REPORT CARD: LXML Achieves A+
February 26, 2021
Today Lane Xang Minerals Limited (LXML) Sepon Mine again upheld the A+ Rating from the Ministry of Energy and Mines. LXML has maintained the highest rating since 2016, when the Lao Government initiated this mechanism to acknowledge performance and standards. LXML is the only mining company in Laos to have achieved this prestigious rank.
The Ministry of Energy and Mines ranks mining companies based on development goals and principles. LXML achieved this rank because it has contributed to national economic development in partnership with communities and maintained strong environmental protection standards.
LXML is recognized for improving livelihoods; deploying modern methods and technology; supporting local products and services; for continued expansion and growth; and for supporting growth in other sectors.
LXML satisfied the 7 principles for achievement of the rating: (i) legal compliance; (ii) complete, timely, and auditable contribution to obligations; (iii) respect to host country and community; (iv) promote domestic labor and active skills development; (v) safety and occupational health standards; (vi) productive and transparent operation with no adverse social and environmental impacts; (vii) environmental management plan and mine closure plan.
“At LXML, we stand committed to complying with national and international standards” said Mr Saman Aneka, LXML Managing Director. “This ongoing recognition reminds us to be a responsible investor and good corporate citizen to create mining excellence and prosperity for all into the future.”
Since operations commenced in 2002, Sepon mine has produced over 1.2 million ounces of gold and 1 million tonnes of copper cathode; contributing over US$1.5 billion in direct revenue to the Lao PDR in taxes, royalties, and dividends
Indirect benefits through employment, training, community development, and payments to local contract partners and suppliers have also had a significant positive impact on social and economic development in Laos. The mine created jobs for over 5,000 employees at its peak in 2003, and has invested millions of dollars in development and training. More than 40,000 people in Vilabouly benefit from community development programs totalling US$13 million worth of projects and investment, and community income through local business groups has accumulated to US$33 million.
LXML Sepon suspended Gold Operations in December 2013, due to declining gold reserves and a low gold price.The resumption of gold operations in 2020 will ensure that these benefits continue to flow to Laos. Sepon mine produced over two tonnes of gold in 2020.