Laos eyes mineral earnings of $463M in fourth quarter
Laos eyes mineral earnings of $463M in fourth quarter
Laos is expecting to earn about $463 million from the sale of minerals domestically and for export in the last three months of this year, after earning $1.464 billion in the first nine months of 2021.
The value of mineral sales this year is expected to be 15.04 per cent more than targeted, Deputy Prime Minister Dr Sonexay Siphandone told the National Assembly (NA) last week.
The value of minerals produced in the first nine months was 12.601 trillion kip ($1.18 billion) or 91.21 per cent of the 13.812 trillion kip figure approved by the NA. The value for the whole year is expected to reach 15.889 trillion kip, he said.
Some 124 companies are operating 209 projects in the exploration and processing of minerals as well as feasibility studies on mining operations, of which 14 companies are currently constructing facilities, the Ministry of Energy and Mines reported at its Party Congress last week.
Over the last five years from 2016-2020, the value of minerals and mineral products produced rose to $7.526 billion, while the value of minerals produced for domestic supply and export reached $8.092 billion.
In the five years from 2021-2025, the value of minerals and mineral products produced is expected to hit $7.832 billion, which is an increase of four per cent over the previous five years.
The value of minerals and mineral products for domestic supply is expected to reach $1.974 billion, which is an increase of 38 per cent over the past five years, while the value of minerals and mineral products exported is expected to fall by five per cent to $6.362 billion.
Laos has been ranked as one of the most resource-rich countries in Asia. More than 570 mineral deposits have been identified, including gold, copper, zinc, iron, potassium, limestone and lead.
In a bid to use these resources to bolster development, the government will encourage greater processing of minerals and reduce the amount of unprocessed minerals exported.
It will also improve mineral production so that raw mineral ores are processed and value added prior to export. Mining areas will be improved so that excavation does not have adverse social or environmental impacts.
Another goal is to create a stronger workforce in mining engineering and geographical engineering as well as establish sustainable financial mechanisms to manage natural resources and protect the environment.
