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Laos mining concessions under review

 


September 24, 2008

Laos mining concessions under review
Over 30 mining unprogressive and incompliant concession contracts are likely to be withdrawn and possibly being transferred to the new and sound investors, the Voice of Amercian quoted Houmpheng Soulalay, Director of Investment Promotion, Ministry of Planning and Investment of Laos, as saying Monday.

They are among those over 190 mining projects including that of more than 60 projects owned by the Chinese, the largest investors, the US radio broadcaster reported on its website online.

As observed by another Lao official, Soukanh Khosouvath, Chief of Cabinet of Ministry of Energy and Mining, these are a result of the ineffectiveness of these investment projects.

Although these natural resources extraction projects have attracted many foreign investors, they still have not brought about the effective financial capital sources for the national economic development, which are the full benefits that Laos could have.

They fail to enable Laos to tap mining sector to serve as the foundation for the future development of the country’s modern industry as set forth by the government of Laos (GOL).

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