Jul 30, 2012

Mining: Who’s already in Myanmar?

Myanmar's largest mining project, the Monywa copper mine in Sagaing Region, was a joint venture between state-owned Mining Enterprise 1 and a subsidiary of Ivanhoe Mines of Canada. However, in March 2007 Ivanhoe announced it planned to sell its stake in the project and it was sold to a subsidiary of Chinese arms manufacturer Norinco, Myanmar Yang Tse Copper, about two years ago. Army-run Union of Myanmar Economic Holdings Ltd is also involved in the project, according to industry sources.

At Tagaungtaung in northern Mandalay Region, Myanmar-China Non Ferrous Metal & Mining has a production sharing contract with Mining Enterprise 3 for nickel mining as part of a project worth almost US$1 billion.

Other investors include Nobel Gold, which has an exploration licence for gold and associated minerals in Banmauk, Sagaing Region, and Cornerstone Resources (Myanmar), which is looking for zinc in Shan State’s Mong Pan township, a spokesperson from the Myanmar Geosciences Society said.

Some companies have also received approval from the Myanmar Investment Commission (MIC) to start work, he said.

“North Mining Investment is going to look for ferro nickel alloy in Tiddim, Chin State. Simco Song Da joint stock company has also got MIC approval to look for marble at Nayputaung in Taunggok township, Rakhine State,” he said.

Jogmec from Japan is exploring for antimony at Kalaw in Shan State, while Myanmar Pongpipat has a production sharing contract with Mining Enterprise 2 for a tin mine in Tanintharyi Region. Kenbo Group from China is looking for nickel in Mwetaung in Chin State, while some local companies, including Asia World, are also active.

An application by Asia Pacific Mining to explore for gold, lead, copper and thorium at Kantbalu and Wuntho in Sagaing Region was recently rejected by the Ministry of Mines for undisclosed reasons.

Source: Myanmar Times