Sepon contributes US$136 million for 2013
Sepon contributes US$136 million for 2013
LXML Sepon has handed over revenue of US$91 million to the Lao government in Vientiane this week as a result of their mining operations in central Laos.
This final instalment brings direct revenue paid by LXML Sepon to the Lao government in respect of 2013 earnings to US$136 million.
MMG CEO, Mr Andrew Michelmore, presented a cheque for US$91 million to Finance Minister, Dr Lien Thikeo, in Vientiane on April 7.
Since production commenced in 2003, LXML Sepon has contributed over US$1.123 billion to Laos in direct revenue payments, including taxes, royalties and dividends.
The Lao government is a ten percent shareholder of LXML Sepon.
“As one of the largest taxpayers in the Lao PDR, MMG LXML Sepon is extremely proud of its ongoing contribution to progress, economic development, and poverty alleviation, particularly in communities close to the mine,” said Mr Michelmore.
“We are continuing our efforts to explore and develop the business to earn the privilege to grow Sepon and extend the life of the mine. I w ould like to thank the Lao government for its partnership and support in achieving these goals together,” he said.
The Lao PDR also benefits from hundreds of millions of dollars each year in indirect revenue generated by the mine, through payments to Lao employees, local businesses, and suppliers.
MMG LXML has invested mi llions of dollars in community development in Vilabouly district in the decade since the mine commenced operations.
Sepon is also developing the next generation of Lao professionals by providing training in technical trades and management to Lao employees. The company is ste adily increasing the number of Lao employees in senior leadership positions.
MMG LXML Sepon expects to produce between 88,000-93,000 tonnes of copper in 2014.
The company is continuing to explore and study options to expand copper production and produce gold from oxide and primary ores. These options are designed to extend the life of the Sepon mine to ensure the Laos continues to receive significant revenue in future years.
vientiane times
