World Bulletin / News Desk
Myanmar has signed a revised contract that increases its share of the profits from a controversial Chinese-backed copper mine, the country's largest, officials said.
The revision is seen as an attempt by the government to appease public anger over the project by giving the country a bigger share of the profits, after protests last year that triggered a violent police crackdown.
The new terms give the government 51 percent of the profits from the Letpadaung...
Resource-rich Burma has completed two of four steps in its bid to apply for Extractive Industries Transparency Initiative candidature, but the murky legal environment in which civil society groups exist is posing challenges as the government strives to meet the third requirement.
The government publicly announced in mid-2012 that the country intended to implement the international governance standard known as EITI, fulfilling the first candidature requirement. That was followed by the...
Myanmar President's Office Minister U Hla Tun has called on local people in a copper mine project area to take collaborative and constructive attitude to ensure sustainable benefit of the work for their own region, official media reported Monday.
Addressing representatives from 33 villages in the project area, U Hla Tun, who is Chairman of the Committee for Implementation of the Probe Panel's Report on Latpadaungtaung Copper Mine Project, stressed the need for resumption of the copper mine...
Wanbao Mining, a Chinese company engaged in exploration and production of mineral resources, has agreed to up its investment in Myanmar's controversial Latpadaung copper mine project to just under $1 billion, a report said Wednesday. The investment follows a contract renegotiation, which resulted from villagers in farming areas surrounding the mine protesting against the loss of their land.
Wanboa's move comes despite the fact that a recent contract renegotiation will trim its stake in the...
Myanmar's State Mining Enterprise-1 on Wednesday signed an amendment to the production sharing contract for the Lepadaungtaung copper mine project with Myanmar Economic Holding Ltd (MEHL) and China's Wanbao Mining Ltd in Nay Pyi Taw.
Attending the signing ceremony were Myanmar Minister at the President's Office U Hla Tun, Minister of Mines U Myint Aung, MEHL Chairman Lieutenant-General Khin Zaw Oo. and President of Wanbao Mining Ltd Chen Defeng.
A press release quoted the terms of...
As expected, the United States on Wednesday renewed a ban on the import of gems from Myanmar, as the highly profitable industry has long been dominated by the military. Other sanctions against the Southeast Asian nation expired last month, acknowledging Myanmar's progress in shifting toward a more open, democratic government and respecting human rights.
President Barack Obama has otherwise normalized trade relations with Myanmar, but issued an executive order to maintain the ban on rubies...
Myanmar has signed a revised contract that increases its share of the profits from a controversial Chinese-backed copper mine, the country's largest, officials said.
The revision is seen as an attempt by the government to appease public anger over the project by giving the country a bigger share of the profits.
The new terms give the government 51 per cent of the profits from the Letpadaung copper mine in Monywa, 760 kilometres north of Yangon, far more than its original 4 per cent...
"Arrangements are under way to invite bidding for about two dozen offshore blocks in April. The significance of this round will be that investors won't have to enter mandatory joint ventures with local companies," said the official, who declined to be named as he was not authorised to speak to the media.
The ministry invited bidding for 18 onshore blocks in January.
"The closing date for that round is on March 16. After that we plan to open another round for about 25 offshore blocks,...
While other countries may be more reliable and better equipped, Myanmar has emerged as the new promised land for global oil and gas giants unperturbed by a lack of data on its proven energy reserves.
Since political reforms helped Myanmar shed its pariah status and prompted international sanctions to be lifted, the world’s major energy firms have been eyeing the potentially oil-and-gas-rich country tucked between China and India.
Thai explorer PTTEP, EPI Holdings of Hong Kong, Swiss...
Myanmar, shunned since the 1990s for tolerating corruption and human trafficking, is set for record foreign investment in 2012 led by oil companies after the southeast Asian nation took its first steps toward democracy.
The country plans its biggest auction of exploration blocks for oil and gas by year-end. Oil & Natural Gas Corp. (ONGC) of India probably will bid, an ONGC executive said in an interview. This month France’s Total SA (FP), one of the few foreign companies that operated...
Did You Know?
There are many neighboring countries which surrounds Myanmar; namely, Bangladesh in the west, India in the northwest, China in the southeast, Laos and Thailand in the East. ... More
