Phu Bia Mining pays US$29.8 million 2023 profit tax to Lao government
 
Phu Bia Mining (PBM), part of PanAust, a wholly owned subsidiary of Guangdong Rising Holding Group, announced 2023 profit tax payments of US$29.8 million to the Government of Laos (GOL).

Phu Bia Mining employee at the Phu Kham Copper-Gold Operation.

The payment is part of the Company’s US$87.5 million direct payments made to GOL and the provincial Government of Xaysomboun in 2023.
The total comprises royalties, salary taxes, road taxes, import service fees, concession fees, sponsorships and dividends.
Since PBM’s Phu Kham Copper-Gold and Ban Houayxai Gold-Silver Operations began production in 2008 and 2012 respectively, the Company’s direct payment to provincial and national governments now exceeds US$1 billion.
PanAust Managing Director and Chief Executive Officer, Mr Daling Zheng, spoke about the importance of payments from responsible mining companies for the country’s economic and social development.
Mr Zheng said “Our Laos-based business, Phu Bia Mining, is committed to providing transparent tax payments to our partners, the national and provincial governments, at all times.”
“This profit tax, and the other direct payments we make annually, continue to provide a significant source of revenue for national and provincial government developmental priorities,” he added.
PBM Chairman, Mr Chanpheng Bounnaphol added “We have a long-standing commitment to the people of Laos. We are proud of the valuable contribution we make, not just to the communities where we operate, but to Lao society overall.”
“2024 looks positive for all of our shareholders as we continue to operate in the safest, most sustainable and most responsible way possible,” he said.

By Advertorial Desk
 (Latest Update April 12, 2024)