Dec 17, 2012

Anglo American eyes investment in Myanmar mining sector

Anglo American, one of the world’s largest mining companies, is in talks with Myanmar for possible investment in the mining sector, a source reported.

Anglo American Mining Co, headquartered in London, mainly produces platinum group metals, diamond, copper, nickel and iron ore. It is also included in the list of 15 largest companies in the London Stock Exchange.

The company’s group head of business development, Paul Cahill, held talks with government officials about investment procedures and opportunities in the mining sector on December 10.

Currently, China is the largest investor in Myanmar’s mining sector, including copper.

British mining companies have withdrawn their investment in Myanmar for years and Britain has invested US$100 million in the country only after the new government took over.

Britain was the third biggest investor in Myanmar in the past, but was later surpassed by Hong Kong and Korea.
Britain has so far invested about US$2.8 billion in 54 businesses in Myanmar.

Foreign investment in Myanmar’s mining sector has reached nearly US$3 billion, according to government statistics.

Source: Eleven Media Group

 
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