MMG LXML Sepon, the copper and gold mine in Savannakhet province, is continuing to make a significant economic contribution to the Lao PDR.
Sepon is one of the largest employers in the Lao PDR, and is strongly committed to developing the next generation of Lao mining industry experts.
The mine has invested substantial resources in education and training, and in supporting the Lao Government's poverty alleviation goals in the community close to the mine.
As a direct contribution to revenue in the Lao PDR, on 28 March 2013 Sepon paid a final tax instalment for 2012 earnings of US$113,875,118.85.
Including earlier payments of VAT (Value Added Tax) to the Lao Government through local suppliers, the total profit tax paid to the Lao PDR for 2012 was $120,199,682.50.
Dividend payments totalling US$ 28.5 million were also made in respect of 2012 earnings. The Lao Government is a 10 per cent shareholder of LXML.
After royalty payments are made in May, total direct revenue paid to Lao PDR from the mine will reach one billion US dollars.
In 2012, Sepon achieved record production of 86,295 tonnes of copper, up 9 per cent from the previous year.
According to data from the International Council on Mining and Metals, large scale mining in the Lao PDR is expected to continue to contribute around 10% per annum to Gross Domestic Product over the next 12 years.
Sepon is a major contributor to economic and social development in the Lao PDR.
Mr Rick Watsford, MMG LXML Sepon General Manager, handed US$113.8 million check to the representative of the Lao government in Vientiane Capital on 4 April 2013.