VIENTIANE, July 6 (Vientiane Times/ANN): Authorities have signed Memorandums of Understanding (MOUs) with two companies on the exploration of rare earth minerals, iron and zinc in Xaysomboun province.
The MOUs were signed recently between provincial authorities and the two companies, Lao National Radio reported on Sunday.
Attending the event were provincial Governor Major General Khamlieng Outhakaysone and relevant officials from the two sides.
The two agreements give the companies the green light to explore, survey and carry out feasibility studies on the presence of ores and their mining potential.
The first company will explore, survey and carry out feasibility studies on iron and zinc on 156.56 square kilometres in Xiengkhong village, Thathom district. Under the agreement, the company is required to provide US$100,000 as a guarantee and an additional US$20,000 as a supporting allowance to Xaysomboun province. The company must also fulfill various financial obligations specified in the MOU.
Meanwhile, another company will explore, survey and carry out feasibility studies on zinc, rare earth and other ores on 189.4 square kilometres in Phalavaek and Houayxay villages in Hom district and in Orm and Thamlo villages in Anouvong district.
The company is also required to provide US$100,000 as a guarantee and an additional US$10,000 as a supporting allowance for Xaysomboun. The company must also fulfill various financial obligations specified in the MOU.
Under the agreement signed, the investors are also required to carry out social and environmental impact studies.
General Khamlieng called on the two companies to have a strong sense of responsibility in carrying out the projects in accordance with the signed MOUs.
