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SBMA LAOS GOLD RUSH

LAOS’ GOLD RUSH: A GOLDEN OPPORTUNITY FOR ECONOMIC GROWTH

By PTL Holding Company Limited

Laos, a country with rich cultural heritage and abundant natural resources, has witnessed significant growth in its gold mining sector over the last couple decades. This growth not only contributes to the national economy but also positions Laos as an emerging player in the global precious metals market. The gold mining industry in Laos is reaching a significant milestone, with increasing investments, exploration, and mining activities.

BACKGROUND OF LAOS’ GOLD MARKET

Gold holds a significant place in the economic security and cultural fabric of Laotian society. As a stable store of value, it provides a reliable investment avenue amidst fluctuations in the national currency, the Laotian kip. Unlike the kip, gold offers a hedge against inflation, maintaining its value over time. Many Lao families regard gold as a form of savings and security. By keeping gold at home, they ensure a readily accessible asset that can be sold for cash when needed, offering a safety net during economic hardships.
Beyond its role as a financial asset, gold carries deep cultural significance in Laos. It holds a prominent place in traditional marriage customs, often forming a part of the bride price or dowry. This symbolic gesture represents prosperity and abundance for newlywed couples, underlining the importance of gold in familial relationships and social bonds. Additionally, gold jewellery is prominently worn during festivals and other special occasions, functioning as a tangible display of wealth, status, and cultural identity.
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Gold Jewellery in Laos

CURRENT STATE OF THE GOLD MINING INDUSTRY IN LAOS

Laos has witnessed a surge in its gold industry, driven by factors such as digitalisation and the increasing use of online platforms for buying and selling certified gold. This shift towards digital platforms not only attracts the younger generation of investors, but also facilitates access to gold for geographically dispersed Lao communities, enhancing market transparency and participation.
In 2022, Laos emerged as a significant player in the global gold market, exporting a total of $852 million worth of gold, ranking it as the 61st largest exporter globally.
Gold stood out as the second most exported product from Laos during this period. Major destinations for Laos’ gold exports included Australia, Thailand, Switzerland, Hong Kong, and India, indicating a diversified export market for Laotian gold. Moreover, between 2021 and 2022, Laos witnessed rapid growth in its gold exports to emerging markets such as Singapore, Canada, and South Korea, reflecting increasing global demand for Laotian gold.
However, despite its robust export performance, Laos also imported $332 million worth of gold in 2022, ranking it 39th globally in terms of gold imports. Thailand emerged as the primary source, accounting for the majority of imported gold, followed by the United States. This import trend underscores the multifaceted nature of Laos’ gold market, with a significant portion of domestically produced gold being exported while simultaneously importing gold from other countries.

Gold Mine Production (Tonnes) - Laos

SBMA Gold Mine Production (Tonnes) - Laos
Source: Metals Focus; World Gold Council

IMPACT ON LAOS’ ECONOMY

Laos’ growing production and demand for gold can have mixed effects on its economy. On the one hand, it boosts export revenues, particularly if it maintains its status as a net exporter to countries like Thailand, which could strengthen the kip and attract more investment to the mining sector, leading to job creation. Additionally, gold’s reputation as a safe haven could attract local investment, providing economic stability in uncertain times. Conversely, an overreliance on gold can have negative repercussions, such as higher costs for imported finished gold products and inflation. This focus on gold mining could also divert attention and resources away from other vital industries.
In Laos, gold jewellery is a favoured investment for wealth preservation, especially during inflationary periods, and experiences a surge in demand during festive seasons. However, consumer investment decisions are influenced by international gold prices, geopolitical events, and macroeconomic factors, which can affect domestic market sentiment.
While the increase in gold production holds promise for economic and infrastructural development due to the nation’s dependence on natural resources, it also brings about environmental challenges like biodiversity loss and water pollution. The social implications of expanded mining activities require diligent community engagement and adherence to health and safety protocols. It is therefore imperative for mining operations in Laos to comply with international environmental, social, and governance (ESG) standards, maintain transparency, and receive proper oversight from the government to ensure sustainable and equitable growth.

SOCIAL IMPACTS

As Laos escalates its gold production, achieving alignment with global climate goals becomes crucial. The international gold sector is targeting a 2 °C climate threshold by 2030, a goal that Laos is actively pursuing. Investors are now prioritising eco-friendly mining practices, making sustainability a cornerstone for securing investments and project financing.
The challenge for Laos lies in maintaining economic momentum through gold mining while transitioning to green practices. Success in this endeavour is critical for the country’s ability to compete globally and attract future investment. In essence, Laos stands at a crossroads where economic ambition must meet environmental responsibility, proving that the two can progress together for a sustainable future.
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ABOUT PTL HOLDING COMPANY

PTL Holding Company Limited is a diversified Lao holding company investing in Consumer Goods, Trading, Energy, Property & Asset Management, and IT Innovation. Founded in 2011, PTL fosters growth through its subsidiaries like PetroTrade, PlusCard, Black Canyon, Jungle, Molly Care, Sitthi Inter Trading, Sitthi Logistics, CS Lighting Electronics, Boualapha Power, Vientiane Logistic Park, Thanaleng Dry Port, Khouanchay Company and more.
PTL Holding business group is growing at a fast pace and is seeking talented individuals to join our expanding team. The company is committed to both business success and contributing to Laos’ full socio- economic potential.

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SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

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Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

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Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

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Margaret Wong

BUSINESS DIRECTOR

Margaret has been with the SBMA since 2015. Before joining the SBMA, she worked for the World Gold Council for over 23 years, developing strong working relationships with members of the gold community in Singapore and around the region. A resourceful and self-motivator, Margaret is responsible for office management, business support processes, finance and administrative support for the team and management committee members, membership matters, member communications and handling all public enquiries for the SBMA.

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Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

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Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

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Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

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Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.

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Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

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Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

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Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

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Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

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Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

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Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.