Jan 12, 2014

China expands its investment in mining sector

Sichuan Henglu Industrial Company from China and Myanmar’s Good Plus Star Mining Company have formed a joint-ventured company named GPS Joint Venture to refine lead in Kalaw Township, Taunggyi district at Shan State.

The joint-ventured company has been permitted to start operation by a meeting of Myanmar Investment Commission (MIC) held at Nay Pyi Taw on Wednesday, according to an official from MIC.

Another Chinese company, North Mining Investment Company are preparing to make investment at Mway Taung Phar Ttaung copper mining project in Chin State and now submitted the proposal to MIC, according to sources from Ministry of Mines.

MIC has requires foreign companies in mining industry to conduct surveys on Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) and being the members of EIA countries, said Director General Win Htein from Mining Department under the Ministry of Mines.

Foreign investment in mining sector is reached to more than US$2.8 billion until the end of November, 2013, sources say.

Source: Eleven Weekly Media