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(KPL) The Prime Minister’s Office, together with the Ministry of Energy and Mines held a consultation meeting with stakeholders to the new mining law.
(KPL) The Prime Minister’s Office, together with the Ministry of Energy and Mines held a consultation meeting with stakeholders to the new mining law.
The World Bank’s Hydro-Mining Technical Assistance Programme and Australia together supported the meeting, which heard views from a diverse group of stakeholders, including Lao government ministries, the Lao National Assembly, international donors, embassies and industry representatives.
The mining sector has made a significant contribution to Lao government revenue and Lao exports over the last decade. This has supported Lao economic growth and helped the Lao government achieve its development outcomes.
Since 1990, the government has approved 229 companies investment in the Lao PDR.
Australia has also provided technical support to the Lao to strengthen its regulatory regime, through US$ 1 million funding to the World Bank’s Hydro Mining Technical Assistance Programme and access to ongoing technical advice.
This support has helped the Lao government access the World Bank’s high quality technical advice on how to strengthen its legislative framework for mining.
The biggest mines in the Lao PDR, MMG Sepon and Phu Bia mining, have contributed around 95 per cent of the government revenue from the mining sector, hundreds of millions of dollars per year. Both mines are on a pathway to closure and have less than five years’ left on their mine life.
“Now is an opportune time for the Lao government to review its mining law, to attract quality investors to help contribute to the Lao PDR’s revenue base,” said Charge at the Australian Embassy in Vientiane, Mr Andreas Zurbugg.
“Instituting a transparent and predictable mining legislative regime will attract quality investors. This will help ensure the Lao PDR gets the most out of its mining sector and high international environmental and social impact standards are maintained,” said Mr Andreas.
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