v
ph duyt bo co nh gi tc ng mi trng v n ci
to phc hi mi trng ca D n iu chnh khai thc v
tuyn qung st m Thch Kh, H Tnh:
Tng kinh ph (sau thu) ginh cho ci to, phc hi mi
trng: 89.256.968.003 ng;
S ln k qu: 30 ln: Ln 1,S tin k qu ln u bng 15%
tng s tin k qu l 13.388.545.200 ng. Vic k qu c
thc hin trc khi bt u tin hnh hot ng khai thc
69
Sn lng v doanh thu tiu th giai on I

T l qung c 45-8mm/qung c 0-8mm c gi nh mc 18-82%.
n gi qung nguyn khai mc 850.000/tn, n gi qung 45-8mm: 1.092.000 ng tn; n gi qung c 0-8mm:1.050
ng/tn
Doanh thu
Sn lng qung (tn)
Qung nguyn khai
Qung c 45-8mm
Qung c 0-8mm
Doanh thu (triu ng)
Gi bn bnh qun (ng/tn)
Doanh thu
Sn lng qung (tn)
Qung nguyn khai
Qung c 45-8mm
Qung c 0-8mm
Doanh thu (triu ng)
Doanh thu
Sn lng qung (tn)
Qung nguyn khai
Qung c 45-8mm
Qung c 0-8mm
Doanh thu (triu ng)
2016
800.000
800.000
2017
1.700.000
1.700.000
2018
3.500.000
3.500.000
2019
4.400.000
2020
5.000.000
2021
5.000.000
2022
5.000.000
2023
5.000.000
2024
5.000.000
2025
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2030
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2031
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2032
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2033
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2034
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2035
5.000.000
680.000
850.000
2026
5.000.000
1.445.000
850.000
2027
5.000.000
2.975.000
850.000
2028
5.000.000
792.000
3.608.000
4.653.264
1.057.560
2029
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2036
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2037
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2038
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2039
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2040
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2041
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2042
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2043
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2044
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2045
5.000.000
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
70
Sn lng v doanh thu tiu th

Doanh thu
Sn lng qung (tn)
Qung nguyn khai
2046
5.000.000
2047
5.000.000
2048
5.000.000
2049
5.000.000
2050
5.000.000
2051
5.000.000
2052
5.000.000
2053
5.000.000
2054
5.000.000
2055
5.000.000
Qung c 45-8mm
Qung c 0-8mm
Doanh thu (triu ng)
Doanh thu
Sn lng qung (tn)
Qung nguyn khai
Qung c 45-8mm
Qung c 0-8mm
900.000
4.100.000
5.287.800
1.057.560
2056
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2057
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2058
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2059
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2060
5.000.000
900.000
4.100.000
5.287.800
1.057.560
2061
5.000.000
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
5.287.800
1.057.560
900.000
4.100.000
900.000
4.100.000
900.000
4.100.000
900.000
4.100.000
900.000
4.100.000
900.000
4.100.000
71

STT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Chi ph gi thnh
Vt liu
Nhin liu
in nng
Tin lng
Bo him cc loi
Khu hao
Chi ph khc
Chi ph thu ngoi
Gi thnh sn xut qung (ng/tn)
Chi ph sn xut chung
Chi ph qun l
Cc khon thu ph
Thu ti nguyn
Ph mi trng
Chi ph tp trung
Chi ph quyn khai thc khong sn
Chi ph k qu mi trng
Chi ph tiu th
Gi thnh tiu th (ng/tn)
2016
2017
89.197
95.901
60.036
67.253
8.759
12.044
276.598
130.164
49.127
23.119
304.431
197.939
86.696
57.906
51.149
164.106
925.993
748.431
10.242
8.289
5.587
4.521
336.384
258.913
102.000
102.000
60.000
60.000
28.050
28.050
143.064
67.324
3.270
1.539
5.100
5.100
1.283.306 1.025.254
2018
131.514
69.725
12.044
63.222
11.229
128.008
45.732
83.909
545.385
6.055
3.303
223.498
102.000
60.000
28.050
32.700
747
5.100
783.341
2019
112.147
90.915
34.222
50.291
8.932
101.825
43.816
9.980
452.128
5.043
2.751
248.413
126.907
60.000
34.899
26.012
595
6.345
714.681
2020
108.277
85.257
34.222
44.256
7.860
89.606
40.643
9.985
420.107
4.691
2.559
245.220
126.907
60.000
34.899
22.890
523
6.345
678.922
2021
116.208
86.521
34.222
44.256
7.860
89.606
41.654
12.677
433.004
4.833
2.636
245.220
126.907
60.000
34.899
22.890
523
6.345
692.038
2022
112.234
88.124
34.222
44.256
7.860
89.606
41.393
12.677
430.372
4.804
2.620
245.220
126.907
60.000
34.899
22.890
523
6.345
689.362
2023
113.950
89.437
34.222
44.256
7.860
89.606
41.726
12.545
433.602
4.839
2.640
245.220
126.907
60.000
34.899
22.890
523
6.345
692.647
2024
115.462
89.290
34.222
44.256
7.860
89.606
41.876
12.545
435.116
4.856
2.649
245.220
126.907
60.000
34.899
22.890
523
6.345
694.187
2025
190.574
98.173
48.360
70.794
12.549
89.606
56.106
16.835
582.996
6.483
3.536
245.220
126.907
60.000
34.899
22.890
523
6.345
844.581
72

STT
1
2
3
4
5
6
7
8
2026
220.546
123.617
48.360
70.794
12.549
71.094
60.165
22.398
2027
229.628
127.200
48.360
70.794
12.549
67.276
61.139
23.474
2028
232.867
133.488
48.360
70.794
12.549
61.044
61.501
25.355
2029
245.511
124.415
48.360
70.794
12.549
61.044
61.894
35.046
2030
248.814
128.346
48.360
70.794
12.549
61.044
62.690
35.046
2031
259.132
136.505
48.360
70.794
12.549
48.523
63.345
43.122
2032
271.750
144.645
53.759
70.794
12.549
40.186
65.305
50.121
2033
274.573
152.259
53.759
70.794
12.549
13.597
63.528
52.275
2034
282.855
156.322
53.759
70.794
12.549
7.162
64.178
58.197
2035
280.291
150.353
53.759
70.794
12.549
62.452
58.197
13
Chi ph gi thnh
Vt liu
Nhin liu
in nng
Tin lng
Bo him cc loi
Khu hao
Chi ph khc
Chi ph thu ngoi
Gi thnh sn xut qung (ng/
tn)
Chi ph sn xut chung
Chi ph qun l
Cc khon thu ph
Thu ti nguyn
Ph mi trng
Chi ph tp trung
Chi ph k qu mi trng
Chi ph tiu th
629.521
6.995
3.815
245.220
126.907
60.000
34.899
22.890
523
6.345
640.419
7.114
3.881
245.220
126.907
60.000
34.899
22.890
523
6.345
645.958
7.175
3.914
245.220
126.907
60.000
34.899
22.890
523
6.345
659.614
7.326
3.996
245.220
126.907
60.000
34.899
22.890
523
6.345
667.643
7.414
4.044
245.220
126.907
60.000
34.899
22.890
523
6.345
682.329
7.575
4.132
245.220
126.907
60.000
34.899
22.890
523
6.345
709.109
7.870
4.293
245.220
126.907
60.000
34.899
22.890
523
6.345
693.334
7.696
4.198
245.220
126.907
60.000
34.899
22.890
523
6.345
705.816
7.834
4.273
245.220
126.907
60.000
34.899
22.890
523
6.345
688.394
7.642
4.168
245.220
126.907
60.000
34.899
22.890
523
6.345
14
891.896
902.979
908.612
922.500
930.666
945.602
972.838
956.794
969.488
951.770
9
10
11
12
73
STT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Chi ph gi thnh
Vt liu
Nhin liu
in nng
Tin lng
Bo him cc loi
Khu hao
Chi ph khc
Chi ph thu ngoi
Chi ph sn xut chung
Chi ph qun l
Cc khon thu ph
Thu ti nguyn
Ph mi trng
Chi ph tp trung
Chi ph k qu mi trng
Chi ph tiu th
2036
267.751
113.499
53.759
70.794
12.549
57.019
58.197
633.567
7.039
3.839
245.220
126.907
60.000
34.899
22.890
523
6.345
896.011
2037
238.127
114.627
53.759
70.794
12.549
53.884
58.197
601.938
6.691
3.650
222.330
126.907
60.000
34.899
523
6.345
840.954
2038
242.365
119.835
53.759
70.794
12.549
54.923
60.351
614.576
6.830
3.726
222.330
126.907
60.000
34.899
523
6.345
853.807
2039
250.735
126.151
53.759
70.794
12.549
56.539
65.735
636.261
7.069
3.856
222.330
126.907
60.000
34.899
523
6.345
875.861
2040
251.039
129.801
53.759
70.794
12.549
56.974
65.735
640.650
7.117
3.882
222.330
126.907
60.000
34.899
523
6.345
880.324
2041
266.547
142.704
53.759
70.794
12.549
60.099
76.503
682.955
7.582
4.136
222.330
126.907
60.000
34.899
523
6.345
923.348
2042
269.805
149.703
53.759
70.794
12.549
61.227
76.503
694.340
7.708
4.204
222.330
126.907
60.000
34.899
523
6.345
934.927
2043
2044
2045
281.037
315.439
327.717
158.927
185.277
199.340
53.759
53.759
53.759
70.794
70.794
70.794
12.549
12.549
12.549
63.477
70.160
73.057
81.887
98.039
100.731
722.430
806.016
837.947
8.017
8.936
9.287
4.373
4.874
5.066
222.330
222.330
222.330
126.907
126.907
126.907
60.000
60.000
60.000
34.899
34.899
34.899
523
523
523
6.345
6.345
6.345
963.495 1.048.502 1.080.975
74

STT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Chi ph gi thnh
Vt liu
Nhin liu
in nng
Tin lng
Bo him cc loi
Khu hao
Chi ph khc
Chi ph thu ngoi
Chi ph sn xut chung
Chi ph qun l
Cc khon thu ph
Thu ti nguyn
Ph mi trng
Chi ph tp trung
Chi ph k qu mi trng
Chi ph tiu th
2046
2047
2048
324.328
325.994
317.221
198.325
197.839
190.057
53.759
53.759
53.759
70.794
70.794
70.794
12.549
12.549
12.549
72.573
72.703
70.882
99.654
98.577
95.347
831.982
832.215
810.608
9.222
9.224
8.986
5.030
5.031
4.902
222.330
222.330
222.330
126.907
126.907
126.907
60.000
60.000
60.000
34.899
34.899
34.899
523
523
523
6.345
6.345
6.345
1.074.909 1.075.146 1.053.172
2049
293.964
174.886
53.759
70.794
12.549
66.655
84.041
756.646
8.393
4.578
222.330
126.907
60.000
34.899
523
6.345
998.292
2050
278.292
157.666
53.759
70.794
12.549
63.037
77.521
713.617
7.920
4.320
222.330
126.907
60.000
34.899
523
6.345
954.532
2051
256.905
139.577
53.759
70.794
12.549
58.694
67.631
659.909
7.329
3.998
222.330
126.907
60.000
34.899
523
6.345
899.911
2052
255.087
136.141
55.425
70.794
12.549
58.300
66.702
654.997
7.275
3.968
222.330
126.907
60.000
34.899
523
6.345
894.916
2053
255.598
137.302
55.425
70.794
12.549
58.483
66.702
656.854
7.295
3.979
222.330
126.907
60.000
34.899
523
6.345
896.803
2054
246.449
130.194
55.425
70.794
12.549
56.695
61.318
633.424
7.037
3.839
222.330
126.907
60.000
34.899
523
6.345
872.975
2055
203.444
112.956
55.425
70.794
12.549
50.068
47.978
553.214
6.155
3.357
222.330
126.907
60.000
34.899
523
6.345
791.402
75

STT
Chi ph gi thnh
2056
2057
2058
2059
2060
2061
Vt liu
186.740
159.305
132.573
99.042
68.715
43.039
Nhin liu
101.989
80.334
65.712
53.312
45.150
45.245
in nng
55.425
55.425
55.425
55.425
55.425
55.425
Tin lng
70.794
70.794
70.794
70.794
48.613
24.306
Bo him cc loi
12.549
12.549
12.549
12.549
7.860
3.930
Khu hao
Chi ph khc
47.025
41.625
37.076
32.023
24.834
18.914
Chi ph thu ngoi
41.951
32.155
22.640
13.430
7.627
2.749
516.473
452.187
396.769
336.576
258.225
193.608
10
Chi ph sn xut chung
5.751
5.044
4.434
3.772
2.910
2.199
11
Chi ph qun l
3.137
2.751
2.419
2.058
1.587
1.200
12
Cc khon thu ph
222.330
222.330
222.330
222.330
222.330
222.330
Thu ti nguyn
126.907
126.907
126.907
126.907
126.907
126.907
Ph mi trng
60.000
60.000
60.000
60.000
60.000
60.000
Chi ph tp trung
34.899
34.899
34.899
34.899
34.899
34.899
523
523
523
523
523
523
6.345
6.345
6.345
6.345
6.345
6.345
754.036
688.657
632.297
571.081
491.398
425.683

Chi ph k qu mi trng
13
Chi ph tiu th
14
76
Hiu qu kinh t
STT
1
2
Hiu qu d n c tnh ton da trn gi tr hin ti

thun ca d n (NPV) v t sut hon vn ni ti ca d
n (IRR). D n t hiu qu tt vi NPV t 3.299 t
ng v IRR t 17,4%.
Dng tin t do
Doanh thu
Gi vn
Chi ph li vay
Li nhun trc thu
Thu TNDN
Li nhun sau thu
FCFF
WACC
NPV
IRR
2015
(1.380.988)
2016
680.000
1.026.645
(346.645)
(346.645)
(2.089.233)
2017
1.445.000
1.742.931
11.000
(308.931)
(308.931)
(1.335.615)
2018
2.975.000
2.741.692
166.540
66.768
66.768
(1.074.036)
3
4
5
6
Tn ch tiu
Gi tr
Tng mc u t (triu ng)
6.319.135
1.044.023
Chi ph sn xut bnh qun (ng/
tn)
614.288
Gi vn bnh qun (ng/tn)
865.758
NPV (triu ng)
3.298.520
IRR
17,4%
Thi gian hon vn (nm)
2019
4.653.264
3.144.594
390.060
1.118.610
1.118.610
1.566.639
2020
5.287.800
3.394.609
351.054
1.542.137
414.388
1.127.750
1.645.990
2021
5.287.800
3.460.191
312.048
1.515.561
303.112
1.212.449
1.722.888
10 nm
2022
5.287.800
3.446.809
273.042
1.567.949
313.590
1.254.359
1.756.998
2023
5.287.800
3.463.235
234.036
1.590.529
318.106
1.272.423
1.767.260
2024
5.287.800
3.470.933
195.030
1.621.837
324.367
1.297.469
1.784.505
10%
3.298.520
17,4%
77
Hiu qu kinh t
Dng tin t do
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Doanh thu
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
Gi vn
4.222.904
4.459.481
4.514.896
4.543.061
4.612.501
4.653.330
4.728.009
4.864.188
4.783.971
4.847.440
Chi ph li vay
156.024
117.018
78.012
39.006
Li nhun trc thu
908.872
711.301
694.892
705.733
675.299
634.470
559.791
423.612
503.829
440.360
Thu TNDN
181.774
142.260
138.978
141.147
135.060
126.894
111.958
84.722
100.766
88.072
Li nhun sau thu
727.098
569.041
555.914
564.587
540.239
507.576
447.832
338.889
403.064
352.288
1.206.332
947.912
907.896
877.609
845.461
812.797
690.449
539.821
471.050
388.097
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
Doanh thu
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
Gi vn
4.758.852
4.480.055
4.204.769
4.269.035
4.379.304
4.401.619
4.616.741
4.674.635
4.817.473
5.242.509
Li nhun trc thu
528.948
807.745
1.083.031
1.018.765
908.496
886.181
671.059
613.165
470.327
45.291
Thu TNDN
105.790
161.549
216.606
203.753
181.699
177.236
134.212
122.633
94.065
9.058
Li nhun sau thu

FCFF
423.159
423.159
646.196
646.196
866.425
866.425
815.012
815.012
726.797
726.797
708.945
708.945
536.847
536.847
490.532
490.532
376.262
376.262
36.232
36.232
FCFF
Dng tin t do
Chi ph li vay
78
Hiu qu kinh t
Dng tin t do
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
Doanh thu
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
Gi vn
5.404.875
5.374.544
5.375.729
5.265.859
4.991.461
4.772.660
4.499.554
4.474.578
4.484.016
4.364.877
(117.075)
(86.744)
(87.929)
21.941
296.339
515.140
788.246
813.222
803.784
922.923
Thu TNDN
(23.415)
(17.349)
(17.586)
4.388
59.268
103.028
157.649
162.644
160.757
184.585
Li nhun sau thu
(93.660)
(69.395)
(70.343)
17.553
237.071
412.112
630.597
650.578
643.027
738.338
FCFF
(93.660)
(69.395)
(70.343)
17.553
237.071
412.112
630.597
650.578
643.027
738.338
Chi ph li vay
Li nhun trc thu
Dng tin t do
2055
2056
2057
2058
2059
2060
2061
Doanh thu
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
5.287.800
Gi vn
3.957.008
3.770.179
3.443.287
3.161.486
2.855.403
2.456.989
2.128.415
1.330.792
1.517.621
1.844.513
2.126.314
2.432.397
2.830.811
3.159.385
266.158
303.524
368.903
425.263
486.479
566.162
631.877
Li nhun sau thu
1.064.634
1.214.097
1.475.610
1.701.051
1.945.917
2.264.648
2.527.508
FCFF
1.064.634
1.214.097
1.475.610
1.701.051
1.945.917
2.264.648
2.527.508
Chi ph li vay
Li nhun trc thu
Thu TNDN
79
Phn tch nhy hiu qu d n
Vi sn lng khai thc gi s khng

thay i, mc 5 triu tn/nm: gi
bn qung ti im ha vn l 846.048
ng/tn (tng ng thp hn 20%
so vi mc gi hin ti).
Vi mc thay i ca tng mc u
t ln n 42,9%, d n vn hiu qu
vi IRR t 12%
% Thay i gi bn
nhy vi s thay i ca gi bn
Vi mc gi bn gi s khng thay i,
mc 1.057.560 ng/tn: sn lng
ti im ha vn vo khong 3,65 triu
tn/nm
Sn lng qung hng nm
% Thay i IRR
Phn tch nhy ca d n l s xem

xt thay i cc ch tiu hiu qu ti
chnh ca d n (nh NPV v IRR) khi
c s thay i trong cc yu t lin
quan n cc ch tiu. Phn tch
nhy nhm xem xt mc nhy cm
ca d n i vi s bin ng ca cc
yu t c lin quan. nhy ca d n
c xem xt trong s bin ng ca
gi bn v tng mc u t.
3.950.000
4.000.000
4.500.000
5.000.000
5.500.000
6.000.000
6.500.000
1.004.682
1.015.258
1.025.833
1.036.409
1.046.984
1.057.560
1.068.136
1.078.711
1.089.287
1.099.862
-5%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
2,3%
3,7%
5,0%
6,2%
7,3%
8,2%
9,1%
10,0%
10,8%
11,5%
3,4%
4,7%
5,9%
7,0%
8,0%
9,0%
9,8%
10,6%
11,3%
12,0%
10,6%
11,4%
12,1%
12,7%
13,4%
14,0%
14,6%
15,2%
15,8%
16,3%
14,6%
15,2%
15,7%
16,3%
16,9%
17,4%
18,0%
18,5%
19,0%
19,5%
17,5%
18,1%
18,6%
19,1%
19,7%
20,2%
20,7%
21,2%
21,7%
22,2%
20,0%
20,5%
21,0%
21,5%
22,0%
22,5%
23,0%
23,5%
24,0%
24,5%
22,1%
22,6%
23,1%
23,6%
24,1%
24,6%
25,1%
25,6%
26,1%
26,5%
1.110.438
5%
12,2%
12,7%
16,9%
20,0%
22,6%
24,9%
27,0%
Thay i tng mc u t
6.319.135
6.812.949
7.306.764
7.800.579
8.294.393
8.788.208
9.035.115
0%
7,8%
15,6%
23,4%
31,3%
39,1%
43,0%
17,4%
16,2%
15,0%
14,0%
13,1%
12,2%
11,9%
80
Phn III. Phng n pht hnh tri phiu

Trong phn ny, BSC a ra cc thng s d kin v quy m
v mc ch pht hnh, ng thi nh gi phng n tr n
tri phiu.
82
83
81

Tng mnh gi tri phiu pht hnh d kin
500 t ng Vit Nam
Loi tri phiu
Tri phiu khng chuyn i khng c ti sn m bo
K hn
05 nm
Thi gian pht hnh d kin
Qu I/2016
Mc ch pht hnh
Ti tr cho D n m st Thch Kh iu chnh
Li Sut
Tri Phiu s c hng li bt u t, v bao gm c Ngy Pht Hnh cho n, nhng khng bao gm
Ngy o Hn hoc ngy n hn mua li khc. K Tnh Li Tri Phiu l 6 thng/ln.
Li sut p dng cho K Tnh Li u tin ca Tri Phiu l []%/nm.
Li sut p dng cho cc K Tnh Li tip theo ca Tri Phiu s c xc nh bng li sut tin gi tit
kim c nhn bng VND, tr sau, k hn 12 thng cng b ti S giao dch/Chi nhnh ca 4 ngn hng
thng mi, gm Ngn hng Nng nghip v Pht trin Nng thn (S Giao Dch), Ngn hng Thng
mi C phn Cng thng Vit Nam (Chi nhnh H Ni), Ngn hng Thng mi C phn u t v
Pht trin Vit Nam (Chi nhnh S giao dch 1) v Ngn hng Thng mi C phn Ngoi thng Vit
Nam (S Giao dch) ti mi Ngy Xc nh Li Sut cng (+) bin []%/nm
82

D kin 500 t ng tri phiu s c
pht hnh trong nm 2016 (k hn 05
nm, li sut d kin 11%/nm) v 3.786
t vn vay di hn d kin s gii ngn
ln lt trong nm 2016, 2017 v 2018
(k hn khon vay ln ti 10 nm, li sut
d kin 11%/nm) tip tc trin khai
cc hng mc cn li ca d n.
Ngha v tr n tri phiu v vay di hn
s ngang bng nhau v ngun tr n s t
chnh dng tin t hot ng kinh doanh
ca d n. K hoch tr n tri phiu ca
d n d kin c th hin trong bng
bn.
nh gi ri ro ca t pht hnh
Mc ch ca t pht hnh ln ny
nhm trin khai d n St Thch Kh.
Dng tin tr n
FCFF
Vn ch s hu gp thm
Vay di hn
Tr gc vay di hn hng nm
Pht hnh tri phiu
Tr gc vay tri phiu
Cn i dng tin
Dng tin ly k
2015
653.135
653.135
653.135
t pht hnh khng c bo lnh pht

hnh nn c th xy ra kh nng tri
phiu khng c cho bn ht, gy nh
hng n k hoch ti tr vn cho trin
khai d n. Trng hp tri phiu khng
c mua ht, s tin thu v khng
2016
(2.089.233)
1.000.000
500.000
(589.233)
63.901
2017
(1.335.615)
1.400.000
64.385
128.287
2018
(1.074.036)
1.386.000
(240.000)
71.964
200.251
2019
1.566.639
(354.600)
1.212.039
1.412.290
2020
1.645.990
(354.600)
1.291.390
2.703.680
ti tr cho mc ch cho bn, Cng ty s

s dng ngun vn vay thng mi b
sung.
83
Phn IV. nh gi ri ro trin khai d n

BSC a ra cc nh gi v cc ri ro tim tng trong qu
trnh trin khai d n. BSC khuyn ngh nh u t tham kho
k cc ri ro c trnh by trong phn sau trc khi a ra
quyt nh u t. Cc ri ro c trnh by bao hm cc
loi ri ro c BSC nh gi l trng yu, tuy nhin khng
hm cha tt c cc ri ro c th xy ra trong qu trnh d n
c trin khai.
Ri ro v php l
85
Ri ro tr lng m
86
86
86
88
88
Ri ro bin ng gi bn
88
Ri ro huy ng vn
89
84
nh gi ri ro trin khai d n
Ri ro v php l
Lut Khong sn sa i c thng qua thng 12/2010 v bt
u c hiu lc t 1/7/2011 c nhiu im mi ng lu nh
hng n hot ng ca cc doanh nghip khong sn. Lut
khong sn mi thay i nhng quy nh v vic cp php theo
hng tht cht v tn km hn, theo vic cp php thm d
v khai thc s theo c ch u gi (thay v hnh thc xincho nh trc, tr nhng khu vc c bit do Nh nc ch
nh), i km vi nhng quy nh nng cao yu cu v nng lc
ti chnh ca ch u t (doanh nghip phi c vn t c bng
50% vn u t i vi hot ng thm d v 30% vn u t
i vi hot ng khai thc), yu cu v cng ngh khai thc v
trch nhim vi vic bo v mi trng (doanh nghip phi kt
hp vi a phng c khong sn trong vic xy dng c s h
tng, xy dng cng trnh phc li, bo v mi trng, u tin
s dng lao ng a phng).
Ngoi ra, cc loi ngha v ti chnh ca doanh nghip khai
khong phi np (thu ti nguyn, thu xut khu, ph bo v
mi trng...u c xu hng tng ln. T 1/7/2010, thu xut
khu ti nguyn ca hu ht khong sn tng trung bnh gn
50%; t thng 1/2011 ph bo v mi trng vi khai thc vng
tng gp 4 ln, thu xut khu vng tng t 0% ln 10%, t
thng 4/2011 thu xut khu vi qung st tng t 30% ln
40%....
iu ng ni l h thng php lut ca Vit Nam cn ang
trong qu trnh hon thin, nn khng trnh khi hin tng
Cc hot ng sn xut kinh doanh ca TIC chu s iu chnh ca Lut Doanh

nghip, cc vn bn php lut ngnh khong sn c lin quan (bao gm Lut khong
sn; quy hoch thm d, khai thc, ch bin v s dng qung st; chnh sch xut
nhp khu qung v cc thnh phm t qung; chnh sch qun l gi, thu xut khu
qung st...).
chnh sch thay i lin tc khin doanh nghip hot ng
trong ngnh, khng loi tr TIC, khng thch ng kp v b nh
hng tiu cc. Cc doanh nghip sn xut Titan nh SQC,
BMC tng phi ng ca nh my ngng xut khu khi thu
sut xut khu x titan ln 18% vo gia nm 2010; sau khi
mc thu gim xung 15% v cui cng l 10% vo u nm
2011, cc Cng ty ny mi c th tiu th s hng tn kho v
m ca nh my tr li. hn ch ri ro ny, TIC cn lun ch
trng nghin cu cc vn bn php lut t xy dng chin
lc, k hoch pht trin sn xut kinh doanh ph hp.
c bit, i vi cc doanh nghip khai khong, ng li
chnh sch hin hnh ca Nh nc lun l mt ri ro; v c
a ra khuyn ngh trong bo co ti chnh ca bt k doanh
nghip khong sn no. in hnh l chnh sch mi v hn ch
xut khu qung th c ban hnh trong thng 11/2011 v sau
l s ra i ca Ch th 02/CT-TTg nm 2012 ca Th tng
Chnh ph chnh thc dng hon ton vic xut khu qung st,
iu chnh hot ng ca nhiu doanh nghip (c bit cc
doanh nghip ch khai thc qung th). Chng hn, i vi Tp
85
on Hong Anh Gia Lai, trc nm 2011, sn lng qung st

c Tp on d kin khai thc rt ln, khong 2 triu tn
trong giai on 2011-2012; tuy nhin trong bo co thng nin
nm 2011, k hoch khai thc c Tp on iu chnh mt
cch khim tn: nm 2012 ch khai thc 300.000 tn, nm 2013
v 2014 l 550.000 tn. Nguyn nhn ca s iu chnh ny l do
Tp on khng th xut khu qung st th trc cc ch
trng trn ca Nh nc. Ngay i vi TIC, trong qu trnh
trin khai D n khai thc qung st, Cng ty iu chnh mc
tiu D n do nh hng ca chnh sch trn. T vic khai thc
v ch bin qung st phc v cc c s luyn kim trong nc v
ginh mt phn xut khu, D n chuyn hng khai thc v
ch bin qung cung cp qung st m bo cung ng
nguyn liu qung st cho cc doanh nghip trong nc c nhu
cu v nh my thp H Tnh.
Ri ro tr lng m
Nh c trnh by trong mc Tr lng khai thc (phn
Thng tin D n), m Thch Kh c pht hin t nhng nm
1960, vi tr lng a cht c cp tr lng v cp ti nguyn
c c tnh ln ti 544,081 triu tn (trong cp 121 l
77.729,7 triu tn v cp 122 l 215.583,2 triu tn). Ti liu xc
nh v phng thc xc nh tr lng kh dng ca m do
Vin Ghiproruda nay l Cng ty C phn m Ghiproruda Lin
Bang Nga ch tr thc hin t nm 2007. Ngoi ra, iu kin a
cht tng i phc tp ca m khin cng tc khai thc gp
mt s kh khn, c bit khi khai thc xung su (chi ph chm
khi khai thc ti su ny ln v cc l do kinh t - k thut).
Ngoi ra, mt phn tr lng qung nguyn khai sau qu trnh
khai thc c th thp hn d bo ban u do nh hng ca tn
tht qung v t ln vo qung trong qu trnh khai thc. Do
, sn lng qung st khai thc thc t c th khng t mc
a ra ti cc bo co (c bit ti cc cp tr lng 121 v

122).
Cng vic nh gi thnh phn v cht lng qung m Thch
Kh c thc hin bng vic nh gi qung ti mt s im
khoan thm d. Cht lng mu vt ti y thay i ty im
khoan. Do , kt qu khai thc qung thc t c th khc vi
kt qu thm d.
Bn cnh , vn c mt s nhn nh khc nhau trong vic
nh gi cht lng qung trong tng phn vng ca m Thch
Kh. Theo kt qu nh gi thm d ca on a cht thuc
Tng cc a cht, phn pha Bc thn qung manhetit nm
trong i tt ca vng c hot ng kin to mnh m, do
qung b v vn v oxy ha triu . Tuy nhin, tri ngc vi
kin ny, hin nay c mt s kin vn cho rng phn qung
oxy ha pha Bc khng phi qung manhetit nguyn sinh b
oxy ha m l qung lp y vo cc trng cactor, cc trng ca
b mt bo mn. Do c s khc bit trong thnh phn ha hc
ca cc dng qung ny, cht lng qung m Cng ty khai thc
trong thc t c th khng t mc k vng.
Cng ngh khai thc l yu t v cng quan trng quyt nh
kh nng thnh cng ca mt D n khai thc khong sn.
Trong qu trnh trin khai D n St Thch Kh, cng vi vic
iu chnh mc tiu, tng mc u t v cng sut khai thc ca
D n, t thm nh ca D n c nhng iu chnh v mt
cng ngh, ph hp vi c im a cht tng i phc tp
ca m v tham kho cc gii php p dng vi cc m st l
thin khc ti Vit Nam.
86
Trong bn thit k u tin ca Vin Ghiprodura (Lin Bang

Nga) nm 2007 v c thng qua trong Quyt nh s 23/
Q-HQT ngy 24/11/2008, mt s vn cn tn ti nh:
Cha cp ti cng ngh o su y m trong iu kin
thi tit kh hu ma ma nhit i;
Trong iu kin m st Thch Kh ma nhiu v tht thng,
d mt in t ngt, s dng cc thit b c chy in nng
n v chm chp khoan cc l mn, vic xc bc t v
qung l khng hp l;
Trong iu kin nn yu, c bit ct v st s dng t
khung cng BelAZ c ti trng 130 tn v t trng 100 tn,
tng trng lng 230 tn l cha c c s chc chn, tim n
ri ro thit hi kinh t nu cc phng tin ny khng hot
ng c bnh thng;
Khi vn ti t thi ra bi thi t bc s 1 (bi thi pha
Bc) ch b tr 01 h thng ng vn ti trn b bin pha
ng Bc khai trng l cha hp l. V khong cch t
bin gii khai trng ti bin ng ch c 365m v ton b
s t vn chuyn t ti bi thi Bc c tng trng lng
230 tn chy lin tc trn s cha ng nhiu ri ro v an
ton;
Chiu rng mt ng trn cng chn bng trn t mm
v bng 35m i vi t c ti trng 130 tn l qu rng.
iu ny lm nh hng ti khi lng t bc tng th,
tng chi ph sn xut v gi thnh khai thc.
Tuy nhin, cn c vo cc kin gp ca i biu ti Hi
tho v D n m st Thch Kh ngy 15/09/2012 v Bo co
kt qu thm tra tnh hiu qu v tnh kh thi ca D n u
t khai thc v tuyn qung st m Thch Kh iu chnh do

Hi khoa hc cng ngh m Vit Nam lp thng 10/2012, D
n c mt s iu chnh nhm gii thiu cc ri ro ban
u. Nhng iu chnh ny c thng qua ti Quyt nh
s 01/Q-HQT ngy 02/12/2014 ca Hi ng qun tr
TIC.
i vi gii php tho kh, thot nc m
Theo D n c duyt nm 2008, cng tc thot nc kt
hp hai phng php l s dng bm cng bc bng my bm
c lu lng 1.250m3/h thot nc mt v h thng l khoan h
thp mc nc ngm. Trong D n iu chnh vn p dng
phng n thot nc nh trn nhng c chia lm hai giai
on thot nc m vi y moong hai cp, khc phc c
nhng ri ro trong ma ma bo do hin tng ngp m cng
nh m bo tc xung su, ph hp vi ngh ca B
cng thng theo thng bo s 170/TB-BTC ngy 20/03/2008.
i vi cng ngh khai thc v thi
TIC c nhng iu chnh ph hp vi iu kin kh hu v
a cht ca m, khc phc c mt s tn ti ca D n c
duyt nm 2008:
p dng cng ngh o su y moong 2 cp thay cho y
moong 1 cp
B sung phng n thi ln bin gim thiu nhim
mi trng, gim dung tch v ct cao thi bi thi trong
t lin, gim hin tng ct bay ca bi thi, nng cao n
nh b m, gim thiu ri ro v sng thn.
S dng t khung ng khc ph hp vi nn yu v ly li,
cc thit b thi cng ch yu chy bng ng c diezel c
ng hn trong iu kin ma nng tht thng ca khu vc
87
m, phng mt in t ngt trong ma ma m bo an

ton cho ngi v thit b.
Nh phn tch trn (trong phn 4.1. nh gi kh nng tiu
th sn phm u ra), trong giai on 2015 2020, nhu cu tiu
th qung st ca cc doanh nghip ln ti 34,02 triu tn trong
khi sn lng qung khai thc c ti m Thch Kh trong giai
on ny vo khong 18,8 triu tn. Vi cc Hp ng nguyn
tc gia TIC v cc doanh nghip tiu th qung st (Hin ti c
14 Hp ng nguyn tc), c th khng nh trong giai on I
ca D n, sn lng khai thc ti D n khng p ng
nhu cu ca th trng, ri ro u ra sn phm gn nh rt thp.
M st Thch Kh nm trn a phn cc x thuc huyn Thch
H, tnh H Tnh, chy di theo b bin gia Vnh Bc B v
sng Thch ng ni vi sng Ca St, cch Thnh ph H
Tnh khong 8km v pha ng. V vy, tt c cc nguyn nhin
vt liu v cc vt t khc cn thit phc v cho d n u c
cung cp t thnh ph H Tnh v cc khu ln cn. T cc
loi vt t c vn chuyn bng t vo m theo ng nha
hin c rt thun li.
Ngun cung cp in cho m c ly t trm bin p 110kV
d kin c xy dng ti mt bng sn cng nghip m, t
trm bin p 110kV ny xy dng cc xut tuyn ng dy
35kV v 6kV cp in cho cc ph ti. Tuy nhin theo nh gi
ca t cng tc thm nh ca TIC, s c mt in t ngt rt
d xy ra. Trong iu kin m st Thch Kh ma nhiu v tht
thng, d mt in t ngt, cc trm bm y m v cc
ging khoan ht nc khng hot ng hoc hot ng khng
c hiu qu s lm ngp lt y m. khc phc iu ny,
ngun cung cp in c lp (d phng cho cc ph ti hng I)

l cc trm pht in diezen s c xy dng ti mt bng
sn cng nghip m. Ngun nc cp cho sinh hot c ly t
Thnh ph H Tnh, ngun nc sn xut c ly t nc
thot t m. Ngun thuc n v phng tin n thu n v
chuyn ngnh. Nguyn nhin vt liu khc c ly t Thnh
ph H Tnh.
Nh vy ri ro i vi cc yu t u vo thc hin D n
c hn ch ti a.
Ri ro bin ng gi bn
Theo nhng phn tch trn v cung - cu qung st trn th
gii v xu hng bin ng ca gi qung st trong 10 nm qua,
gi cc loi qung st c khai thc c t m Thch Kh
trong hai giai on (gm qung nguyn khai, qung c 45-8mm,
qung c 0-8 mm, qung 0,074 mm) chu tc ng khng nh
ca cc bin ng ny. Trong nhng trng hp bin ng bt
li ny, thng s gi nh ca D n thay i, dn n hiu qu
c th t mc k vng.
Vic phn tch nhy trong phn thm nh hiu qu ti chnh
ca D n gip nh u t nh gi cc kt qu ca D n trong
s bin i ca gi bn qung st v tng mc u t. Theo ,
vi mc gi bn trung bnh 1.057.560 ng/tn (khong 51
USD/tn), sn lng ti im ha vn vo khong 3,65 triu
tn/nm, thp hn so vi cng sut khai thc d kin trong giai
on I ca D n; vi sn lng khai thc gi s khng thay i,
mc 5 triu tn/nm: gi bn qung trung bnh ti im ha
vn ch cn t mc 846.048 ng/tn (tng ng vi 41
USD/tn). Trng hp tng mc u t thay i ln n 42,9%,
D n vn c hiu qu vi IRR t 12%.
88
Ri ro huy ng vn
Ngun vn, gm vn t c ca TIC, vn huy ng hp php
khc v vn vay thng mi, chnh l kh khn ln nht ca
TIC. Do thiu kinh ph, trong qu trnh trin khai D n m
qung st ln nht ng Nam ny, TIC gp kh khn vi
cng tc bi thng, gii phng mt bng, v xy dng h tng
thit yu ti khu ti nh c khng ng b, do gy kh
khn n i sng v sinh hot ca nhn dn.
Trc ht, v phn vn gp ca ch s hu, theo cam kt ca
cc c ng sng lp, tng vn iu l ln ti 2.400 t ng, vi
c cu nh sau: Tp on Cng nghip Than Khong sn Vit
Nam (30%), Cng ty Khong sn thng mi H Tnh (24%),
Tng cng ty Thp Vit Nam (20%), Tng Cng ty Sng
(5%), Vinashin (5%), Ngn hng TMCP u t v Pht trin
Vit Nam - BIDV (5%), Tp on Bu chnh Vin thng Vit
Nam - VNPT (4%), Cng ty TNHH Sn xut XNK Bnh Minh
(4%), Cng ty C phn Khong sn Luyn kim Thng Long
(3%). Tuy nhin, trong nm 2012, theo yu cu ca Th tng
Chnh ph, 04/09 c ng sng lp (bao gm BIDV, Vinashin,
VNPT v Tng Cng ty Sng ) phi thc hin thoi vn ti
TIC tp trung cho nhim v sn xut kinh doanh chnh ca
mnh, phn vn gp cn li theo c cc c ng cn li
hp bn v quyt nh phn b tng ng.
i vi cc c ng cn li, do nh hng t cuc khng hong
kinh t trong nhng nm qua, vic gp vn ca cc c ng ny
cha c thc hin ng k hoch. Tnh n thi im
31/03/2015, vn thc gp ca 05 c ng hin hu mi t
khong 1.414 t (*), chim t l khong 20,86% so vi tng mc
u t trong giai on I ca D n (6.777 t), cha t t l ti
thiu 30% (tng ng vi 2.033 t) theo yu cu ca Lut
khong sn sa i nm 2010. C th thy vic khng huy ng
t l vn t ny t TIC i mt trc ht vi nguy c ngng

trin khai D n. Cng vi iu ny l tin d n tip tc b
nh hng; c bit trong 03 nm u ca giai on I, khi d n
tp trung gii phng mt bng v xy h tng thit yu ang
c trin khai.
Tuy nhin, trong 02 nm qua, Th tng Chnh ph v B Cng
thng lin tc gi cc vn bn ti khng nh tm quan
trng ca D n St Thch Kh i vi ngnh cng nghip v
ch o, n c cc c ng cn li ca TIC huy ng
ngun vn nh cam kt. Cng vi l cc quyt sch quyt lit
ca Hi ng qun tr TIC trong vic n c cc c ng thc
hin gp vn ng l trnh v vai tr u tu ca c ng
Vinacomin trong D n ny. Ch tnh ring t cui nm 2012
n nay, vn thc gp ca cc c ng hin hu c ci
thin ng k: t mc 1.171 t vo cui nm 2012, tng ln
1.315 t vo cui nm 2013, 1.351 t vo 39/09/2014 v gn y
nht 1.414 t vo cui thng 04/2015.
i vi vic huy ng vn vay thng mi, trong nhng nm
gn y, vic huy ng ngun vn ny t cc t chc tn dng
cho hot ng sn xut ch bin v kinh doanh khong sn c
phn chng li do vic thm d khong sn i hi kinh ph cao
trong khi xc sut tm ra ng m khai thc rt thp. i
vi cc t chc tn dng, y l mt ngnh c ri ro cao.
Ngoi tr nhng trng hp cc Cng ty c uy tn v phn b
ngnh ngh kinh doanh a dng, vic huy ng mt lng ln
vn u t t ngun vn thng mi l mt tr ngi ln vi cc
ch u t. Do , c kh nng TIC i mt vi vic khng
nhn c khon tn dng thng mi t cc Ngn hng hoc
c cp tn dng nhng chp nhn li sut cao hn, ty thuc
khu v ri ro ca tng Ngn hng.
89
Ph lc 1 - Thut ng ngnh khai thc khong sn

Bin gii khai trng (Bin L phm vi khng gian cui cng m cc cng trnh m c th pht trin ti trong nhng iu kin kinh t - k thut c th.
gii m l thin)
Bin gii m l thin bao gm Bin gii pha trn (surface pit limits) ranh gii a l ca khai trng trn mt t v Bin gii pha
di (bottom pit limits) l ranh gii ca khai trng theo chiu su (chiu su cui cng cho php khai thc).
Cacst (karst)
L kiu a hnh ca vng ni vi, c hnh thnh do qu trnh xm thc ch yu ca nc vi cc loi cacbonat c c tnh
thm nc v ha tan
Cp tr lng
Cp ti nguyn
Cp tr lng 121
Mc tin cy ca tr lng ti thiu 80%; lp bo co nghin cu tin kh thi chng minh m khong c gi tr kinh t tip
tc u t nghin cu kh thi khai thc m; Bo m mang li hiu qu kinh t x nghip v hiu qu kinh t quc dn ti thi im
nh gi
Cp tr lng 122
Mc tin cy ca tr lng ti thiu 50%; Yu cu mc nghin cu kh thi ca cp tr lng 122 tng t nh cp tr lng
121 tuy nhin mc nghin cu a cht ca cp tr lng 122 thp hn cp tr lng 121 nn c th nh hng n ri ro ca
d n tin kh thi; Bo m mang li hiu qu kinh t x nghip v hiu qu kinh t quc dn ti thi im nh gi
Cp ti nguyn 221
Mc tin cy ca ti nguyn bo m ti thiu 80%; Mc hiu qu kinh t mc C tim nng
Cp ti nguyn 222
Cp ti nguyn 333
Khai trng
Qung deluvi
Qung hematit
Qung manhetit
Qung nguyn khai
Qung cc
Skarn (skarn)
Mc tin cy ca ti nguyn bo m ti thiu 50%; Mc hiu qu kinh t mc C tim nng

Mc nghin cu a cht mc D tnh; Mc hiu qu kinh t mc Cha r hiu qu kinh t
Ni tin hnh khai thc khong sn; khai trng c th khai thc mt hoc nhiu loi khong sn ng thi trn mt phn hoc ton
b mt khong sng
Qung th sinh, to thnh trong qu trnh ph hy bo mn thn qung gc. Qung c thnh phn phc tp, cc khong vt nguyn
sinh v th sinh bin i khng c quy lut. Qung c dng cc v b xy ho mnh. Thnh phn khong vt qung deluvi gm:
hematite [Fe2O3], manhetit [Fe3O4], hydoxyt st [FE(OH)3 v FE(OH)2]v nhng khong vt phi qung
C cng thc ha hc l Fe2O3
C cng thc Fe3O4
L qung va c khai thc ti m, cha qua ch bin
L cc qung khong t nhin c p v sng theo mt kch thc nht nh trc khi chng c s dng
Thng l cha cc qung ng, ch, km, st, vng
90
Ph lc 2 - Danh mc t vit tt
CHLB
BTB
CCT
CTC
FS
HTKT
IRR
MXTL
NPV
TIC
VINACOMIN
VL
TKCS
Cng ha Lin bang

ng b thit b
a cht cng trnh
a cht thy vn
Bo co nghin cu kh thi/D n u t (Feasibility Study)
H thng khai thc
T sut hon vn ni b (Internal Rate of Return)
My xc thy lc
Gi tr hin ti rng (Net Present Value)
Cng ty C phn St Thch Kh
Tp on Cng nghip Than Khong sn Vit Nam
Vn iu l
Thit k c s
91
Ph lc 3 - Cc ch tiu kinh t k thut ch yu

STT
1
Cc ch tiu
Kch thc b mt:
Kch thc y:
Ct cao y m:
4
5
- Chiu di
- Chiu rng
- Din tch
- Chiu di
- Chiu rng
- u pha Nam
- u pha Bc
Chiu su:
- u pha Nam
- u pha Bc
Tr lng qung a cht/hm lng Fe
Trong : - Magnhetit
- Oxy ho
T l tn tht trung bnh
Trong : - Magnhetit
- Oxy ho
T l lm ngho
Trong : - Magnhetit
- Oxy ho
Tr lng qung khai thc/hm lng Fe
Trong : - Magnhetit
- Oxy ho
n v
m
m
ha
m
m
Gi tr
3.350
2.100
527
450
150
m
m
m
m
-550
-205
555
210
375,1/60,17
224,5/60,24
150,6/60,06
3,25
3,59
2,74
1,89
1,54
2,41
369,9/59,19
219,8/59,45
150,1/58,81
tr.tn/%
tr.tn/%
92
STT
9
10
11
-
Cc ch tiu
Tng khi lng t bc
Trong : - t ti xp
+ t st
+ Qung deluvin
- cng
+ Qung Sunfua
H s bc
Cc thit b s dng ch yu nm t 10 tr.t/n
My xc TLGN E = 5-5,5 m3
My xc TLGN E = 3,5-4 m3
My xc TLGN E = 2,8-3,3 m3
My xc lt E = 4-4,5 m3
My khoan thy lc d = 250 mm
My khoan thy lc d = 150 mm
t c ti trng q = 55-60 tn
t c ti trng q = 39 tn
My gt cc loi
My san ng
n v
tr.m3
tr.m3
tr.m3
tr.m3
tr.m3
tr.tn
m3/tn
Gi tr
651,4
353,5
64,0
2,4
297,9
3,0
1,76
ci
ci
ci
ci
ci
ci
ci
ci
ci
ci
11
4
2
2
2
2
11
137
19
2
93
Gii thiu v BSC

Cng ty C phn Chng khon Ngn hng u t v Pht trin Vit
Nam (BSC) c thnh lp v vinh d tr thnh cng ty chng khon
u tin trong ngnh ngn hng tham gia kinh doanh trong lnh vc
chng khon, ng thi l mt trong hai cng ty chng khon u tin
ti Vit Nam.
Tri qua gn 15 nm pht trin, BSC t c nhiu thnh tu to ln,
tr thnh cng ty ng trong top 03 th trng Vit Nam v t vn pht
hnh tri phiu, ng thi l cng ty ng th hai th trng v mi gii
tri phiu theo thng k ca B Ti chnh. Nm trong c cu khch hng
ca BSC l nhiu doanh nghip c thng hiu uy tn, ng vai tr u
tu trong nn kinh t Vit Nam nh Vietnam Airlines, Vinacomin, Vinatex,
ACV
Nhim v ca BSC l kt ni doanh nghip vi ngun vn ph hp nht
ty theo thc trng ti chnh ca tng doanh nghip. Chng ti lun
ng hnh cng doanh nghip i ti thnh cng.
Lin h
Phm Xun Anh
Gim c Khi Ngn hng u t
(+84) 912448688
pxuananh@bsc.com.vn
ng Th Quyn
Ph Trch B phn Mi gii v Kinh doanh Tri phiu
(+84) 986469981
quyendt@bsc.com.vn

Du An Mo Sat Thach Khe

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D n m qung st Thch Kh

Ti liu gii thiu c hi u t

Phn I. Gii thiu c hi u t

Phn II. Phng n huy ng vn

Ngnh khai thc qung st v cc thng s v ngnh

Thng tin v i tng thc hin huy ng vn

Phn III. Phng n pht hnh tri phiu

Cu trc pht hnh tri phiu

Phn IV. nh gi ri ro trin khai d n

Phn I. Gii thiu c hi u t

Thng tin ti chnh ton d n 

Thng tin ti chnh Giai on I ca D n 

Ngnh Khai thc qung st v cc thng s v ngnh

98+2+M 60+40+M 57+43+M

Qung st khai thc c

Tng th phn xut khu

Vai tr ca qung st trong ngnh Cng nghip

Nguyn liu u vo cho sn xut gang thp

my c lin tc ra phi thp cc loi nh phi vung, phi tm v thp ng. Sn

nh gi tnh cht qung st

Cht lng qung st

Ph gia quan trng dng cho sn xut xi mng.

Tng quan th trng qung st th gii

BSC nhn nh qung st trn th gii ang

Tng quan Cung - cu qung st

gim; trong Australia chim ti 66% s

nm trc , trong khi Rio c k hoch

trong sn lng qung st nm nay t 63 triu tn vi nh

Trung Quc hin ang s dng

67% sn lng st ton cu, c nhp

BHP Billiton v Vale SA

chim khong 57% xut khu ton cu trong

Din bin v xu hng gi qung st trn th gii

Trong mt thp k qua, gi qung

Din bin gi qung st

n nh, xu hng gim cui k

nn kinh t th gii vt qua giai on khng

qung st tnh n thng 11/2014 l 74 USD/

c bit, nm 2014 l nm chng kin xu

D bo gi qung st trong giai on 2015 2018, BREE (USD)

T cui nm 2013 n thng 3/2014, t mc

D bo gi qung st trong thi gian ti

Tng quan Th trng qung st Vit Nam

Tng quan cung - cu

n d kin cui nm 2014, nm 2015

n nm 2015 t khong 7,2 triu tn,

qung st ca Vit Nam hin t

Tr lng cc m st Vit Nam

Chi tit v tr lng m v thng s

Cng sut khai thc

Tng cng sut khai thc

Nhn nh ca BSC v thc trng Cung Cu

theo yu cu ca Th tng Chnh ph, theo quy hoch ti

Cc s liu trn ch ra cu qung st ang vt xa so vi kh

bnh qun 210.000 tn/nm v c nhu

qung v cam kt mua ton b qung

Tng quan th trng qung st Vit Nam

H thng phn chia

H thng phn chia

C s ca h thng phn chia

Ti nguyn c chia lm 3 cp: Cp chc chn, Cp tng i chc

H thng phn chia

C s ca vic phn chia ny

Phn I. Gii thiu c hi u t

Phn II. Phng n huy ng vn

Ngnh khai thc qung st v cc thng s v ngnh

Thng tin v i tng thc hin huy ng vn

Phn III. Phng n pht hnh tri phiu

Cu trc pht hnh tri phiu

Phn IV. nh gi ri ro trin khai d n

Thng tin ti chnh ton d n

Thng tin ti chnh Giai on I ca D n