PanAust Limited (PanAust) operates in the mining and mineral exploration industry. The Company operates in two segments: other and PanAust Asia. Other include Corporate and PanAust South America. During the year ended December 31, 2011, the principal activities of the Company consisted of production and sale of copper-gold concentrate from the Phu Kham Copper-Gold Operation, Laos; construction and development of the Ban Houayxai Gold-Silver Project, Laos; site development work for the Phu Kham Upgrade Project, and exploration and evaluation of projects in Laos, Thailand and Chile. The Ban Houayxai Gold-Silver Project is located approximately 25 kilometres west of the Phu Kham Copper-Gold operation. As of December 31, 2011, the Company owned 90% interest in Phu Bia Mining Limited (Phu Bia Mining), and 49% interest in Puthep Co., Limited (Puthep). In March 2011, the Company acquired a majority interest in Inca de Oro S.A.