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MMG LXML Sepon pays final 2015 dividend to Lao Government

Today, MMG LXML Sepon (LXML) handed over a cheque for US$3.5 million to Mme Khamphay Vithasay, Director General, State Owned Enterprise Investment Management and Insurance, Ministry of Finance, for LXML’s final dividend in respect of 2015 earnings. 

This payment brings total dividends paid to the Lao Government to US$6.5 million, and the company’s combined contribution to government revenue in 2015 to US$73 million, despite a decline in minerals prices.  LXML produced 89,253 tonnes of copper in 2015.

“As a large taxpayer, LXML is proud of our contribution to socio-economic development in the Lao PDR,” said Mr Robin Hamilton Coates, Manager External Relations of MMG LXML Sepon. “LXML stands committed to cooperating with local communities to focus on training and development to enhance sustainable livelihoods near Sepon mine, and support the Lao Government’s goal to graduate from LDC status by 2020.”

LXML employs about 3,000 people (95 per cent of them Lao), and invests in millions of hours in training and development to support safe and stable operations.  LXML has sponsored thousands of Lao employees through technical trade certification, other courses, and scholarships to obtain higher-education degrees (accounting, metallurgy, geology, economics, IT, communications, etc.) in Australia and New Zealand.

The Lao Government owns a 10 per cent share in LXML, and has received over US$1.3 billion in direct revenue, including taxes, royalties, and dividends since Sepon mine commenced operations in 2003.