Phu Bia Mining pays US$7.5 million dividend to Lao government

Since operations began 15 years ago, Phu Bia Mining has made cumulative payments exceeding US$1 billion to the Lao government, marking a substantial impact on the nation’s economic development.
In the first quarter of 2024, PBM continues this legacy of financial commitment with a dividend payment of US$7.5 million to the government of Laos. This dividend represents the latest annual contribution to the government, which holds a 10 percent ownership stake in the company.
Dividend payments to the Lao government now total US$92.5 million since 2012 when PBM entered into a shareholder agreement with the government of Laos. To date, PBM’s cumulative payments to the government of Laos include US$313.3 million in corporate tax, US$485.2 million in royalties, US$62.7 million in personal income tax, and US$18.7 million to the social security fund and US$66.2 million in other contributions.
PanAust Managing Director and Chief Executive Officer, Mr Daling Zheng, said 2024 will bring more opportunities for Phu Bia Mining, a subsidiary of PanAust.
“This year marks a year of change and evolution for our Phu Bia Mining Operations. At the current strong commodity prices, our Phu Kham Copper-Gold and Ban Houayxai Gold-Silver Operations continue to explore multiple opportunities to develop new mines and advance current projects for copper and gold production in Xaysomboun province,” he said.
“We have hi-tech systems in all parts of our process, and understand the relationship between this essential investment in technology, and the positive effects on how it improves our production capabilities, streamlines our operations and processes, and ultimately how this leads to improved profitability.”
Phu Bia Mining Chairman, Mr Chanpheng Bounnaphol, added “I would like to reiterate my confidence message from January 2024, that we will continue to work closely with the government of Laos and the sectors in charge of the mining industry. As advocates of the Prime Minister’s words on the effectiveness of Laos’ mining projects, be the benchmark for the industry and we also want to explore opportunities with relevant government sectors to see how the industry can maximise financial returns for the benefit of Laos and its people.”

By Advertorial Desk
 (Latest Update May 13, 2024)