Laos To Earn 463 Mln USD Mineral Trade In Last 3 Months Of 2021

Laos is expecting to earn about 463 million U.S. dollars from the sale of minerals domestically and for export in the last three months of 2021, after earning 1,464 million U.S. dollars in the first nine months of 2021

VIENTIANE, (UrduPoint / Pakistan Point News - 19th Nov, 2021 ) :Laos is expecting to earn about 463 million U.S. Dollars from the sale of minerals domestically and for export in the last three months of 2021, after earning 1,464 million U.S. dollars in the first nine months of 2021.

The value of mineral sales this year is expected to be 15.04 percent more than targeted, Deputy Prime Minister Sonexay Siphandone told the National Assembly last week, local daily Vientiane Times reported on Friday.

The value of minerals produced in the first nine months was 12,601 billion Lao kips (some 11 billion U.S. dollars) or 91.21 percent of the 13,812 billion Lao kip (some 12 billion U.S. Dollar) figure approved by the National Assembly. The value for the whole year is expected to reach 15,889 billion Lao kips (some 14 billion U.S. dollars), he said.

Some 124 companies are operating 209 projects in the exploration and processing of minerals as well as feasibility studies on mining operations, of which 14 companies are currently constructing facilities, the Ministry of Energy and Mines reported at its Party Congress last week.

Over the last five years from 2016-2020, the value of minerals and mineral products produced rose to 7,526 million U.S. dollars, while the value of minerals produced for domestic supply and export reached 8,092 million U.S. dollars.

In the five years from 2021-2025, the value of minerals and mineral products produced is expected to hit 7,832 million U.S. dollars, which is an increase of four percent over the previous five years.

The value of minerals and mineral products for domestic supply is expected to reach 1,974 million U.S. dollars, which is an increase of 38 percent over the past five years, while the value of minerals and mineral products exported is expected to fall by five percent to 6,362 million U.S. dollars.

Laos has been ranked as one of the most resource-rich countries in Asia. More than 570 mineral deposits have been identified, including gold, copper, zinc, iron, potassium, limestone and lead.

In a bid to use these resources to bolster development, the government will encourage greater processing of minerals and reduce the amount of unprocessed minerals exported.

It will also upgrade mineral production so that raw mineral ores are processed and value-added prior to export. Besides, the improvement of mining areas can prevent excavation from exerting adverse social or environmental impacts.

Creating a stronger workforce is another goal, both in mining engineering and geographical engineering, as well as establishing sustainable financial mechanisms to manage natural resources and protect the environment, according to the report.