MMG, Beeline deliver royalty payments to government
MMG, Beeline deliver royalty payments to government
Direct revenue from MMG LXML Sepon to Laos has now reached over one billion US dollars, following a royalty payment to the Ministry of Finance on June 18.
“As one of the largest taxpa yers in Laos, MMG LXML Sepon is extremely proud of its ongoing contribution to economic development and poverty alleviation, particul arly in the communities close to the mine,” said the General Manager of MMG LXML Sepon, Rick Watsford.
The US$1 billion in direct revenue comes from profit tax, royalties, dividends, income tax and tenement rental. Laos 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 Sepon is committed to developing a highly skilled Lao workforce to benefit Laos and create sustainable livelihoods after the mine is closed, and contributes to community and infrastructure development.
A recent example is the MMG-funded US$1.4 million child nutrition programme in Savannakhet, Saravan and Champassak provinces. The‘1000 Day' Project is a unique partnership between MMG, UNICEF and the Ministry of Health, and aims to prevent malnutrition.
This year, MMG LXML Sepon is celebrating the tenth anniversary of production, and the twentieth anniversary of its concession agreement. Sepon first produced gold in 2003 and copper in 2005. Since then, over 1.2 million ounces of gold and more than 500,000 tonnes of copper have been produced.
MMG LXML Sepon is actively exploring to expand gold and copper production to ensure further revenue can be generated for Laos.
Meanwhile VimpelCom Lao Company Limited (Beeline) also delivered royalty payments to the Ministry of Finance on Wednesday, handing over 3.4 billion kip.
The 2012-2013 payment was handed over by the company's Chief Executive Officer and Chairman of the Board of Directors Mr Yaser Maher and Chief Financial Officer Mr Khamfeuang Douangbuddy, and received by Director General of the State Asset Management Department Mr Chanthanhom Phittasone.
VimpelCom Ltd. consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies, operating throughout Laos.
Each year the company abides to master and joint venture contracts signed on January 23, 2002, between the Lao government and Beeline and will continue to do so in the future.
vientiane times
