Monday, January 28, 2013

Mining Ministry invites foreign, domestic investors

Monday, 28 January 2013 09:30 Khin Myo Thwe

Burma’s Ministry of Mines invited foreign and domestic investments to enter Burma’s mining sector during discussions with businesspersons from the US, Australia, Malaysia and India at the current Mining Summit in Rangoon.

A gold mining site in Kachin State. (Photo: Mizzima)

“Domestic and foreign investors can communicate with us for cooperation and trading. In accordance with Burma’s new era and system and market economy, we would like to invite investors from various countries to effectively invest in Burma at the highest level of accountability, transparency and reliability,” Mining Minister Dr. Myint Aung said at the 2nd Myanmar Mining Summit held at the Sedona Hotel in Rangoon on January 22.

Ministry officials met on the sidelines of the summit with businessmen and mining experts from: US-based Free Posts Company; two Australian firms, White Energy and Evolution Mines; Malaysian company Smeting Corporation; and India’s M.N. Dastur & Co and Tanintharyi International Company.

“Domestic and foreign investments in the mining sector can create jobs,” a senior official from the Mining Ministry said. “On the other hand, we need to ensure that mines do not damage the natural environment. We need to systematically manage our natural resources including water resources, forests and mineral resources.”

According to the figures presented by the Mining Ministry, the total value of mining export from April 1 to August 24, 2012, was over US $316 million—$268 million from the state-owned sector and $48 million from the private sector.
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