Mr Saman Aneka (second left) presents the profit tax owed by LXML to Mr Bounchome Ubonpraseuth (third right).

LXML pays US$24 million in profit tax for 2023

Lane Xang Minerals Limited Company (LXML) on March 29 handed over profit tax amounting to US$24 million for the year 2023 to Savannakhet province.

Managing Director of LXML, Mr Saman Aneka, and his delegation made the payment at the Provincial Administration Office to the Governor of Savannakhet province, Mr Bounchome Ubonpraseuth, in the presence of relevant officials.
Mr Aneka expressed his gratitude to the Governor and the Provincial Tax Department for their support of the Sepon mine and for facilitating the payment of the profit tax for the year 2023.
He also highlighted the company’s challenges in 2024, including high production costs due to low ore quality and the need to build additional roads to access ore for the upcoming Far West project. This project will require investment of tens of millions of US dollars.
Mr Aneka conveyed the company’s pride at being authorised to pay royalty tax and profit tax to Savannakhet province annually and expressed gratitude to the Governor for supporting the Community Trust Fund for the benefit of the district, in line with the company’s Environmental and Social Impact Assessment obligations.
In response, the Governor expressed his appreciation to the Board of Directors of LXML for their continued contributions to the province and their support of Visit Laos Year 2024 in Savannakhet.
He noted that contributions from various companies, including LXML, have led to national social and economic progress.
The royalty and profit taxes paid by LXML for the year 2023 are seen as a positive development for the future of Savannakhet. The Governor expressed his satisfaction in supporting LXML and extended an invitation to the company’s chairman to visit the province.

By Advertorial Desk
 (Latest Update April 5, 2024)