KPL
(KPL) Strong performance from Phu Bia Mining’s (PBM) two operations enabled the company to generate over US$50 million in revenues for Laos in 2015, despite a challenging environment for the industry.
(KPL) Strong performance from Phu Bia Mining’s (PBM) two operations enabled the company to generate over US$50 million in revenues for Laos in 2015, despite a challenging environment for the industry.
In total, PBM has now made over US$460 million in cumulative contributions to the national budget since 2003.
Phu Bia Mining Chairman, Mr Chanpheng Bounnaphol said that PBM’s direct contributions included royalties, import service fees, personal income tax, concession fees and dividends. The government of Laos owns a 10% share in the company.
“Both our operations performed exceptionally well in 2015. New annual production records were set at Phu Kham with 78,449 tonnes of copper in concentrate produced, and at Ban Houayxai with 221,616 ounces of gold and 1,664,242 ounces of silver produced.
Low metal prices made 2015 a tough year for the mining industry. But by increasing the efficiency of our operations, we were able to continue to generate substantial revenues for Laos,” he said.
In addition to increasing operational productivity, PBM was able to save costs by reducing its reliance on expatriates in the workforce. The company’s localisation plan meant that Lao employees had been trained over a period of several years, so were ready to take on more responsibility. As a result, the percentage of Lao employees reached more than 91 per cent for the first time.
“We are very proud of our contributions to the national budget which have assisted socio-economic development in the Lao PDR,” said Mr Chanpheng.
KPL
