LXML Delivers US$14 Million in 2022 Profit Tax to Lao Government
May 04, 2023
This week, Chifeng Lane Xang Minerals Limited (LXML) Sepon Mine, represented by LXML President Mr Bo Gao and LXML Managing Director Mr Saman Aneka, handed a profit tax payment of US$14,682,267.86 million with respect to 2022 copper and gold production and sale, bringing total revenue (including profit tax, royalty, and dividend) paid to the Lao Government in 2022 to US$50million. These contributions will continue to support the socio-economic development of Lao PDR.
Mr Bounpaseuth Sikounlabouth, Director General of the Tax Department, Ministry of Finance received the tax payment from LXML President Mr Bo Gao. The handover was witnessed by Mr Vangyai Xaynalor of the Tax Revenue Management Division and Ms Chanthala Liemmaitry of the Organization, Administration and Finance Division of the Tax Department; LXML Vice President Mr Zhou Xinbing; LXML Managing Director Saman Aneka, and senior LXML management.
“LXML is recognised among the top taxpayer in Laos” said Mr Bounpaseuth Sikounlabouth, Director General, Tax Department. “A ceremony to hand certificate of recognition to good performing taxpayers including LXML, was held on 5 April 2023.”
“We are proud to make this strong financial contribution to the Government while financial difficulties are experienced globally” said Mr Bo Gao, LXML President.
Mr Gao further provided update that in 2022, LXML Sepon mine produced more than 6.7 tonnes of gold and 6,600 tonnes of copper. In the same year, LXML opened the first modern underground mine in Lao PDR at Sepon, setting the standard for other mining operations, extending the life of the mine to at least 2033.
Since 2016, LXML is the only mining company in Laos to have consistently achieved an A+ rating from the Ministry of Energy and Mines for maintaining environmental and community development standards.
Since operations commenced in 2003, LXML has contributed over US$1.7 billion to the Lao Government in direct revenue through taxes, royalties, and dividends, in addition to hundreds of millions of dollars in employment, training, community, and local business development. In addition, LXML has provided hundreds of millions of dollars in indirect benefits through employment, training, community development, and payments to local business partners and suppliers. LXML invested approximately US$50 million in national and local infrastructure, US$56 million in UXO clearance, and millions of dollars in cultural heritage preservation and other programs.
More than 40,000 people in Vilabouly District, Savannakhet Province, benefit from community development programs, totalling US$20 million worth of projects and investment. Community income through local business groups has accumulated to more than US$50 million over the life of Sepon mine.
Mr Bo Gao, LXML President concluded that LXML will continue to make strong contributions as a valued development partner in Lao PDR.
Tax Department Director General Mr Bounpaseuth Sikounlabouth (5th from right) receives the 2022 profit tax from LXML President Mr Bo Gao (5th from left) on 2 May 2023. The handover was witnessed by LXML Vice President Mr Zhou Xinbing (4th from left), and LXML Managing Director Mr Saman Aneka (3rd from left), and delegates from both sides.