Laos' Phu Bia Mining adds US$21million dividend to govt coffers
VIENTIANE (Vientiane Times/ANN) - Phu Bia Mining (PBM) contributed payments totalling US$21 million to the Lao government’s kitty in 2019.
The dividends are a significant part of its ongoing financial contribution to Laos’ economy. Other contributions made by PBM to the government include royalties, taxes and import service fees.
The PBM Chairman, Mr Chanpheng Bounnaphol, said the payment of dividends highlights the company’s commitment to the economic and social development of Laos.
“Sustained production and lower costs at both the Phu Kham Copper-Gold and the Ban Houayxai Gold-Silver Operations in 2019 enabled the company to generate these dividends. It demonstrates our commitment towards revenue generation for the government.
“I am confident that in 2020 the company will make a positive contribution to the government and people of Laos,” Mr Bounnaphol said.
In August 2012, the government became a 10 percent shareholder in PBM. Between 2012 and 2017, all PBM dividends payable to the government were directly applied as payments towards the US$29 million owed by the government for its acquisition of a 10 percent shareholding in PBM.
At the end of 2017, with the price for the share acquisition having been fully paid, PBM made the first cash dividend payment directly to the government. Since 2012, dividend payments to the government have accumulated to over US$58 million.
--Source: Phu Bia Mining