Feb 21, 2016

Letpadaung copper project to start production around May

The copper project in Letpadaung in Sagaing region is planed to commence operation around May, Eleven media reported.

The project was approved by the Ministry of Mining in 2012 for a period of 60 years and also got a green light from the Myanmar Investment Commission.it is a joint venture between the government of Myanmar, Myanmar Wanbao and Union of Myanmar Economic Holdings Ltd (UMEHL).

It is currently under the construction and will need an investment of $997 million.

The mine is expected to produce up to 100,000 tons of copper a year under a production sharing contract with 51 per cent by the government, 19 per cent by UMEHL and 30 per cent by Myanmar Wanbao.

Source: Dealstreetasia.com