Phu Bia Mining pays US$15.83 mn in dividends exceeding US$ 1 billion to Lao Government

Phu Bia Mining (PBM) made dividend payments totalling US$15.83 million to the Lao Government this year.
The latest contributions mean more than US$1 billion has been paid by PBM to the Government of Laos as dividends, royalties, relevant taxes and import services fees during the 15 years that the firm has operated in the country.

The Ban Houayxai Gold-Silver Operation.

These direct payments have been made through a combination of dividends, royalties, relevant taxes and import service fees.
The firm’s accumulated payments to the Government included US$315 million in corporate tax, US$460.3 million in royalties, US$59.2 million in income tax and US$35.4 million in road tax.
Dividend payments to the Government totalled US$84.91 million. The firm also paid US$24 million as import service fees, US$17.9 million to the social security fund, US$3 million as donations and sponsorship, and around US$1 million for student education, staff amenity taxes and concession fees.
The latest dividend payments derive from the Government of Laos’ 10 percent ownership share in PBM. The firm’s strong partnership has also contalsod to advance the social and economic development of Laos.
PanAust’s Managing Director and Chief Executive Officer, Mr Daling Zheng, said the dividend payments highlight PBM’s significant financial contributions as a leader in Laos’ strong mining industry.
“Our business strategy model to sustain production at lower costs at the Phu Kham Copper-Gold and the Ban Houayxai Gold-Silver Operations has allowed PBM to facilitate these dividend payments,” he said.
“The taxes, royalties, dividends and other fees we’ve paid are significant for the Government of Laos’ revenues. I am confident that our operations will continue to create opportunities for further long-term economic and social development in Laos and in the local communities we operate in,” he added.
The PBM Chairman, Mr Chanpheng Bounnaphol, said: “In 2021, the total PBM activity, including our investments and capital expenditure, accounted for 2.3 percent of Laos’ gross domestic product. Thanks to the sound business climate and regulations facilitated by the Government of Laos, we have experienced strong financial stability and have been one of the largest taxpayers in the country.”

By Advertorial Desk
 (Latest Update November 3, 2023)