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Myanmar calls for sustainable development in copper mine project area

Date: 15/08/2013
Source: Mizzima
Myanmar calls for sustainable development in copper mine project area

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 project as soon as possible in a transparent manner for the sake of the country and the people.

He also underscored the need to catch up with other countries in development and attracting foreign investment.

He vowed to ensure job creation and bring benefit of the project to local people,adding that works are underway for environmental conservation.

Construction work on the Latpadaungtaung copper mine project in Monywa in northwest Myanmar's Sagaing region is to resume under a revised contract signed on July 24 by the state-owned Myanmar Mining Enterprise, Myanmar Economic Holding Ltd and China's Wanbao Mining Ltd.

Under the new contract, the profit sharing ratio between the Myanmar Mining Enterprise, Myanmar Economic Holding Ltd and Wanbao Mining Ltd was changed to 51:19:30.

In addition, Myanmar Mine Enterprise will levy 5 million U.S. dollars on Myanmar Economic Holding Ltd, while Wanbao company will invest 2 million dollars annually for mine reclamation by opening escrow account with Myanmar Foreign Trade Bank and also invest 1 million dollars annually for corporate social responsibility (CSR).

Besides, all the investors will use 2 percent of the net profit for CSR as of running of the project.

The implementation committee was formed shortly after the final report of investigation into the controversial copper mine project was released by the probe panel led by opposition leader and parliamentarian Aung San Suu Kyi on March 12, proposing that the project should go on as the best choice for the economic benefit of the nation and the people.

Topic: Investments
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Myanmar is very rich in natural resources like petroleum, timber, tin, antimony, zinc, copper, tungsten, lead, coal, some marble, limestone, precious stones, natural gas and hydropower. ... More

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