30 unprogressing and incompliant mining concession contracts are likely to be
withdrawn and transferred to new investors who are deemed more sound, says Mr.
Houmpheng Soulalay, Director of Investment Promotion, Ministry of Planning and
They are among the more than 190 mining projects that have been approved, including over 60 projects owned by Chinese mining companies, the largest investors.
Another Lao official, Mr. Soukanh Khosouvath, Chief of Cabinet of the Ministry of Energy and Mining, observes that the move is a result of the ineffectiveness of these investment projects.
Authorities say 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, a benefit that Laos expects to receive. Thus, they fail to enable Laos to tap into the mining sector to serve as the foundation for future development of the country’s modern industry.
Listen to Songrit's report for more details.