On Wednesday 8 December 2010, MMG LXML Sepon officially presented a dividend cheque of US$18,500,000 to the Department of State Owned Enterprise Finance Management of the Ministry of Finance.
Earlier this year in June, US$ 14.4 million was also handed over by the company to the department. This makes the total dividend paid for 2010 US$32.9 million. Since becoming a 10 per cent shareholder of the company in 2007, the government has already received more than US$50 million in dividends. Dividends are just one form of revenue from the project. By the end of the 2010 tax year, the company is expected to have contributed well over US$600 million to the country’s revenue since the mine commenced operations in 2003.
This dividend payment is part of the company’s ongoing commitment to implementing its agreement with the Government of Lao PDR which was signed in 1993. The handover is the latest contribution to the long-term close relationship that has developed between the two organisations and which sees the two parties working together to achieve mutual benefit.
On behalf of MMG LXML Sepon, Mr. Saman Aneka, MMG LXML Sepon Director, handed over the dividend cheque to Ms. Viengthong Siphandone, Vice Minister of the Ministry of Finance. The ceremony was also attended by MMG LXML Sepon Senior Management and other high ranking government officials from the ministry.
Photo: left to right, Mr. Saman Aneka, MMG LXML Sepon Director, handing over the dividend cheque to Ms. Viengthong Siphandone, Vice Minister of the Ministry of Finance.
For further information:
Communications Team Leader
Tel: 856 21 261 283
Fax: 856 21 414 293
Mob: 856 020 2213 491