Vientiane (VNA) - Lao Prime Minister Sonexay Siphandone has instructed relevant agencies to expedite the drafting of a strategy on rare earth and other minerals, to ensure proper management of mining operations in the country, reported Vientiane Times.
Speaking at the monthly cabinet meeting held in Vientiane on September 28-29, the premier highlighted the importance of rare earth for the Lao economy.
As rare earth is in high demand globally, it is necessary for the government to ensure that Laos fully benefits from the mining of rare earth deposits, he said.
In recent months, National Assembly members have expressed concern about mining operations in Laos, saying that the mismanaged export of precious metals and other minerals has resulted in serious financial losses.
They urged the government to set up laboratories to analyse each type of mineral deposit found in Laos, saying that strict oversight and closer collaboration in mining operations would enable the government to collect more revenue from mining companies and ensure that mineral resources were better managed.
Laos's rare earth reserves are estimated to be big. The country has to date signed rare earth exploration contracts with 18 companies in 18 projects./.
