Chifeng Gold reaffirms growth commitments in Chairman’s visit to Lao PDR
July 25, 2022
Mr Wang Jianhua, Chairman of Chifeng Jilong Gold, called on high level officials in Vientiane last week to highlight the company’s significant investment and contribution to economic and social development in Lao PDR, and reaffirm plans for future growth in partnership with the Lao Government. Chifeng Jilong Gold Company Limited owns a 90 per cent share in Lane Xang Minerals Limited (LXML), which owns and operates the Sepon mine in Savannakhet Province.
During warm meetings with Dr Xaysomphone Phomvihane, President of the National Assembly, Dr Sonexay Siphandone, Deputy Prime Minister, Ms Bounkham Vorachit, Minister of Natural Resources and Environment, Mr Bounchom Oubonpaseuth, Minister of Finance, Dr Daovong Phonekeo, Minister of Energy and Mines, and Mr Santiphab Phomvihane, Savannakhet Governor, Mr Wang Jianhua confirmed Chifeng’s commitment to strengthen cooperation and investment in Lao PDR to develop gold, copper, and rare earth projects.
“Our investment in new mining projects will positively benefit Lao people and the government,” said Mr Wang Jianhua.
“I am very proud of our company’s success in Lao PDR, especially on employment, training, community development, and revenue contributions to the Lao Government.”
Chifeng Gold recently signed an historic cooperation agreement with Lao Mining Development State Enterprise (LMD) for additional exploration and development of mineral resources in Lao PDR.
“This cooperation highlights Chifeng’s enduring commitment to growth and development of the mining sector in Lao PDR,” said Mr Wang Jianhua.
“I would like to express appreciation to the Lao Government for its support to Sepon Project and the company’s growth plans.”
During discussions with government officials, Mr Wang Jianhua confirmed that Chifeng Gold will continue to maintain international standards on safety, environment, community development and developing Lao employees.
LXML and the Lao Government have built a solid relationship over almost 30 years of cooperation.
Sepon mine proudly maintains the highest international standards, is consistently rated A+ by the Ministry of Energy and Mines, and is widely considered a role model for other mining companies in Lao PDR.
This year, Chifeng LXML commenced construction of the first modern underground mine in Lao PDR, setting an example for others in the mining industry.
Since operations commenced in 2003, LXML Sepon has produced over 1.1 million tons of copper cathode, over 1.5 million ounces of gold doré, and has contributed over US$1.6 billion in direct revenue to the Lao Government through taxes, royalties, and dividends, in addition to hundreds of millions of dollars in indirect benefits through employment, training, community, and local business development.
In 2021, Sepon produced over 5,341 tonnes of copper and 192,988 ounces of gold doré. 2022 production guidance is approximately 224,000 ounces (7 tonnes) of gold doré and 8,000 tonnes of copper cathode.