Lao authorities have announced they intend to revoke a Vietnamese firm’s permits to exploit mines in Laos.
COECO Minerals Development Company will have two mining project certificates revoked after the company failed to find any minerals at a tin and zinc mine in Houaphan Province and a lead mine in Bolikhamsai Province, said the Lao government.
The company said it would gladly handover the mines to Lao authorities.
According to the Lao Ministry of Energy and Mines, eighteen mine exploration and exploitation project certificates will be withdrawn in the near future.
The government said the project investors had failed to meet their commitments.
Apart from two Vietnamese projects, the remaining canceled contracts belong to Lao, Chinese, Canadian and South Korean investors.
Meanwhile, Lao authorities are planning to transfer one of the revoked projects – exploring mines in Xiangkhouang Province – to the Vietnam National Coal-Mineral Industries Group.
This contract was signed between the Lao government and a Canadian firm in 2005.
